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Monday Papers: EU ready to set tough bank pay curbs

Monday Papers: EU ready to set tough bank pay curbs

Top stories

  • Financial Times: The most stringent curbs on bankers’ pay since the 2008 financial crisis are to be imposed by the EU, as Britain faces defeat in Brussels over an issue dear to the City of London.
  • The Daily Telegraph: David Cameron is expected to be quizzed about bribery allegations linked to British-built helicopters and other issues including Vodafone’s disputed $2.5 billion tax bill during a three-day visit to India to boost trade.
  • Financial Times: Housing associations have made an aggressive foray into the capital markets, raising almost £4 billion during 2012.
  • The Daily Telegraph: British companies have more than doubled their exports to the fastest growing emerging nations since before the crisis in a bid to cash in on the rapid expansion in the developing world.
  • Financial Times: Hedge funds and investment managers are dumping sterling as disappointing economic growth in the UK, the threat of a downgrade of its debt and an upcoming change of guard at the Bank of England have fuelled concerns about a drop in the country’s asset values.

Business and economics

  • Financial Times: The UK’s biggest publicly traded companies had to set aside 22% more in legal costs in 2012.
  • The Daily Telegraph: Households suffered another income squeeze in February as living costs rose at the sharpest pace since September 2011, causing hopes for the year ahead to darken.
  • Financial Times: The new chairman of the London Pensions Fund Authority, Edmund Truell, is to shake up London’s local authority pension funds by merging them into a single scheme and channel more investment into the capital’s infrastructure projects.
  • Financial Times: The UK high street suffered its sharpest drop in shopper numbers for two years in January, according to new data published on Monday.
  • Financial Times: Sberbank is planning action against the Austrian bank from which it acquired a network of east European businesses, after disappointment with the quality of the book of business it has inherited.
  • Financial Times: Private sector employers remain optimistic while those in the public sector expect job cuts to accelerate, according to the survey of 1,000 employers by the Chartered Institute of Personnel and Development.
  • Financial Times: Average retail footfall by customers fell in the 12 months to January 2013, according to the study by the British Retail Consortium. Sales held up and store vacancy rates eased to 10.9% from a peak of 11.3% last October.
  • Financial Times: Banks could face a wave of small companies demanding the suspension of potentially mis-sold interest rate hedging products after a Treasury minister intervened on the issue.
  • Financial Times: Emmanuel Roman, Man Group’s incoming chief, is poised to announce a sweeping management shake-up of the world’s largest listed hedge fund.
  • The Daily Telegraph: Centrica plans to take the unusual step of drawing attention to the £1.1 billion it pays in tax as it prepares for a backlash over a likely double-digit rise in profits from its consumer business.
  • Financial Times: BBC journalists are to stage a 24-hour strike on Monday that has the potential to disrupt radio and television news programmes.
  • The Daily Telegraph: The Takeover Panel is under pressure to make a potentially decisive intervention in the battle for control of Bumi ahead of Thursday's showdown meeting.
  • Financial Times: Iberdrola, the owner of Scottish Power, has defended its decision to take an £890 million dividend from the UK business.
  • The Daily Telegraph: Supermarket Morrisons to create up to 2,000 jobs as it grows convenience store offering; it has bought 49 stores from failed DVD and games rental chain Blockbuster.
  • The Guardian: Britain is to relax visa rules for Indian investors as David Cameron uses a trade visit to the subcontinent to ensure the UK does not lose out to European competitors in one of the world's fastest growing economies.
  • The Guardian: Helicopter manufacturer AgustaWestland is to formally deny corruption claims over its £480 million defence deal with the Indian government and insists the contract will stand.
  • Daily Mail: BAE warned in December that hold-ups in the re-pricing of the Salam contract with the Saudis, worth £4.5 billion, would cut earnings per share by around 3p.
  • The Independent: Czech billionaire Radovan Vitek is fighting for control of Ablon, a shopping centre, hotel and office building developer that is listed on the London Stock Exchange.
  • The Independent: A London-listed investment group is thought to have racked up legal costs of more than £400,000 in a legal fight regarding a City public relations firm it bought in 2010.

Share tips, comment and bids

  • The Daily Telegraph: Cinven eyes £1 billion flotation of specialist insurer Partnership Assurance.
  • Financial Times: De Vere Group, the hotel and health club operator part-controlled by Lloyds, is understood to be in the process of appointing advisers to sell its De Vere Venues, its conference centre division.
  • The Daily Telegraph: CVC is to float Formula One in October at a target valuation of more than $10 billion (£6.45bn).
  • Financial Times: BT is in discussions to acquire football rights from sports broadcaster ESPN as the Disney-owned channel explores an exit from the UK.
  • Financial Times: VimpelCom, the global telecoms operator, has signed an agreement with Microsoft and Nokia that will allow its customers to use their mobile accounts to buy applications and content on the Windows Phone platform.
  • Financial Times: A stock market float of Royal Mail is a leading option as the government finalises its plan to privatise the state-owned postal operator, a minister said.
  • Financial Times: Sovereign – the private equity company founded by Lord Nash, the new education minister – is selling its international schools business for about £150m, amid rising demand for the British curriculum worldwide.
  • Financial Times: Independent News & Media has agreed an outline deal to sell its South African media business for €170 million (R2bn) to a consortium led by a former doctor to ex-president Nelson Mandela.
  • Financial Times: Wm Morrison, the UK’s fourth-biggest supermarket by sales, is buying 49 Blockbuster stores as it moves quickly to expand its new convenience store offering.
  • Financial Times: Vodafone has teamed up with BAE Systems on the defence contractor’s push to expand its cyber security offering, signing a five-year partnership that will focus on the development of safeguards for mobile devices.
  • Financial Times: Italian luxury goods tycoon Diego Della Valle has entered a bidding race for Italy’s one national television channel not owned by former prime minister Silvio Berlusconi or state broadcaster RAI.
  • Financial Times: Virgin Atlantic is likely to join the SkyTeam global airline alliance.
  • Financial Times (Lex): Dullsville M&A: the deals, though eye-poppingly large, are funded in ways your depression-era grandparents might approve.
  • Financial Times (Lex): Eni: Italian oil and gas group benefits from transformational year in 2012.
  • Financial Times (Lex): Yen is now: investors in Japan were veterans of this struggle long before it had a name and do not care so long as the yen keeps falling.
  • The Guardian (Comment): Combining cheaper sterling with austerity may not work this time because recession, inflation and trade are of the 'wrong' sort.

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