Tips from the press
Welcome to our summary of the weekend's quality press tips, provided on Mondays by Weekend City Press Review.
■ Tempus: Martin Waller says he is struggling to find a sector for which a strong pound is an unqualified benefit, although companies might consider raising funds in London and redeploying them in areas whose currencies are weak.
■ No Pain, No Gain: Derek Pain thinks that Aim-traded
The Daily Mail
■ Investment Extra: Ian Lyall believes a sell-down of some of the Treasury's stakes in
The Sunday Times
The Sunday Telegraph
The Mail on Sunday
■ Midas: Joanne Hart says buy Galileo Resources (No IC rating), 36.5p, as a speculative mining play which could double in price over the next two years.
Business press headlines courtesy of Weekend City Press Review:
Barclays plan draws fire at annual meeting as third of investors join revolt
Britain's rich soar to record wealth
Wealthy people living in Britain are richer than ever before with combined assets of £414bn, according to the latest Sunday Times Rich List. The 1,000 richest people in the country saw their total wealth increase 4.7 per cent last year, with 77 British-based billionaires on the list. These include two Glencore oil traders - Aristotelis Mistakidis and Alex Beard - along with industrialists such as Sir Anthony Bamford. [Sunday Times pp.1.1, 3.2]
Rudd lined up for top job at Pru
Frontrunner to take over as
Hands plots £820m care homes raid
Terra Firma Capital Partners chairman Guy Hands is negotiating an £820m deal to take control of Four Seasons Health Care, the UK's largest care homes chain. Agreement with the banks who own Four Seasons, led by Royal Bank of Scotland, may be announced as early as Monday. [Sunday Times p.3.1]
Goldman boss joins race to be next Bank governor
Goldman Sachs economist Jim O'Neill has emerged as a surprise candidate to become next Governor of the Bank of England when Sir Mervyn King steps down in 2013. O'Neill, who currently chairs Goldman Sachs Asset Management, was reportedly approached by Treasury officials several months ago. [Sunday Times pp.3.1, 3.5]
Billionaires battle for Manchester airport
Manchester Airports Group is seeking to sell a 50 per cent stake for about £1bn to an overseas investor to help finance a bid for Stansted Airport, the Essex airport which BAA is being forced to sell by the Competition Commission. Frontrunners to acquire the stake are the Abu Dhabi Investment Authority (along with 3i Infrastructure) and Cheung Kong Infrastructure. Also interested is Australia's Industry Funds Management. [Sunday Times p.3.1]
Abu Dhabi in Lloyds Bank talks
Middle East sovereign wealth funds, including Abu Dhabi's Mubadala fund and Qatar Holdings, are in talks to help NBNK finance a £2bn bid for the 632 branches being sold by
Cable told to change law over bank mis-selling
Business Secretary Vince Cable is coming under pressure from Labour to enable small firms allegedly mis-sold complex interest rate derivatives by the banks to take collective legal action for compensation. The Financial Services Authority is currently investigating the mis-selling claims, especially derivatives sold by Barclays, but Labour is seeking a more formal inquiry. [Sunday Telegraph pp.B1, B6]
HMRC chairman quits after tax-deal controversy
HM Revenue & Customs chairman Mike Clasper is expected to stand down by the end of the year following recent criticism of HMRC's close relationships with several large companies, including Vodafone and Goldman Sachs. Headhunter Odgers Berndtson has been appointed to help find a successor. [Sunday Telegraph p.B1]
Osborne pushed on growth as OECD says 'loosen purse strings'
The OECD has urged the Chancellor to consider borrowing more to finance new infrastructure projects to boost growth, suggesting the government could let its debt-reduction target slip without suffering a backlash from the bond markets. The comments by Christophe Andre, acting head of the OECD's UK desk, came after the UK economy slipped back into a technical recession in the first quarter. [Sunday Telegraph p.B1]
Read today's Market Overview - a round up of today's company announcements.
Get more share tips on our tips and ideas page.
visible-status-Public story-url- WeekendPressShareTips_300412.xml