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Friday Papers: ICE agrees to buy NYSE Euronext

Friday Papers: ICE agrees to buy NYSE Euronext

Top stories

  • Financial Times: IntercontinentalExchange has agreed to buy NYSE Euronext, its 208-year-old rival, in an $8.2billion deal that will make the energy and commodities bourse one of the world’s largest derivatives markets operators.
  • Financial Times: Peter Madoff will serve 10 years in prison for his role in his older brother Bernard Madoff's multibillion-dollar Ponzi scheme, a US judge said on Thursday.
  • The Daily Telegraph: Bob Dudley, BP’s chief executive, is to join a steering committee to mastermind the integration of TNK-BP into Rosneft, the companies announced on Thursday.
  • Daily Mail: The Hong Kong Monetary Authority said it had received information from ‘overseas regulatory authorities about possible misconduct by UBS involving submissions for the Hong Kong Interbank Offered Rate and other reference rates in this region’.
  • Financial Times: The UK risks failing to mend banking’s broken ethical standards and structure, according to a review of the government’s reform plans by an influential cross-party commission.
  • Financial Times: BNP Paribas became the second French lender in as many weeks to divest its Egyptian bank after announcing on Thursday the sale of BNP Paribas Egypt to Emirates NBD for $500 million.
  • The Guardian: Stephan Fellmann, Otto Huppi and Christof Reist, former client advisers with an unnamed Swiss bank accused of conspiring with US clients to hide more than $420 million from the tax-collecting US internal revenue service, have been indicted.
  • The Independent: The Bank of England must be handed the legal authority to break up banks that misbehave, the Parliamentary Commission into Banking Standards will on Friday tell the Chancellor, George Osborne.
  • Financial Times: General Electric is expected on Friday to announce an agreement to buy Italian aerospace group Avio for about €3 billion from private equity group Cinven.
  • The Daily Telegraph: Royal Bank of Scotland is likely to be the next lender to settle over allegations its staff were involved in attempts to manipulate Libor.
  • Financial Times: Samsung will still face EU charges for having breached antitrust rules by refusing to provide rivals access to its technology, despite the South Korean group’s decision to stop seeking a sales ban on Apple’s devices in Europe.
  • The Daily Telegraph: Facebook is looking at charging $1 to send messages to strangers.

Business and economics

  • Financial Times: JX Nippon, the Japanese oil and gas explorer, is poised to commit several billion pounds to developing projects in British waters after agreeing to buy assets owned by Eni of Italy in the North Sea.
  • Financial Times: Trafigura, the commodities trader, earned about $1 billion for the second year running in 2012, indicating that the profitability of the world’s top houses that dominate raw materials has remained high in spite of slower economic growth in China.
  • Financial Times: Eli Lilly, the US pharmaceutical company, has agreed to pay $30 million to settle charges that it engaged in a scheme to bribe foreign officials in order to win business in Russia, Brazil, China and Poland.
  • The Guardian: Seven bidders will vie for the biggest chunk of mobile data bandwidth to be auctioned in Britain in January when Ofcom sells off 4G spectrum that is expected to raise £3.5 billion for the government's coffers.
  • Financial Times: Sergio Marchionne, Fiat chief executive, has announced plans to invest more than €1 billion to build two higher end sport-utility vehicles at an Italian factory and end the carmaker’s losses in Europe.
  • Financial Times: The US accounting standards setter has unveiled tough new rules that will increase the amount of money banks have to set aside to cover soured loans and bonds.
  • Financial Times: The US economy grew at a faster clip than expected of 3.1 per cent in the third quarter, according to the latest revision by the commerce department, putting it in a stronger position to withstand any shock from the looming fiscal cliff.

Share tips, comment and bids

  • Financial Times: Weir Group has broadened its operations in the North American shale gas market by agreeing the takeover of Mathena, a US provider of equipment and services for oil and gas drillers; Weir is making an upfront payment of $240 million.
  • The Daily Telegraph: JP Morgan gives thumbs up to Diageo's potential $10billion bid for Beam.
  • The Daily Telegraph: Administrators at troubled London black cab maker Manganese Bronze are in talks to sell an 80% stake in the company to the Chinese, it emerged on Thursday.
  • The Independent: The betting giant William Hill and its partner GVC holdings have unveiled a £485 million takeover of the online gambling company Sportingbet.
  • The Guardian (Comment): In a shopping-around culture the fidelity of ordinary people is despised and penalised rather than rewarded.
  • The Guardian (Comment): Making it easier to sack won't boost productivity – yet the Tories imagine salvation lies in making Britain a low-wage economy.
  • The Daily Telegraph (Comment): Fixing Britain's banks is, of course, a priority. But the danger has always been that in doing so, we damage the wider financial services industry, which is one of our world beaters.
  • The Daily Telegraph (Comment): There is a prize in this fiscal cliff saga but stronger US growth isn't it.
  • Financial Times (Lex): NYSE / ICE: Problem of what to do with New York exchange is a small complication but is emblematic of the deal’s complexities.

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