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Saturday Papers: Cameron wins rare victory in Europe

Saturday Papers: Cameron wins rare victory in Europe

Top stories

  • Financial Times: Britain and Germany have corralled austerity-minded EU leaders to prevail over freer-spending counterparts and secure the first cut in the bloc’s long-term budget, a valuable prize for David Cameron that outstrips Westminster’s expectations.
  • Financial Times: Bumi co-founder and City grandee Sir Julian Horn-Smith has said that the miner’s London flotation was a “failure” and that the mutual mud-slinging between directors had damaged London’s reputation.
  • The Daily Telegraph: Bumi chief executive Nick von Schirnding should be replaced by Brock Gill, a candidate proposed by financier Nat Rothschild, corporate governance adviser Pirc has declared.
  • Financial Times: Dell’s proposed $24.4 billion leveraged buyout was facing its first sign of significant opposition on Friday night after the tech group’s biggest outside shareholder publicly rejected a deal it said “grossly undervalues the company”.
  • The Daily Telegraph: Troubled smartphone maker BlackBerry has run the white flag up in Japan, by effectively withdrawing from that market.
  • Financial Times: US equities ended the week on a positive note, bolstered by data showing the trade deficit had narrowed; the S&P 500 gained 0.6% on Friday and record a 0.3% gain over the week; the Dow Jones added 0.3% yesterday but was fractionally lower on the week; the Nasdaq gained 0.9% on Friday and added 0.5% over the week.
  • The Daily Telegraph: Payouts for the Costa Concordia disaster and Superstorm Sandy meant Catlin's shares were one of the mid-cap index's biggest losers.
  • The Daily Telegraph: Helen Boaden, the BBC director of news who was criticised for her handling of the Jimmy Savile debacle, has been offered the job of running radio instead.
  • The Daily Telegraph: Online gambling companies 888 Holdings and's shares hit the jackpot on Friday after a key US lawmaker in New Jersey let his poker face slip and indicated the state would soon allow internet gaming.
  • Daily Mail: The row over bankers’ bonuses is set to reignite this week amid reports that Barclays will pay between £1.5 billion and £2 billion to staff for their work last year.
  • The Independent: German luxury brand Hugo Boss today said it was confident of growing ahead of the luxury market this year after it delivered an uplift in annual profits.

Business and economics

  • The Daily Telegraph: Google Executive Chairman Eric Schmidt is selling about 42% of his stake in the internet search company over the coming year.
  • The Daily Telegraph: The London Stock Exchange has been dragged into a bribery scandal in Italy after it emerged that the bourse's deputy chairman, Paolo Scaroni, was under investigation by prosecutors.
  • Financial Times: BP employees were responsible for critical decisions that led to the Deepwater Horizon disaster in 2010, the US government has said in a court filing.
  • Financial Times: Gazprom is setting aside $4.7 billion to cover potential price rebates to European customers this year.
  • The Daily Telegraph: Rip-off schemes that offer early access to pensions - before age 55 - are to face a crackdown by law enforcement agencies.
  • The Independent: European leaders today agreed to push for a free-trade pact with the United States, according to a draft joint statement, putting the onus on the White House to respond to a plan that would involve half the world’s economic output.
  • Financial Times: Venezuela’s government devalued its currency by 32%, in a bid to alleviate a growing fiscal deficit and shortages of foreign currency.
  • Financial Times: Seymour Pierce has been rescued by Cantor Fitzgerald in a last-minute deal just hours after it was placed in administration.
  • Financial Times: Macmillan reluctantly became the fifth and final publisher to reach a settlement with the US Department of Justice over ebook pricing.
  • Financial Times: Airbus has raised the possibility that it could ditch plans to use lithium-ion batteries on its proposed new passenger jet following safety scares involving these devices on Boeing’s 787 Dreamliner aircraft.
  • Financial Times: AOL is finally starting to emerge from the ashes of its disastrous $100 billion merger with Time Warner more than a decade ago, reporting on Friday that it grew overall quarterly revenues for the first time in eight years.
  • The Daily Telegraph: The US trade deficit shrank in December to its narrowest in nearly three years, suggesting the economy did much better in the fourth quarter than initially estimated.
  • Financial Times: CBOE Holdings, operator of the world’s largest options exchange, is in discussions to settle an investigation by US regulators into the company’s regulatory functions.
  • Financial Times: Chinese credit issuance surged to a record high in January on the back of a boom in shadow banking, stoking concerns that the economy could overheat.
  • Financial Times: Bank of America is increasing investment in its commercial bank, which provides credit and advice to US companies with revenues of $50 million to $2 billion, after several years of decline.
  • Financial Times: Hewlett-Packard has issued new guidelines to its Chinese suppliers aimed at reducing the long hours worked by temporary student workers and ensuring that their recruitment process complies with local regulations.
  • Financial Times: Telecom Italia will halve its dividend over the next three years and raise up to €3 billion in debt and equity in order to maintain its rising investments in next generation telecoms networks, while also trying to reduce its high debt levels.
  • Financial Times: The former chairman of JJB Sports, Sir David Jones, has been charged with forgery and making misleading statements to the market.
  • The Guardian: HMV boss Trevor Moore was among the casualties as another swath of redundancies was confirmed at the failed music chain.
  • Financial Times: ThyssenKrupp plans to cut more than 2,000 European steel jobs as it seeks to preserve profits in response to worsening demand and high energy and raw material costs.
  • Financial Times: Crude oil prices surged to a nine-month high on Friday on strong demand from China, relatively low supplies from the Opec oil cartel and geopolitical concerns.

Share tips, comment and bids

  • Financial Times: The Crown Estate, the £8 billion property portfolio managed on behalf of the Queen, is to ask international investors, including some of the biggest sovereign wealth funds, to help finance an overhaul of one of London’s most valuable office districts.
  • The Guardian: Lloyds was forced to put branches up for sale by European commission as part of conditions attached to its £20 billion taxpayer bailout.
  • Financial Times: Bango, the Aim-quoted mobile payments group that provides carrier billing services to the likes of Facebook and Amazon, raised £6.5 million on Friday by placing 3.25 million new shares at 200p each with institutional investors.
  • Financial Times (Lex): Moody’s: despite soaring revenues, the rating agency faces uncertainty over fears it could be next after justice department issued lawsuit against S&P.
  • Financial Times (Lex): Daimler: carmaker’s ‘transition’ efforts will not convince investors unless it can catch up rivals like BMW and improve its performance in China.
  • Financial Times (Lex): HP: the tech group should perhaps consider its own less than successful acquisitions before labelling Dell’s plan to go private as a strategic error.
  • Daily Mail (Comment): In the United States the Justice Department rolled up its sleeves and announced fraud charges against the credit ratings agency Standard & Poor’s.

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