Proactive Investors - Run By Investors For Investors

In the papers: Sell-off plans add to ENRC concerns


The Times

Sell-off plans add to concerns surrounding ENRC: Some of the most controversial deals struck during ENRC’s disastrous listing in London could soon be unwound by the Kazakh miner, potentially complicating an investigation by the Serious Fraud Office. 

Foul-mouthed bankers prompt inquiry into Anglo Irish bailout: The Irish Government has promised a full inquiry into the multi-billion Euro bailout of Anglo Irish Bank after executives appeared to sanction abusing a state guarantee to secure customer deposits. 

Jon Corzine faces MF Global legal battle: Regulators in the United States are poised to file a civil lawsuit against Jon Corzine for alleged failings in the collapse of MF Global. 

Employers cry ‘foul’ over pension lifeboat: Ministers were criticised by employers after rushing out concessions to the pensions lifeboat scheme that appeared to be designed to forestall a potentially embarrassing row over coalminers’ pensions. 

Writing is on the wall as Barnes & Noble seeks e-reader partner: Barnes & Noble stunned stock markets when it said that revenue from its Nook devices was falling at a faster rate than its much-maligned bricks-and-mortar stores. 

We’ll deliver to you, Tesco tells reluctant Chinese: Tesco has launched an online delivery business in China as it looks to the exploding e-commerce market to stem falling sales in the country. The supermarket group will start to deliver to Shanghai’s 23 mln residents this week, with plans to roll out the service across China. 

BlackBerry executive makes new call: Samsung has landed a fresh blow on BlackBerry by hiring Rob Orr, who had been in charge of the company’s British division for less than a year. 

The Independent 

Strong UK recovery wiped out by slump in Europe at Carpetright: Carpetright has delivered a strong turnaround in UK sales, but a dire performance in Europe and write-downs in the value of its property saw it post a full year loss. 

Arison hands over Carnival tiller: Micky Arison, the billionaire who masterminded the takeover of P&O’s cruise ship business, has walked the plank at Carnival

Media PR giant’s spinning success: Edelman has proved there is plenty of money in public relations as UK fee income leapt 26% to £32.4 million last year. 

The Daily Telegraph 

Sainsbury’s Boss warns retailers face battle to regain customer trust: Justin King, the chief executive of J Sainsbury, has warned that trust is the “number one issue” for the retail industry after the discovery of horse meat in supermarket products. 

2,000 jobs at risk as Dwell, Internacionale, Ark and ModelZone head for administration: Internacionale, ModelZone and Ark have filed a notice to appoint administrators, while Dwell, the furniture retailer, has confirmed Duff & Phelps as administrators. 

Eurotunnel seeks investigation into announcement of European Commission ruling: Eurotunnel is to ask market authorities to investigate how a European Commission ruling on its pricing was released, to check if there was market abuse, saying the company’s market value had been cut by €500 million. 

The Questor Column: Hold Rio Tinto

The Guardian 

Payday lenders summoned to government summit: Payday lenders have been called to a government summit to discuss “widespread irresponsible lending”, as the £2bn industry braces for an inquiry by the competition watchdog. 

Gatwick second runway ‘more feasible’ than Heathrow expansion: Gatwick is urging the government-backed Airports Commission to break Heathrow’s dominance of the London aviation market by supporting its proposal for a second runway, alongside a doubling of capacity at Stansted. 

Google does not have to delete sensitive information, says European court: Google is not obliged to delete personal information from its search results, even when that information damages an individual’s reputation, an adviser to the European court of justice has decided. 

Daily Mail 

Labour tapped up troubled Co-op Bank for £34 mln in cheap loans over past 20 years: The loans came to light as the Co-op faces a growing backlash from investors over plans to slash their income to plug a £1.5 bin black hole in the bank’s finances. 

Vince Cable slams lenders for stalling on compensation payments: Business secretary Vince Cable has slammed Britain’s biggest lenders for stalling on compensation payments to thousands of businesses mis-sold risky hedging products alongside loans in the interest rate swaps scandal. 

Nat Rothschild to spurn Bumi AGM: Sources close to the billionaire financier said he had decided to avoid the event to prevent his acrimonious dispute with the company causing a ‘distraction’. 

Daily Express 

Rolls-Royce in £648 mln SAS deal: Rolls-Royce has won an order worth up to £648 mln from Scandinavian Airlines System for engines to power 12 new Airbus jets, building on its success at last week’s Paris Air Show at Le Bourget airport. 

No can do for Rexam: Bad weather and economic turbulence are set to put a lid on profits at Rexam as the can maker unveiled plans to off-load its health products arm, hitting its shares. 

Northgate is on sales drive after losses of £11.4 mln: One of the UK’s biggest van hirers is hoping to drive up business from home-movers, plumbers and cash-strapped firms forced to rent trucks at the last minute. 

The Scottish Herald 

King’s interest rate caution: Bank of England Governor Sir Mervyn King has signalled continued low interest rates and said talk of monetary tightening is premature as he backed the Government’s view that Lloyds Banking Group is in better shape for a sell-off than Royal Bank of Scotland

BrewDog raises £1 mln in first 24 hours: Aberdeenshire craft beer company BrewDog has breached the £1.5 mln mark in its £4 million fundraising drive as the company aims to boost its brewing capacity. 

City AM 

HSBC to put its majority stake in Dar Es Salaam on the block: HSBC is considering selling its majority stake in Dar Es Salaam (DES) Investment Bank, which has made it the main international lender in Iraq, the bank said. 

Fitch warns on Vodafone rating over cable deal: Credit rating agency Fitch warned over Vodafone’s debt, putting it on a negative outlook after Kabel Deutschland’s board approved a takeover of the German firm. 

MF Global downfall rumbles on as CFTC gears up for civil action: US Regulators are prepping a civil lawsuit against former MF Global Boss Jon Corzine who oversaw the dramatic bankruptcy of the brokerage in 2011. 

Four groups bid to operate Crossrail: Arriva, Go Ahead and its long-standing rail partner Keolis, MTR and National Express have all qualified to submit bids in September, TfL said. All four are established rail operators in the UK. 

© Proactive Investors 2015