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Saturday Papers: Barclays’ Jenkins waives 2012 bonus

Saturday Papers: Barclays’ Jenkins waives 2012 bonus

Top stories

  • The Daily Telegraph: Antony Jenkins, the chief executive of Barclays, has waived his bonus for 2012 admitting it would be "wrong" to be rewarded after a year of scandals - as the bank was hit with more questions over Qatar's investment in 2008.
  • Financial Times: US equity markets rose sharply on payrolls data and a strong ISM reading; the S&P 500 rose 1% on Friday and added 0.7% over the week; the Dow Jones gained 1.1% yesterday - hitting 14,000 for the first time since the 2007 credit crisis - and 0.8% over the week; the tech-heavy Nasdaq rose 1.2% on Friday and was up 0.9% on the week.
  • Financial Times: Houses in London’s 10 most expensive boroughs are now worth as much as the property markets of Wales, Scotland and Northern Ireland combined, underlining the extent of Britain’s growing wealth divide.
  • The Daily Telegraph: Figures from the US Labour Department showed that 127,000 more people were hired in November and December than first estimated, while 157,000 found jobs in January.
  • The Daily Telegraph: The International Monetary Fund has censured Argentina for failing to supply accurate economic data, the first time the global crisis lender has taken such an action against a member.
  • The Guardian: Google will help French news organisations increase their online advertising revenue and also set up a €60 million fund to finance digital publishing innovation.
  • Financial Times: Credit Suisse granted a regulator-approved interim loan to Qatar at the height of the financial crisis, in a sharp contrast to allegations over an undisclosed loan provided by Barclays to the same investor.

Business and economics

  • Financial Times: Harvey Schwartz, the new chief financial officer of Goldman Sachs, owns almost $75 million worth stock and options in the investment bank.
  • The Daily Telegraph: BT's multi-billion pound investment in fibre broadband services is helping Britain become "a broadband leader in Europe", its chief executive claimed on Friday, as the telecoms giant delivered a bigger profit than expected.
  • Financial Times: All three US carmakers defied the slowing economy in their January US sales, with General Motors and Chrysler both announcing 16% year-on-year US sales increases and Ford Motor 22%.
  • The Independent: The famously boisterous London Metal Exchange is losing its only female trader; Bethan Wilde, 29, has been poached by Hong Kong Exchanges and Clearing, and is due to start next month.
  • The Daily Telegraph: The outbreak of a fungus that damaged corn harvests in the US has knocked £7 million from the profits of Tate & Lyle, the British maker of sugar and artificial sweetener.
  • Financial Times: Royal Bank of Scotland is set to pay more than £500 million to US and UK authorities as early as next week to resolve allegations it manipulated benchmark interest rates, sources said.
  • Daily Mail: Royal Bank of Scotland is preparing to claw back tens of millions of pounds in bonuses, ahead of a fine for Libor-rigging likely to be around £400 million.
  • Financial Times: Netherlands has rescued mortgage lender SNS Reaal in a €3.7 billion bailout.
  • The Guardian: BP faces new embarrassment in America with a court case brought by one of its former traders, who claims the company was trying to manipulate the natural gas liquids market.
  • The Daily Telegraph: The Financial Services Authority is under pressure after it was accused of making changes to its interest rate swaps compensation scheme that could prevent billions of pounds of claims.
  • Financial Times: Prudential, Aviva and Legal & General are the life insurers most at risk from a regulatory overhaul of the £11 billion UK annuity market, Fitch has warned.
  • Financial Times: Iberia staff are facing deeper job cuts after the board of International ­Airlines Group, the Spanish airline’s parent, said it would still aim for a €600 million improvement in group ­operating profits by 2015 despite failing to reach a restructuring agreement with unions.
  • The Daily Telegraph: Rupert Murdoch's newspaper and book publishing arm is to spend billions of dollars on video rights, as it seeks to turn the print business into a multi-media operation.
  • Financial Times: De La Rue, the banknote printer, has said that increased competition and pricing pressures are holding back its profit growth.
  • Financial Times: China is facing a critical shortage of workers caused largely by 30 years of one child policy.
  • Financial Times: The soaring market for commercial aircraft pushed up full-year pre-tax profit 40 per cent at Porvair, the UK’s only listed filtration group.
  • Financial Times: Faroe Petroleum ended a barren spell of drilling failure this week by announcing a significant gas condensate discovery in the Norwegian Sea.
  • Financial Times: Apple took leadership of the US mobile phone market from Samsung for the first time in the last three months of 2012, according to an analyst firm.
  • Financial Times: Rosneft, Russia’s biggest oil company by production, posted disappointing fourth-quarter results as rising costs ate into profits.
  • Financial Times: Standard Life, the Scottish insurance group, has cut bonuses on its unitised pension plans to 0.5% and to 0.75% on its life plans, which include endowment mortgages.
  • The Daily Telegraph: Oil giant ExxonMobil, which last week stole Apple's crown as the world's largest public company, said profits hit a five-year high in the fourth quarter.
  • Financial Times: The number of people who declared themselves insolvent fell last year to the lowest level since the financial crisis began in 2008, according to the Insolvency Service.
  • Financial Times: Chevron, the second-largest US oil group by market capitalisation, reported a better than expected 3% drop in annual net income.

