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Friday Papers: Eurozone delays half of Greece’s funds

Eurozone members deem that Athens has yet to meet all the terms set as the price of a second rescue.

Friday Papers: Eurozone delays half of Greece’s funds

Top stories

  • Financial Times: Eurozone members have delayed approval of more than half of the €130 billion bail-out for Greece after deeming that Athens has yet to meet all the terms set as the price of a second rescue.
  • Financial Times: Lloyds Banking Group’s new finance director could receive a maximum of £5.86 million in pay and bonuses in his first year at the state-backed bank, more than double the amount he was paid at his former employer, RSA, in 2010.
  • The Daily Telegraph: The Bank of England's decision to effectively print more money has left some pensioners "worse off" but without this policy "many more people would be much worse off", a senior Bank figure has admitted.
  • The Independent: The Government has made a last-minute appeal to the car-maker GM not to close its Vauxhall plant in Ellesmere Port, Cheshire, in an attempt to prevent the loss of the 2,100 jobs there.

Business and economics

  • Financial Times: Advertising group Havas on Thursday reported like-for-like revenue growth of 5.9% to €1.6 billion, of which 23% was derived from digital and social media; earnings per share increased 8% to 28 cents; the company raised its dividend 10% to 11 cents per share.
  • The Daily Telegraph: The eurozone's unemployment rate rose to a record high of 10.7% in January, reaching levels of extreme social distress across large parts of Southern Europe.
  • Financial Times: Zynga has announced its own social gaming platform in a move that will reduce its dependence on the Facebook social network.
  • The Daily Telegraph: China is cutting back its purchases of US securities as it seeks to diversify away from the dollar, data suggest.
  • Financial Times: George Osborne is being urged to launch a £1 billion capital allowance scheme to prevent nervous medium-sized companies from freezing investment plans.
  • Financial Times: Brazil has declared a fresh “currency war” on the US and Europe, extending a tax on foreign borrowings and threatening further capital controls in an effort to protect the country’s struggling manufacturers.
  • The Daily Telegraph: Shares in Man Group jumped 12.7% as the hedge fund manager said outflows had fallen and it had seen a "positive start" to 2012.
  • Financial Times: Oil leapt to the highest level since the market peak of mid-2008 in a frenzy of buying that followed a disputed report of a pipeline blast in Saudi Arabia; Brent crude gained as much as $5.74 to reach $128.40 a barrel.
  • The Daily Telegraph: China is planning an investment blitz to unlock its vast reserves of shale gas, convinced it can match the energy revolution under way in the US and meet a significant part of its fast-growing fuel needs.
  • The Independent: Stagecoach, which runs commuter routes including South West Trains into Waterloo, enjoyed a 9.5% surge in demand for tickets on its rail routes in the past 10 months.
  • Financial Times: Denmark’s Torm is rapidly depleting its cash reserves and risks being asked to repay all its $1.9 billion debt immediately, according to a gloomy annual report.
  • Financial Times: Eurotunnel plans to speed up some services and bring a mothballed train back into action as it prepares for an expected traffic surge this summer because of the London Olympics and Queen’s diamond jubilee.
  • The Daily Telegraph: Two years after its controversial takeover of Cadbury, Kraft has invested £17 million in research and development in the UK as part of a charm offensive to win the backing of disgruntled politicians.
  • Financial Times: Spirent had a nearly 10% rise in profits in 2011, as an increasing number of Chinese and Korean handset manufacturers bought the company’s testing equipment to ensure that their new smartphone models worked properly.
  • The Daily Telegraph: US consumer spending grew less quickly than hoped in January, suggesting that a recovery in the labour market has yet to encourage Americans to open their wallets any wider.
  • Financial Times: The John Lewis Partnership is next week expected to announce the first cut in its staff bonus for three years as high street turmoil takes its toll on the employee-owned retailer.
  • Financial Times: Fyffes, Europe’s biggest banana supplier by volume, saw a €63.8 million contribution from its stake in vanWylick, the German-based distributor it acquired a year ago; the German business provided more than half the 15% rise in group revenue.
  • Financial Times: Robert Walters reported steady international earnings growth last year, outweighing a fall in profits at the recruiter’s UK division as financial hiring dwindled.
  • The Guardian: BAE Systems, Britain's biggest defence contractor, has brushed aside a plea by David Cameron to save high-level manufacturing jobs and is proceeding to axe around 2,000 posts.
  • Financial Times: PSA Peugeot Citroën’s debt rating has been downgraded to “junk” status by Moody’s Investor Service, a day after it unveiled a global manufacturing and purchasing alliance with General Motors.
  • Financial Times: Experian, the credit-checking agency, has become the latest in a long line of London-listed companies to appoint a former banker as chief financial officer, recruiting Brian Cassin, the managing director of Greenhill & Co, the NYSE-listed investment bank.
  • Financial Times: A strong 2011 has prompted WPP Group to boost its full-year dividend by almost 40%, as the marketing services group eyes continued expansion in China and more lucrative digital marketing contracts.
  • The Guardian: Sir Martin Sorrell, chief executive of WPP, has said that the company is poised to move its headquarters back to London from Dublin now that the government has promised to introduce new rules to clarify the taxation of foreign profits earned by multinationals.
  • Financial Times: New Look, the private equity owned retailer, is taking the first steps in an attempted restructuring of its more than £1 billion debt pile.
  • The Guardian: The UK needs shorter factory leases and looser employment laws if it is to thrive in manufacturing, the industrialist Sir James Dyson said.
  • Financial Times: Adecco, the world’s biggest temporary employment group by sales, reported sharply rising sales and net earnings for 2011 in spite of a weakening last quarter.
  • The Daily Telegraph: The former boss of Volvo is poised to become the next chairman of Britain's second-biggest pharmaceutical company, AstraZeneca.
  • Financial Times: Dutch retailer Ahold reported a 75% rise in fourth-quarter profits, boosted by cost-cuts from merging its two US supermarket chains into a single platform.
  • The Daily Telegraph: Howden Joinery, the kitchen supplier previously called Galiform, has resumed its dividend after a four-year hiatus as it continued to grow revenue despite households proving reluctant to spend on "big ticket" items.
  • The Guardian: Nestlé, manufacturer of KitKat, Aero and Smarties, has removed artificial colours, flavours and preservatives from its entire confectionery range.
  • Daily Express: Toymaker Lego is hoping a new range of products aimed at young girls will help build further sales growth this year.
  • The Independent: Pets at Home, the private equity-backed retailer, has hired Nick Wood, head of American Golf, as its new chief executive.

