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Monday Papers: US banks want new liquidity rules eased

Monday Papers: US banks want new liquidity rules eased

Top stories

  • Financial Times: US banks are making a last-minute push to ease global liquidity requirements under Basel III, arguing that they would need to come up with an additional $800 billion in easy-to-sell assets under the proposed standards.
  • Financial Times: The British Treasury stands to raise as much as £1 billion by selling Ministry of Defence airwaves currently reserved for military purposes, according to industry analysts.
  • Financial Times: BP is seeking to change the terms of its contract with the Iraqi government for the Rumaila oilfield.
  • The Daily Telegraph: Sam Laidlaw will be quizzed on Tuesday over the precise nature of the "inaccurate reports" to ministers he identified in his investigation into the West Coast rail bid fiasco.
  • The Guardian: A £3 billion flotation of Puma Energy, a part of the controversial Trafigura commodities trading group, could be on the cards.
  • The Independent: Taxpayer-backed Royal Bank of Scotland is close to agreeing a £350 million settlement with US and UK regulators over the Libor-fixing scandal.
  • Financial Times: Hitachi’s attempts to establish itself in the lucrative European rail market have suffered a setback after the UK government admitted it may not sign off on part of a key contract for new trains worth more than £2 billion.
  • Daily Mail: Hewlett-Packard is set to file a report to the US stock market regulator this week that is expected to reveal details of its allegations of impropriety against software firm Autonomy.
  • The Daily Telegraph: National Grid has accused the energy regulator Ofgem of making "numerous errors and questionable judgments" in deciding that almost £5 billion should be slashed from the company's £33.5 billion spending plans.
  • The Guardian: Bombardier's faint hopes of wresting back the £1.4 billion Thameslink trains contract from Siemens, and guaranteeing 1,600 jobs at its Derby factory, face another blow as its German rival edges closer to a significant milestone in completing the deal.
  • The Independent: Misplaced optimism over Britain’s faltering economic recovery has dented the fortunes of "Big Four" accountant KPMG, which on Monday reported 13% fall in UK profits to £349 million in the year to October.
  • The Daily Mail: Investors in Xstrata, which is merging with Glencore in a £50 billion deal, want the combined firm to boost its corporate governance standards through appointment of truly independent non-executive directors.
  • Financial Times: Britain’s oil and gas sector has received a boost following government approval for a $1.6 billion project led by the North Sea explorer Dana Petroleum.
  • The Independent: Britain’s union leaders are calling on the government to block San Francisco-based Bechtel from bidding for a £6.1 billion nuclear waste contract after alleged "serious lapses" on security and safety in America.
  • The Daily Telegraph: Thomas Cook chief Harriet Green, who joined the troubled business as CEO in July, could receive £3 million this year.

Business and economics

  • The Guardian: The British government will take a £50 million hit from the collapse of Comet, in the form of unpaid tax and redundancy costs it has agreed to pay the 6,600 staff left jobless after the collapse of the electronics chain.
  • The Daily Telegraph: Comet's secured creditors are expected to see a return of 34 pence in the pound in the wake of the collapse of the electricals retailer.
  • The Daily Telegraph: Some of Bumi's leading independent investors said they were willing to back an alternative proposal from Nat Rothschild to restructure the coal miner, including supporting a $270 million rights issue.
  • Financial Times: Goldman Sachs has quietly loaned $41 million to help finance the start of New York City’s much anticipated, and long-delayed, bike sharing programme.
  • Financial Times: Tony Shiret, a one-time top retail analyst, will this week pursue an age discrimination case against his former employer Credit Suisse.
  • Financial Times: If Morgan Stanley gets its way, it will soon be the proud owner of the 11th-biggest bank in the US by deposits.
  • Financial Times: Bank of Ireland has said it is “frustrated” by Dublin’s decision to extend its bank guarantee into 2013; the scheme provides a state guarantee for deposits over €100,000 in return for hefty fees paid by banks.
  • Daily Mail: Germany's central bank has raised serious concerns about the legal framework for creating a banking union in Europe.
  • Financial Times: US banks are holding more mortgage loans on their balance sheets rather than send them to the government-backed housing agencies for securitisation.
  • Financial Times: Insurers warn that plans to designate some of the insurance companies as ‘too big to fail’ are incoherent, impractical and simplistic, as they make a last-ditch effort to avoid capital surcharges.
  • Financial Times: Hopes of a US budget agreement to avert the looming fiscal cliff were bolstered after John Boehner, the Republican speaker of the House of Representatives, floated raising income tax rates for Americans earning more than $1 million a year.
  • The Daily Telegraph: Rome will not be forced to seek help from the European Central Bank's emergency scheme, according to the Governor of the Bank of Italy.
  • Financial Times: China’s new leaders have wrapped up their first significant conclave with an agreement to leave economic policy largely unchanged next year after a run of data in recent months showed growth rebounding in the world’s second-largest economy.
  • Financial Times: Indian IT and software groups are launching a renewed push to win outsourced government contracts in countries such as Britain and the US, despite controversy about the risks of taking potentially sensitive public-sector operations offshore.
  • The Independent: Two of Britain's highest-profile female chief executives may have quit in recent weeks but the overall number of female directors in Britain has increased by 24% over the past five years.
  • The Independent: Private equity firms have bounced back to life this year as the value of deals completed in the UK has risen 23% to £15.7 billion, according to Ernst & Young, compared with £12.7 billion last year.
  • The Guardian: There is likely to be some tension at the Invensys extraordinary general meeting on Wednesday, as investors are to vote on whether the company’s rail technology business should be sold to Siemens.
  • Financial Times: The coalition is pressing ahead with plans for Royal Mail’s 150,000 staff to own at least 10% of the business as it accelerates preparations to privatise the state-owned postal operator.
  • Daily Mail: Accolade Wines, the biggest seller of wine in Britain, recorded sales of nearly £1 billion in the first full year after being sold by US drinks giant Constellation Brands.
  • The Daily Telegraph: Carlsberg has become the latest drinks group to oppose government proposals to introduce minimum unit pricing for alcohol to tackle Britain's binge-drinking culture.
  • Daily Mail: John Lewis, the 148-year-old retailer, notched up sales of £147.8 million, up 11.1% on the same week last year and topping the previous week’s record.
  • Daily Mail: Shirt retailer TM Lewin has released documents showing that it has refinanced the business and deferred loans payable to lenders.

Share tips, comment and bids

  • Financial Times: The number of investment banks working on individual initial public share offerings has reached a record high as bankers scramble for work amid a dearth of global deal activity.
  • The Guardian (Comment): Republican scrooges hear the rattling chains of economic disaster but still refuse to compromise.
  • The Guardian (Comment): America's watchdogs scare Britain's bad companies. The UK’s Financial Services Authority must learn to bite like them.
  • The Daily Telegraph (Comment): The eurozone will not break up. The price of departure is simply too great for any one country.
  • Financial Times (Lex): Best Buy: the electronics retailer may be taken private but later rather than sooner.
  • Financial Times (Lex): Silver Bay: cheap homes plus rental needs mean yield possibilities for investors.
  • Financial Times (Lex): Akzo Nobel: the Dutch chemicals group sells its US paints business to PPG Industries for $1 billion.

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