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Saturday Papers: JP Morgan nears £500m tax deal

Saturday Papers: JP Morgan nears £500m tax deal

Top stories

  • Financial Times: JP Morgan is nearing a settlement with the UK government in which the US bank and its employees could pay close to £500 million in back taxes that were avoided through the use of an offshore trust for bonus payments.
  • Financial Times: Canada has approved the $18 billion acquisition of Nexen, the Calgary-based oil company, by Cnooc Limited of China.
  • Financial Times: Goldman Sachs has been ordered by a US regulator to pay $1.5 million for failing to stop a former trader from hiding an $8.3 billion position from the investment bank five years ago.
  • The Daily Telegraph: The Isle of Man is to hand over detailed information about offshore bank accounts of UK citizens to the Treasury on an automatic basis, as part of a clampdown on tax avoidance.
  • The Daily Telegraph: Oscar statue maker RS Owens & Co will lay off 95 of its roughly 250 workers on 17 December.
  • Daily Express: Germany is staring at possible recession as the country's central bank yesterday slashed its growth forecast in the face of deepening eurozone gloom.
  • The Independent: The chairman of Berkeley, Tony Pidgley, will pocket £1 million after the housebuilder he part-owns announced a £20 million dividend pay-out.

Business and economics

  • Financial Times: Shares in Enterprise Inns reached an 18-month high this week on hopes that they will shortly enter the FTSE 250 index.
  • Financial Times: Jean-Claude Trichet, former president of the European Central Bank, has emerged as a contender to be the next chairman of EADS.
  • The Daily Telegraph: Berkeley Group, the London-focused housebuilder founded by Tony Pidgley, is to pay a dividend for the first time since 2008 after a rise in profits.
  • The Independent: Blue Inc, the menswear retailer backed by the former boss of Marks & Spencer, is to create 500 jobs next year, as it steps up its expansion in the UK and overseas.
  • Daily Mail: E.ON is to push up gas and electricity prices for customers, adding £109 to the average annual bill, from early next year.
  • Financial Times: US authorities are investigating trading by SAC Capital, a $14 billion hedge fund run by Steven Cohen, in shares of Weight Watchers last year.
  • The Independent: Netflix and its chief executive, Reed Hastings, are facing the threat of civil action from Wall Street regulators after the Silicon Valley boss used Facebook to publish an update on the video streaming website's viewing figures.
  • The Daily Telegraph: BP's joint venture partner Rosneft confirms it is to explore for oil in Western Siberia with US rival ExxonMobil.
  • The Guardian: Regulators in the US and UK are expected to announce a series of expensive and potentially explosive actions against banks including HSBC, Standard Chartered and RBS.
  • Financial Times: HSBC has been downgraded by one notch to double-A minus by Fitch on the back of a tougher global regulatory environment and the bank’s rapid expansion into more risky emerging markets.
  • The Daily Telegraph: Germany's Bundesbank cut its growth forecasts for the country as the eurozone crisis and a slowing global economy takes an increasing toll on Europe's largest economy.
  • Financial Times: AMR Corporation, the bankrupt parent of American Airlines, on Friday “crossed an important milestone” in its restructuring after pilots voted heavily in favour of a new labour agreement, the company’s chief executive said.
  • Financial Times: Hibu, the debt-laden publisher of Yellow Pages, has reached an agreement to pay out more than £25 million to bondholders, after its proposal to suspend all debt payments led to threats of legal action.
  • Financial Times: Wealthy investors entering bidding wars for rare coins have boosted profits at Noble Investments, but the coin and stamp dealer’s performance has been marred by a failure to recoup money from a Qatari client.
  • Financial Times: Emerging market issuers have raised this year almost $7 billion in sales of bonds denominated in Japanese yen, commonly known as samurai bonds, compared to last year’s $4.4 billion total, according to Dealogic.
  • Financial Times: Manufacturing output in Britain slumped 2.1% in the 12 months to October, data from the Office for National Statistics showed.
  • The Guardian: BP is to spend $100 million over the next five years in an attempt to find more oil using what it claims is the world's largest supercomputer for commercial research, with a memory equivalent to nearly 150,000 iPods.
  • The Guardian: The troubled French nuclear giant EDF has postponed its decision on whether to build a new power station at Hinkley Point in Somerset.

Share tips, comment and bids

  • Financial Times: London buyout firms BC Partners, Permira Advisers and CVC Capital Partners are weighing up bids for Cerved Group, a corporate intelligence and rating agency based in Milan.
  • Financial Times: Pressure is mounting on Hewlett-Packard to break itself up, after the company's market capitalisation fell below the $31 billion it spent in an acquisition spree over the past five years.
  • Financial Times: AIG will incur $2 billion in pre-tax losses from superstorm Sandy, the insurance group disclosed on Friday – as the company closed in on a deal to sell its aircraft leasing business for $5 billion.
  • Financial Times: BT Group has ended a deal with Pace to supply it with set-top boxes for its YouView internet television service in a blow for the Yorkshire-based technology company.
  • The Daily Telegraph: Pace could take ownership of Motorola Mobility's set-top box division, up for sale by its parent company, Google.
  • Financial Times: Yara International has struck a deal to buy Bunge’s fertiliser assets in Brazil for $750 million as the Norwegian group fights for a bigger share of one of Latin America’s most hotly-contested agricultural markets.
  • Financial Times: The prospect of Sir Richard Branson getting a new partner at Virgin Atlantic re-emerged this week when Singapore Airlines said it was in talks to sell its 49% stake in the carrier, which it bought for £600 million in 1999.
  • Financial Times: Investindustrial, the European buyout group, is to pay £150 million through a capital increase for a 37.5% stake in Aston Martin Lagonda, giving the financially strapped maker of James Bond cars a much needed infusion of cash.
  • Financial Times: Indra Bakrie, the influential Indonesian businessman, has resigned as co-chairman of London-listed coal miner Bumi, two months after the Bakrie Group unveiled a proposal to unwind the company.
  • The Daily Telegraph (Comment): Telegraph View: The synthetic row over the tax affairs of multinational companies is a diversion from the issue that no one will seriously confront: how to make serious reductions in state spending .
  • The Daily Telegraph (Comment): Fresh hostilities have broken out between Nat Rothschild and his former Indonesian partners in their battle for control of Bumi.
  • Daily Mail (Comment): When Tesco boss Philip Clarke effectively threw in the towel at its American operation Fresh & Easy, it was greeted by the market as a smart decision. But was this really the right step for the company?
  • Financial Times (Lex): SEC / China – US-listed Chinese companies like Baidu face a stark choice as the dispute between regulators and auditors continues to affect their share price.
  • Financial Times (Lex): Aston Martin – private equity group Investindustrial will need to at least double sales at the UK sports car manufacturer to ensure its profits motor.

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