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Monday Papers: Osborne feels heat over rating blow

And Royal Bank of Scotland is planning a partial float of Citizens, its US bank.

 
Monday Papers: Osborne feels heat over rating blow

Top stories

  • Financial Times: George Osborne is under pressure from both sides of the coalition to change the government’s economic plan after the loss of the UK’s triple A credit rating prompted colleagues of the chancellor to question his economic credibility.
  • Financial Times: Royal Bank of Scotland, which is 82% taxpayer-owned, will announce its intention to float between 15% to 25% of Citizens, its US bank, when it reports full-year results on Thursday.
  • Financial Times: Abertis, the world’s largest toll road operator, is considering selling its airport operations as part of a divestment programme that has seen it dispose of non-core businesses.
  • The Guardian: The US Justice Department and BP were engaged on Sunday in efforts to forge a last-minute deal to avert a trial over 2010's deadly Deepwater Horizon disaster, set to begin in New Orleans on Monday.
  • The Daily Telegraph: US private equity firm Carlyle is eyeing a deal for Axminster Carpets if it falls into administration.
  • Daily Mail: ITV could announce a special dividend of up to £200million when it reports full-year results on Wednesday.
  • The Independent: Royal Bank of Scotland is set to defy a call from ministers to show restraint on pay and hand out as much as £300 million in bonuses to its investment bankers.
  • Financial Times: Royal Bank of Scotland has agreed to make an additional payment estimated at about £7 million to the investment banks that handled the listing of Direct Line, on top of an initial fee.

Business and economics

  • The Guardian: Huawei, the Chinese telecoms equipment group, has unveiled what it claims is the world's fastest smartphone and announced a 60% annual rise in shipments of its mobile devices.
  • Financial Times: Siemens will accelerate efforts to exit or lower its exposure to a telecoms equipment joint venture with Nokia that has long been burden on the German engineering company.
  • Financial Times: Raffaele Costa, a flamboyant former GLG partner and self-styled “Captain Magic”, will this week unveil the first fund at his new firm Tyndaris, in what will be one of the boldest start-ups since 2008.
  • The Daily Telegraph: Chinese visa restrictions are a "straitjacket" on the UK's superyacht industry, which is missing out on tens of millions of pounds a year because potential buyers cannot easily visit Britain to view boats, it is claimed.
  • The Guardian: More than 8,000 people in 24 hours have signed a petition calling on the energy company EDF to drop a £5 million civil action against 21 activists who occupied one of its power plants last October.
  • The Independent: Waitrose is ramping up its "click and collect" operation for online groceries with its first drive-through service in car parks from next month, as part of a multimillion-pound investment.
  • Financial Times: Spending in North Sea oil and gas assets is expected to increase from £11.4 billion in 2012 to £13 billion this year, according to trade group Oil & Gas UK.
  • Financial Times: The White House has stepped up its campaign to force Republicans to renegotiate deep budget cuts due to be enforced at the end of the week by detailing their impact on all of the country’s 50 states.
  • Financial Times: Haruhiko Kuroda, president of the Asian Development Bank, emerged at the weekend as the frontrunner to win the government’s nomination to become the next governor of the Bank of Japan.
  • Financial Times: A coalition of Silicon Valley entrepreneurs, venture capitalists and social media experts will on Monday launch a campaign for comprehensive immigration reform, which will culminate in a “virtual march” on Washington in April.
  • The Guardian: The business secretary, Vince Cable, has dismissed the loss of Britain's triple-A credit rating as "largely symbolic", while two former Conservative chancellors have offered support to the beleaguered George Osborne.
  • Daily Mail: Paul Bulcke, the boss of food giant Nestle, is in Britain to deliver a lecture on food just days after it emerged the firm’s ‘beef’ ravioli and tortellini contains horse.
  • The Daily Telegraph: Centrica is to reveal that it contributes more than £14 billion to the British economy in taxes, jobs creation and thousands of contracts with small and medium-sized suppliers across the country.
  • Financial Times: Companies from carmakers to smartphone and consumer electronics manufacturers are locked in a standards battle over wireless power that threatens to slow the move to an unplugged world.
  • Financial Times: The Brazilian retail tycoon Abilio Diniz is poised to become chairman of Brasil Foods, the world’s largest poultry exporter.
  • Financial Times: Asian banks, mainly based in China and Japan, have more than doubled market share of corporate debt activity in the US and Europe over the past year with the total value of deals hitting an unprecedented $40 billion in 2012, according to Dealogic data.
  • Financial Times: Cybercrime cost the UK economy between £18 billion and £27 billion last year, according to the National Audit Office – and it is businesses that are bearing the brunt.

Share tips, comment and bids

  • Financial Times: Jolla, a company set up by former Nokia employees, has begun planning a flotation; it will roll out its first devices this year using Sailfish, an open source platform based on the MeeGo operating system developed by Nokia.
  • The Guardian (Editorial): Over the past few years, the British Chancellor George Osborne fetishised the protection of the AAA rating. He was wrong to do so.
  • The Daily Telegraph (Comment): So, does it matter that the UK has lost its much-prized AAA credit rating?
  • The Daily Telegraph (Comment): It took years for the "experts" to accept that low rates were with us for the long haul. So what next?
  • Financial Times (Lex): Google: with $12 billion in ad revenues surging and its stock up 40% it has earned right, whether with pricey laptops or streaming music, to make a risky bet.
  • Financial Times (Lex): AIG: expenses need to fall eventually, and investments will have to keep boosting margins. AIG must avoid wrong turns, but for now, it is on the right track.
  • Financial Times (Lex): BP: the oil and gas supermajor is is due in court on Monday for what could be the definitive hearing on the April 2010 incident in the Gulf of Mexico.

3 comments so far. Why not have your say?

william sloan

Feb 25, 2013 at 09:39

Today's Guardian uses the word " fetishised " . It used to be famous for spelling mistakes now it invents nonsensical words to match the editorial content .

report this

Drogue

Feb 25, 2013 at 11:40

fetishised past participle, past tense of fet·ish·ize (Verb)

Verb

Have an excessive and irrational commitment to (something).

Make (something) the object of a sexual fetish.

report this

abbass hassan

Feb 25, 2013 at 13:42

Looking for small but prospect shares to invest in , any hhankselp please. T

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