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Monday Papers: US regulators warn banks on living wills

And Terra Firma founder Guy Hands aims to bolster his plans to raise funds this year by returning €3 billion to investors.

 
Monday Papers: US regulators warn banks on living wills

Top stories

  • Financial Times: US regulators have warned banks not to assume that countries will work together to avoid the catastrophic failure of a financial group; the alert to the world’s biggest international financial institutions followed growing concerns about the progress of global regulatory reform efforts.
  • Financial Times: Guy Hands, founder of private equity firm Terra Firma, aims to bolster his plans to raise funds this year by returning €3 billion to investors through disposals within the next 12 to 18 months.
  • The Daily Telegraph: The Bank of Italy has approved €3.9 billion in loans to fund a deeply controversial state bailout of the world's oldest bank, Monte dei Paschi di Siena.
  • Financial Times: Mick Davis, the chief executive of Xstrata, has lost faith in the public markets as a place to fund entrepreneurial businesses, as the miner edges closer to completing its long-awaited deal with commodities trader Glencore.
  • Financial Times: Tom Enders, chief executive of EADS, has sought to assert the independence of the aerospace group amid intense lobbying in France over who will be the group’s next chairman.
  • The Daily Telegraph: Technology giant Apple shuttled $11 billion into offshore tax havens in the fourth quarter of 2012, an analysis of its corporate filings has revealed.
  • Financial Times: Steven Shapiro and Sir Graham Hearne, the two directors of Bumi that Nat Rothschild proposed keeping on the coal miner’s board, have said they do not support the financier’s plans for the group, dealing a blow to his hopes of wresting back control of the company he helped create.
  • Financial Times: British gas and oil group Vostok Energy has been investigated over allegations of bribery and corruption involving a loan from the European Bank for Reconstruction and Development.
  • Financial Times: British gas and oil group Vostok Energy has been investigated over allegations of bribery and corruption involving a loan from the European Bank for Reconstruction and Development.
  • The Daily Telegraph: Barclays has appointed City headhunters to find three new non-executive directors, as Sir David Walker looks to refresh the bank's board following last summer's Libor-fixing scandal.
  • The Guardian: Record Christmas takings have swollen Amazon's cash pile to as much as $9 billion, the online retailer is expected to declare on Tuesday.
  • Financial Times: Twitter has launched a partnership to sell adverts in the Middle East as the social networking site seeks to boost revenue in a region where the number of its users trebled last year.
  • Financial Times: Mick Davis, the chief executive of Xstrata, has lost faith in the public markets as a place to fund entrepreneurial businesses, as the miner edges closer to completing its long-awaited deal with commodities trader Glencore.

Business and economics

  • Daily Mail: Incoming Bank of England governor Mark Carney has given the clearest signal yet he is willing to see higher inflation for longer to support economic growth.
  • Financial Times: Cyprus and its EU bailout lenders are in talks to hire outside investigators to probe the island’s banking system for signs of money laundering.
  • Financial Times: Argentina has a week to marshal arguments as it tries to convince a US court that it should not have to pay $1.33 billion to holders of its defaulted debt.
  • The Independent: The race to succeed Pascal Lamy as director general of the World Trade Organisation hots up this week as nine contenders make opening pitches to its 157 international members.
  • Financial Times: Total profits earned by major Chinese industrial enterprises rose 17.3% from a year earlier in December to $144 billion, according to figures released by the Chinese government on Sunday.
  • Financial Times: Japan plans to cut its reliance on government bonds, as Prime Minister Shinzo Abe tries to demonstrate determination to repair the state’s stretched finances.
  • Financial Times: Chinese securities brokerages have emerged as a crucial new link in the country’s shadow banking industry, a development that underscores how financial risks are spreading more widely in China.
  • Financial Times: The number of patent applications for computing products crossed 14,000 in 2012, a new high, as technology companies sought to arm themselves for the often fraught battle over intellectual property in the sector.
  • Financial Times: Bank of America has begun moving more than $50 billion of derivatives business out of its Dublin-based operation and into its UK subsidiary, according to people close to the operation.
  • Financial Times: Barclays and Credit Suisse are both preparing collateralised loan obligations – which bundle corporate loans primarily for leveraged buyouts into a single vehicle – for investment groups Pramerica and Cairn Capital, said sources close to the deals.
  • Daily Mail: AstraZeneca’s new-broom chief executive Pascal Soriot is expected to insist its research labs will inject life into the product pipeline as the company posts fourth quarter figures this Thursday.
  • The Daily Telegraph: easyJet is to defy its biggest shareholder, Sir Stelios Haji-Ioannou, and push ahead with plans to place a major aircraft order this summer.
  • Daily Mail: EasyJet chairman Sir Mike Rake has announced plans to quit the orange airline this summer.

Share tips, comment and bids

  • Financial Times: The Private Equity Foundation, a London-based charity backed by private equity groups including KKR, Apax and Terra Firma, is merging with Impetus Trust.
  • The Independent: Advertising and marketing agencies can expect to see a boom in mergers and acquisitions this year as big holding groups step up their acquisition efforts, especially in digital and social media.
  • The Guardian (Comment): Nothing's too good for today's infants, so midmarket retailer Mothercare must raise its game.
  • The Guardian (Comment): There is nothing illegal about deferring bonuses to the next tax year. But there is quite a lot of shame in having to announce the fact publicly to one's struggling customer base.
  • The Daily Telegraph (Comment): David Cameron has one great ally: the people of Europe.
  • The Daily Telegraph (Comment): The Single Market is just one ingredient to be put into the pot.
  • Daily Mail (Comment): Davos has been labelled the 'sigh of relief' event this year. There will, however, be few people breathing a sigh of relief in Madrid or Athens or indeed Paris or Toulouse.
  • Financial Times (Lex): Bank dividends with a cutting edge: payouts do nothing to alter the value of a company, be it a bank or a widget maker, and there are strong reasons for lenders to be cautious.
  • Financial Times (Lex): Li Ning’s sporting chances: it will need up to $289 million to help clear the trainers and tracksuits it stuffed distributors with during the hype of the 2008 Beijing Olympics.
  • Financial Times (Lex): European airlines: the challenge for investors is to predict flight path. With restructuring and demise of more smaller fry possible, capacity growth should remain muted.

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