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Saturday Papers: Manchester Airport buys Stansted for £1.5bn

And the newest member of the Bank’s rate-setting committee has warned that money printing has “limited influence” on growth and more radical measures are needed to stimulate the economy.

Saturday Papers: Manchester Airport buys Stansted for £1.5bn

Top stories

  • Financial Times: The owners of Manchester Airport have agreed to buy Stansted, the UK’s fourth biggest airport by passenger numbers, for £1.5 billion.
  • The Daily Telegraph: Money printing has “limited influence” on growth and more radical measures are needed to stimulate the economy, Ian McCafferty, the newest member of the Bank of England’s rate-setting committee has warned.
  • The Daily Telegraph: HSBC has agreed to pay $249 million in compensation to settle claims of improper foreclosures during the US housing bust.
  • Financial Times: US equity markets recorded the third consecutive weekly gain this year; the S&P 500 index closed 0.3% higher at 1,486 on Friday and rose 0.9% for the week; the Dow Jones added 0.4% to 13,650 and gained 1.2% on the week; the Nasdaq was fractionally lower at 3,135 on Friday but still added 0.3% over the past five days.
  • The Guardian: International oil companies began evacuating hundreds of non-essential workers from Algeria on Friday as militants said they planned further attacks on foreign installations.
  • Financial Times: Caterpillar, the US manufacturer of earth-moving equipment, has uncovered accounting misconduct at a Chinese company it acquired last year, forcing it to take a charge of about $580 million, representing almost one 10th of its 2012 earnings.
  • The Independent: China's breakneck pace of economic expansion cooled off in 2012 after the weakest year for the Red Dragon in more than a decade, official figures showed today.
  • The Guardian: The entire future of Shell's drilling plans in the Arctic was put in doubt on Friday after two of Barack Obama's most trusted advisers called for a permanent halt to oil exploration.
  • Financial Times: Goldman Sachs has nearly doubled the stock bonus given to Lloyd Blankfein, in a move that is likely to make the bank chief executive the best paid on Wall Street.
  • Financial Times: EU bailout lenders will need as much as €9.6 billion in additional funds for Greece by the end of its current rescue even if the programme stays on track, but they could face huge losses on their existing loans if Athens’ bailout wobbles as in the past, the International Monetary Fund has warned.

Business and economics

  • Financial Times: A Greek investment company is taking legal action against Cyprus over the nationalisation last year of Popular Bank.
  • The Daily Telegraph: Wm Morrison has teamed up with home shopping group Lakeland to launch a kitchenware website in a bid to revive flagging sales.
  • Financial Times: Boeing is braced for compensation claims from airlines that have been forced to ground their Dreamliners following the safety scare over the aircraft’s batteries.
  • Daily Express: Bovis Homes gave a further boost to hopes of a UK housing recovery yesterday as building more traditional family homes in the South set it on course to post higher profits.
  • The Daily Telegraph: Boeing has halted delivery of new 787 Dreamliners until US authorities have ended the grounding of the current fleet.
  • The Independent: The prospect of rising oil prices was raised today after the International Energy Agency increased its forecast for daily global oil consumption this year by 900,000 barrels a day to a record average of 90.8 million barrels.
  • Financial Times: The US Treasury has begun to sell the last of its shares in General Motors, its biggest remaining bailout-era stake in a US company.
  • Daily Express: Virgin Money is to launch its own credit card business after buying £1 billion of assets from Bank of America's MBNA.
  • The Daily Telegraph: The UK financial regulator has said that it will not put a deadline on customers who want to reclaim mis-sold payment protection insurance without a full public inquiry.
  • The Daily Telegraph: Republicans proposed a three-month increase to the US debt ceiling Friday as they lean toward breaking a protracted fiscal impasse, but warned any long-term deal would require Congress to pass a budget that cuts spending.
  • Financial Times: Top officials at the US Federal Reserve took months to realise that the 2007 financial crisis would rock the world’s largest economy, according to an embarrassing set of meeting transcripts released on Friday.
  • The Daily Telegraph: Fashion house Fendi to pay €2.5 million to restore La Dolce Vita monument.
  • Financial Times: Larry Goodman, the Irish beef baron at the centre of the scandal over horse meat in burgers, has said cost cutting by his company was not to blame for the contamination.
  • Financial Times: Surrey-based Spectris on Friday reported a 4% rise in like-for-like sales during the final three months of 2012 – an acceleration from 3% reported earlier in the year.
  • The Daily Telegraph: Britain's biggest mobile operator EE is closing 78 of its 700-strong chain of shops in the UK.
  • Financial Times: The Serious Fraud Office has struck a deal with the Treasury to boost funding for big investigations, signalling renewed government support for an agency whose future was until recently in doubt.
  • The Guardian: Fortnum & Mason's profits plummeted by 72% after the Queen's favourite retailer was forced to pay hundreds of thousands of pounds in compensation for failing to deliver festive hampers in time for Christmas Day in 2011.
  • Financial Times: One in five UK equity income funds cut their dividend payouts or increased them by less than inflation last year, despite 2012 being a bumper year for dividends.
  • The Daily Telegraph: High streets across Britain are braced for a "disastrous" slump in shopper numbers of up to a third this weekend as the snow compounds problems in the retail sector.
  • Financial Times: Games Workshop has lost its chief executive as the miniature model maker was boosted by brisk sales of toy soldiers in the US.

Share tips, comment and bids

  • Financial Times: Oaktree Capital, the buyout group, has started discussions with banks, including Goldman Sachs, about launching an initial public offering for Countrywide, the estate agency.
  • The Guardian: The Royal Institution's building in Mayfair has been put up for sale in an attempt to cover the charity's mounting debts.
  • Financial Times: Bill Gates and other US investors have pledged $1 billion for a stake in Egypt’s largest listed company in one of the biggest currency inflows into the country since the 2011 uprising.
  • Financial Times: The bullish run for stocks since the start of the year has spurred the best week for US initial public offerings in three months, with five deals raising $1.82 billion.
  • Financial Times: Glencore and Xstrata extended the deadline for closing their long-awaited, $77 billion tie-up.
  • Financial Times (Editorial): Some US banks, notably Goldman Sachs and JP Morgan Chase, show signs of recovering from a slump following the 2008 financial crisis. But, while bankers at these institutions will receive bigger bonuses this year, they come with more strings attached.
  • Daily Mail (Comment): RBS is bracing itself for yet another wave of woe. It is anticipating an enormous Libor fine within the next fortnight, dwarfing the £290 million punishment visited on Barclays.
  • The Independent (Comment): Engineers are a tough breed. Oil and gas engineers the toughest of the bunch. You have to be to work in the kinds of places with the most oil. Iraq, Saudi Arabia, Libya, Pakistan, Africa. Where there's oil, there's trouble.
  • Financial Times (Lex): Morgan Stanley: Gorman promises the bank’s investors $1.6 billion in cost cuts through 2014, whatever happens to revenues.
  • Financial Times (Lex): Reits: CBS’s billboard advertising unit follows timber, phone masts and data warehousers in becoming a real estate company – so who’s next?

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