DAILY BRIEFING: Deutsche steps up battle for euro clearing

Deutsche Boerse is stepping up its battle to snatch the lucrative euro clearing business

FRANKFURT FIGHT German business Deutsche Boerse is stepping up its battle to snatch lucrative euro clearing business away from its rival the London Stock Exchange. 

Unlike the LSE, Deutsche pockets all the proceeds from its far smaller clearing business – but is now reportedly drawing up plans to share them out in an effort to grow.

LENDER LOAN Beleaguered doorstep lender Provident Financial has been forced to repay a £120million retail bond by borrowing from its banks. 

The Provvy dipped into its £450million loan facility to pay off investors when the bond matured on Wednesday. The stock rose 6.8 per cent, or 58p, to 908p.

COURT BATTLE Retail giant Morrisons could face a potentially ‘crippling’ liability payout, as thousands of staff sue the grocer for ‘upset and distress’ caused by their personal details being published online, the High Court heard. 

A total of 5,518 former and current employees are attempting to claim compensation, following the security breach in 2014 that saw payroll data of nearly 100,000 staff posted on the internet.

ADVERTISING WOE Revenues at Trinity Mirror slid amid a ‘volatile’ advertising market. 

Trinity, which is Britain’s biggest regional newspaper publisher, said like-for-like print advertising and circulation revenue had dropped by 16 per cent and 7 per cent respectively in the third quarter.

Meanwhile, publishing revenue was down by 9 per cent, although digital revenue grew by 4 per cent.

SHARE SEIZE US hedge funds are seeking to seize rent-to-own business Brighthouse from its private equity owners, sources claim. 

Free investing guides

The business’s debt pile is owned by bondholders including Wall Street firm Apollo. 

They may seek to take over the company by swapping these debts for shares, which would wipe out owner Vision Capital.

FASHION SALES Encouraging customers to splash on full-price clothes helped sales at Matalan soar. 

The retailer saw full price sales jump 19.6 per cent in the 13 weeks to August 26 while total revenue rose to £259.9million from £245.5million. Earnings increased to £22.7million from £15.4million.

GAS FIELD Meanwhile, Russia’s largest oil producer Rosneft has bought a 30 per cent stake in the Zohr gas field, the largest gas deposit in the Mediterranean, from Italy’s Eni for around £855million.

Leave a Reply

Your email address will not be published. Required fields are marked *