Share tips, comment and bids

  • Financial Times: A buyout proposal for Dell valuing the computer maker at about $24 billion is expected to be unveiled early next week, sources said.
  • The Independent: Pinewood Studios has submitted plans for a new £200 million expansion.
  • The Guardian: Roman Abramovich has made his largest investment in a UK company since buying Chelsea football club, taking a stake in telecoms group Truphone which values the business at £300 million.
  • The Daily Telegraph: Qinetiq, the defence technology company, has secured a £1 billion deal with the Ministry of Defence to maintain equipment, land and buildings and provide training support to the armed forces over the next five years.
  • Financial Times: Clearwire, the data network operator, still favours an agreed takeover bid from Sprint Nextel but has not closed the door on a rival move by Dish Networks.
  • Financial Times: Manganese Bronze, maker of London “black cabs”, has been sold to Geely, the private Chinese carmaker that already owns Volvo, for £11 million.
  • Financial Times: China’s insurance regulator has given a green light for Charoen Pokphand Group of Thailand to complete its $9.4 billion acquisition of a 15.6% stake in Ping An, China’s biggest private insurer.
  • Financial Times: Roman Abramovich, the Russian billionaire, has acquired almost a quarter of the UK telecoms group Truphone for £70 million, to help fund an expansion of its international calling services.
  • Financial Times: Daimler will pay €640 million to acquire a minority stake in the car division of Beijing Automotive, its Chinese joint venture partner.
  • Financial Times: Daisy Group, the Aim-traded IT group, emerged as a potential bidder for 2e2, the Newbury-based IT group that fell into administration this week.
  • Financial Times (Lex): BT: walking the walk - shares in the UK telecoms group are at a five-year high after good third-quarter results and it appears to have scope to advance further.
  • Financial Times (Lex): Oil companies – majors need more than a high oil price if they want to reverse the trend of falling profitability, as flat or declining production hurts profits.
  • Financial Times (Lex): LVMH: a portfolio of companies that sell the same things as the luxury giant would have knocked its share price rise into a cocked hat.
  • The Guardian (Comment): With Typhoons in the hangar and state support bringing stability, hope is tentatively returning to BAE Systems' factory floors.
  • The Guardian (Comment): While pundits obsess about a decimal point, the real story is the 15 million out-of-work Americans cut loose by policy-makers.
  • Daily Mail (Comment): There are now so many probes going on at Barclays it is hard to know where to begin. The bank may have avoided the pitfall of a merger with ABN Amro and a bailout from the Government, but the cost in terms of reputation and repair work is immense.

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