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 thinks the attention focused on smaller oil explorers in recent months has missed the potential for majors such as
■ No Pain, No Gain: Derek Pain is surprised that an 'anti-
The Daily Mail
■ Investment Extra: Geoff Foster thinks this year there is no reason to follow the old stock market maxim of 'selling in May and don't return until St Leger day', as while prices may drift there are still plenty of opportunities around for smart stock-pickers.
The Sunday Times
■ In the City: Danny Fortson says
■ US regulatory clearance for
The Sunday Telegraph
The Mail on Sunday
■ Update: Take some profits in Providence Resources, tipped in October 2010 at 178.5p and now 537.5p, but keep the rest for further growth (Last IC rating: Buy, 15 Mar).
Business press headlines courtesy of Weekend City Press Review:
Brussels signals shift to growth plan as voters look set to reject austerity
EU economic officials are championing proposals to stimulate eurozone growth via increased infrastructure investment because of the weakness of private sector demand. The move comes as voters in France and Greece were expected to make clear over the weekend their opposition to austerity measures imposed by incumbent politicians. [Financial Times pp.1, 6]
Pay row hits William Hill and WPP
Mining giant set for surprise £7bn break-up
Ferrovial's clean sweep
Spanish infrastructure group Ferrovial, which owns Heathrow airport, is seeking to buy
Bank woes to halve growth, warns City
Legal & General Investment Management economist James Carrick believes the UK growth rate could be half the official projection over the next five years because of reduced bank lending. L&G forecasts that the UK will expand by just 1.5 per cent a year between 2014 and 2016, half the 3 per cent estimated by the Office for Budget Responsibility. [Sunday Times p.3.2]
Aviva chief Moss in the firing line
Two leading institutional investors in
Banks to face 'mis-selling' investigation
The Financial Services Authority is set to launch a major investigation into the alleged mis-selling by UK banks of complex interest rate hedging products to small businesses. FSA officials last week completed their initial inquiries into the products sold by
Groupon boss urges UK arm to tighten up following OFT criticism
Groupon CEO Andrew Mason has introduced weekly monitoring of the UK operations of the group discount voucher operator following criticism by the Office of Fair Trading and Advertising Standards Authority. Mason, who now looks at a 'weekly log' of customer complaints from the UK, admitted that Groupon needed to tighten up on compliance, although argued that mistakes were an inevitable consequence of rapid growth. [Sunday Telegraph pp.B1, B6-7]
Eastern Promise: John Lewis eyes China
The John Lewis Partnership is considering making its first international expansion outside the UK by opening stores in China. Partnership chairman Charlie Mayfield said he was looking at the move after a recent visit to China, although admitted that any development would only be taken after careful consideration and was not aimed at simple 'retail imperialism'. [Sunday Telegraph pp.B1, B9]
Buffett says he will buy newspapers
Berkshire Hathaway CEO Warren Buffett is considering further investment in the newspaper industry even though he admits profits are likely to be nowhere as good as they once were. Buffett told the AGM in Omaha that he believed the future for newspapers was in areas where there was 'a sense of community'. [Sunday Telegraph pp.B2, B5]
Read today's Market Overview - a round up of today's company announcements.
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