Friday newspaper round-up: Mervyn King, Bank of Japan, JPMorgan...

B.C. | ShareCast | 15 Mar, 2013 06:52 - Updated: 07:52 | | |

Mervyn King

Sir Mervyn King, the Governor of the Bank of England, has said that the recovery in Britain is 'in sight' and that there has been 'good progress' made towards a new, sustainable economy, according to The Telegraph.

The Financial Times says that the Japanese parliament has approved the nominations for the top three jobs at the Bank of Japan, appointing Haruhiko Kuroda as Governor. The move "usher[s] in a new era of more aggressive monetary easing in the world's third-largest economy", the paper writes.

The Times reports that Jamie Dimon, the frontman of US banking giant JPMorgan Chase, allegedly lied to the US government and tried to hide trading losses from regulators. The paper says that the Senate Investigation Committee's report into the "London Whale" losses places much of the blame on the Chief Executive, as the company "dodged federal regulators and misled the public by hiding losses, by mismarking credit derivatives’ values".

Anschutz Entertainment Group, the owner of the O2 Arena in London, has pulled the venue off the market after receiving offers more than $1.0bn less than it expected, according to The Times.

The European Central Bank (ECB) needs 800 additional staff, raising its current workforce by more than half, to fulfil its new position as the supervisor of 6,000 banks in the Eurozone, writes The Telegraph.

HMRC is looking to shut down all 281 of its enquiry centres, replacing them with one-to-one tax advisory services, in an attempt to save £13m per annum, reports The Independent.. The move could put 1,300 jobs at risk.

BC

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19:19 Sunday newspaper round-up: Lloyds, Marks&Spencer, Oil explorers

Lloyds Banking Group is considering moving its legal home to England from Scotland even after the Scots voted against leaving the UK, the Mail on Sunday reported. Lloyds had said it would move if Scotland voted to leave the union but has only said it would keep "a significant presence" in Scotland after a no vote. More devoloution of powers to Scotland could lead to a different Scottish tax rate or tax regime. The bank will also have to make changes to its legal structure because of requirements to split retail and investment banking.

15:53 Sunday share tips: GlaxoSmithKline, African Minerals, WANdisco

Buy shares of GlaxoSmithKline, Questor said in the Sunday Telegraph. China's £297m fine against GSK for corruption is manageable and has lifted the cloud that hung over the company. The shares have underperformed the wider market and are trading on 15.3 times forecast earnings compared with 22 times for the FTSE 350 pharma sector. With US and UK investigations into alleged corruption continuing, GSK is not out of the woods yet but it is not in those governments' interests to disrupt GSK's drug programmes and trigger job cuts so the shares should recover.

19 Sep US close: Stocks mostly lower as outlook for economy slows

US stocks ended the session mostly lower after a report showed the outlook for the US economy slowed.

19 Sep Market overview: Alex Salmond may resign, reports say

1630:Close UK stocks have ended the session slightly higher despite the victory of the no camp in the Scottish referendum.

19 Sep Barclays expects full-blown QE from ECB in Q1 2015

The European Central Bank (ECB) is expected to extend its new asset purchase programme by adding central government bonds (EGBs) by the first quarter of 2015, according to Barclays' analysts.

19 Sep France launches first airstrikes against ISIS

France has launched its first airstrikes in the fight against Islamic State in Iraq

19 Sep Apple sees a successful first day of iPhone sales after four million pre-orders

The new iPhone 6 and 6 plus went on sale on Friday in several cities around the world, after the technology giant Apple unveiled the much anticipated smartphones earlier this month.

19 Sep London close: FTSE ends with modest gains after Scottish vote, Salmond quits

London-listed stocks ended the final session of the week with decent gains, although the final figure was notably lower than the level seen earlier in the day following the Scottish referendum result.

19 Sep Europe close: Stocks gain after Scotland votes against independence from UK

European stocks gained Friday after Scotland rejected independence from the UK in a referendum.

19 Sep Alibaba shares soar in stock market debut - UPDATE

The Alibaba Group started trading at $92.70 per share on the New York Stock Exchange (NYSE), sharply higher than the $68 per share at which it had been priced.

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HIGHLIGHTS

Sunday newspaper round-up: Lloyds, Marks&Spencer, Oil explorers

Lloyds Banking Group is considering moving its legal home to England from Scotland.

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