Share tips, comment and bids

  • Financial Times: BTG Pactual will sell global depositary receipts as part of an initial public offering of Latin America’s largest independent investment bank, a move that promises to test investor appetite for Brazilian shares; the share sale is expected to value the company at about $14 billion.
  • Financial Times: Turkcell, Turkey’s biggest mobile phone company, said it was considering investing in Vivacom.
  • Financial Times: Deutsche Bank has walked away from a potential €800 million out-of-court settlement with the heirs of the defunct Kirch media empire, dashing hopes of an end to the 10-year dispute.
  • Financial Times: India’s Tata Group has confirmed it is examining a bid for Cable & Wireless Worldwide, potentially pitting it against a rival bid from Vodafone.
  • Financial Times (Lex): Sotheby’s: some ups and downs in share price must be endured, but that seems like a price worth paying to keep company with the richest of the rich.
  • Financial Times (Lex): Veolia: the jump in the share price was justified by evidence that the restructuring is proceeding. The board should continue backing the plan.
  • Financial Times (Lex): The global advertising market gets a boost from large multinationals and the quadrennial effect.
  • Financial Times (Lex): Indian privatisations - had the ONGC sale gone as expected, it would have cut the government’s stake to just under 70% and boosted its divestment income tenfold.
  • The Daily Telegraph (Comment): The flood of cheap money from the ECB is storing up grave trouble for the future.
  • The Guardian (Comment): Oil exploration - deepwater may cost BP $40 billion in damages, but the oil industry hasn't learned its lesson.
  • The Independent (Comment): Standard Chartered is not immune from a favourite pastime of bankers - moaning - or questionable bonuses.
  • Financial Times (Lombard): Buying C&WW would be a neat piece of reverse colonialism for Tata.

1 comment so far. Why not have your say?

Anonymous 1 needed this 'off the record'

Mar 02, 2012 at 10:23

Keep it up Mr. Singh, an excellent summary.....

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