The (early) Lunch Wrap | FT Alphaville

The (early) Lunch Wrap

Good morning New York,

FT ALPHAVILLE

Abenomics is working for Japanese women: Japanese Prime Minister Shinzo Abe has said that his country’s women are its “most underutilized resource”. They are much less likely to have full-time jobs than their male counterparts, which helps explain why the average Japanese woman earns 30 per cent less than the average Japanese man, argues Matt (FT Alphaville’s newest team member).

NEWS

Standard Life warns Scottish vote concerns ‘not addressed’:Standard Life says its concerns about the possible impact of Scottish independence on its business have still not been addressed, more than five months after the insurer first spoke out. (Financial Times)

BMW profit beats forecasts on SUV sales and China demand: BMW’s second-quarter earnings far exceeded market expectations, helped by sales of high-margin sports utility vehicles and strong sales growth in China. (Financial Times)

InterContinental plumps up its dividend as activists bite: InterContinental Hotels Group has plumped up its interim dividend by 9 per cent as it attempts to smooth over a row with activist investor Marcato Capital that is putting increasing pressure on the group to sell itself. (Financial Times)

Crédit Agricole profit nearly wiped out by BES charge: Crédit Agricole’s second-quarter profits were nearly wiped out by a €708m writedown on its stake in Portugal’s Banco Espírito Santo after the southern European lender had to be rescued by the government this week. (Financial Times)

Germany cancels defence contract with Russia: Germany on Monday cancelled a contract to supply Russia with a €120m combat simulation centre, amid an escalating row among European partners about arms sales to Moscow, including France’s €1.2bn warship contract. (Financial Times)

Aggreko first half hit by strength of sterling: Aggreko has become the latest company to be hit by the strong pound, which stripped out millions from its first-half revenue and trading profits in spite of a boost to its business from the World Cup. (Financial Times)

HP accuses Autonomy founder of fraud: Hewlett-Packard levelled an accusation of fraud directly at former Autonomy chief executive Mike Lynch for the first time on Monday as it ratcheted up the war of words over the former UK software company.(Financial Times)

Urban Exposure becomes latest property company to pull IPO plans: Urban Exposure, an investment vehicle which channels finance into the development of new homes, has pulled its planned £500m flotation, becoming the second property company to cancel an IPO within a week. (Financial Times)

Oil trader Arcadia Petroleum settles with CFTC: Global oil trading house Arcadia Petroleum and its affiliates agreed to pay $13m to settle claims from US regulators that they illegally manipulated oil futures prices, according to documents filed in a New York federal court on Monday. (Financial Times)

Luck runs out for Macau gaming stocks: After years of explosive growth the sector has hit a rough patch, with revenue growth stalling, costs rising and share prices dropping. As the industry looks to shift its focus from big spenders to the masses, investors are asking whether it is time to cash out. (Financial Times)

Markets: Disappointing economic data from China, wariness over the trajectory of Federal Reserve monetary policy and lingering geopolitical worries are being counteracted by some upbeat corporate results to deliver a mostly positive mood across European stocks. Elsewhere the tone is more cautious, with moves in forex muted, core bond yields little changed and gold adding just $4 to $1,292 an ounce. The FTSE Eurofirst 300 is up 0.6 per cent, bolstered by a swath of well-received earnings from the likes of Standard Life, Aggreko, Crédit Agricole, BMW and Deutsche Post. Gains might be greater but for US index futures showing the S&P 500 will shed 3.5 points to 1,935.5. Wall Street’s benchmark had rallied 14 points on Monday as buyers emerged after the index’s worst week for two years – a retreat many blamed on fears the Fed might have to raise interest rates faster than expected. (Financial Times)