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Thursday Papers: US warns Britain against leaving EU

Thursday Papers: US warns Britain against leaving EU

Top stories

  • Financial Times: The Obama administration on Wednesday publicly signalled its growing concern about a possible British exit from the EU, just days before David Cameron sets out plans for a referendum on the issue.
  • Financial Times: Morgan Stanley is to cut 1,600 jobs in one of its most prominent businesses in the latest example of a Wall Street investment bank axing staff to reduce expenses.
  • The Daily Telegraph: Eighteen UBS staff were sacked over the Libor-rigging scandal that saw the bank hand over $1.5 billion to regulators, the second-largest fine ever paid by a bank.
  • Daily Mail: A £4 billion lawsuit by RBS shareholders against the bank and former directors including Fred Goodwin will kick off within weeks, after campaigners secured insurance against losing the case.
  • Financial Times: Dan Loeb’s Third Point on Wednesday disclosed an 8% stake in Herbalife, the direct seller that is under attack from Bill Ackman’s Pershing Square.
  • The Independent: The US government has ordered two reviews into Shell’s activities off the Alaskan coast, which could halt its planned drilling campaign.
  • The Guardian: Apple is reportedly developing a budget version of the iPhone.
  • Financial Times: Jessops, the camera retailer, fell into administration on Wednesday, putting 2,000 jobs at risk.
  • Financial Times: ArcelorMittal is poised to raise as much as $3.5 billion through a joint share offering and convertible bond issue as part of an attempt to lighten its debt pile.
  • The Daily Telegraph: Tesco has reportedly poached Robin Terrell from House of Fraser, where he transformed the department store's online offering.
  • Financial Times: Facebook, Google and Microsoft could face tougher privacy rules under a new draft EU data protection proposal.

Business and economics

  • Financial Times: Barack Obama has chosen Jack Lew, his chief of staff and a longtime Democratic aide and budget expert, to replace Tim Geithner as Treasury secretary, sources said.
  • Financial Times: Bankers have become too arrogant and the industry must change, Andrea Orcel, the chief executive of UBS’s investment bank, told British lawmakers on Wednesday.
  • Financial Times: Wall Street’s “fear index” has tumbled to a fresh 5½-year low of 13.2 points as investors turn increasingly positive on the outlook for global stock markets.
  • Financial Times: Robert Khuzami, the enforcement director of Securities and Exchange Commission, is stepping down after a four-year tenure.
  • The Guardian: The British Office for National Statistics said the seasonally adjusted deficit on the trade in goods and services was estimated at £3.5 billion in November compared with £3.7 billion in the previous month.
  • Daily Mail: David Cameron’s rethink over the UK’s place in the EU could create 'damaging uncertainty' for British firms, business leaders including Virgin’s Sir Richard Branson and President of the CBI Sir Roger Carr warned on Wednesday.
  • Financial Times: Hovis, one of the UK’s top-selling breads, is to abandon its pledge to use only British wheat in its loaves following rain-blighted harvests.
  • Financial Times: Schroders is seeking to raise at least £100 million for the West End of London Property Investment, a closed-end investment company, by floating a newly formed Guernsey-based company on Aim.
  • The Independent: John Moulton is setting up a €100 million joint venture with Ireland's national pension and social welfare fund to invest in struggling small and medium-sized companies in the country.
  • Financial Times: Panasonic is assessing the possible closure of some of its businesses as the company approaches its second $10 billion loss in two years.
  • Financial Times: GM is considering extending Opel division’s European alliance with France’s PSA Peugeot Citroën to Russia and Latin America as it seeks to improve its operations’ cost structure.
  • The Guardian: Peugeot recorded a 16.5% plunge in sales in 2012 following its worst European sales performance in years.
  • The Independent: The gold miner Centamin shrugged off its recent troubles in Egypt today as it produced a record 85,543 ounces in the last three months of 2012, up 40% on the previous quarter.
  • The Daily Telegraph: Apple's technology provider Foxconn has revealed it could pull acquisitions in China over allegations its managers in the country solicited bribes from local suppliers.
  • The Daily Telegraph: Danish high-end hi-fi maker Bang & Olufsen reported on Wednesday a 47% plunge in second-quarter net profit and announced the closure of 125 stores.
  • The Guardian: Online retailer is to shut down its retail business following the UK government's closure of a loophole allowing it to sell VAT-free CDs and DVDs from the Channel Islands.
  • Financial Times: Global corporations began 2013 with a wave of issuance that pushed total bond sales in the US over the $40 billion mark in less than a week.
  • The Guardian: Marks & Spencer's chief Marc Bolland has admitted that the group's performance is "not yet satisfactory".
  • The Independent: Ted Baker delivered total sales up by 20.9% over the eight weeks to 5 January and maintained its policy of not discounting until Boxing Day.
  • Daily Mail: Like-for-like sales at Greggs slipped by 2.9% in the five weeks to 5 January.
  • The Guardian: Asda has recalled thousands of Cherry Soother’s dummies because of a choking risk which emerged when one came apart in a baby's mouth.

Share tips, comment and bids

  • Financial Times: Chinese regulators have taken further steps to relieve the pressure on the country’s equity market caused by the backlog of companies waiting to list.
  • The Daily Telegraph: Hedge fund manager Pierre Lagrange has teamed up with his fashion designer boyfriend to buy the Savile Row tailor Huntsman.
  • The Guardian (Comment): If AIG thinks it can sue the American taxpayers who bailed it out, it has another thing coming: I call for an end to AIG's tax breaks.
  • The Guardian (Comment): Without basic financial transparency from public service contractors we can say goodbye to democratic accountability.
  • The Daily Telegraph (Comment): Central banks must switch off the printing presses before it’s too late.
  • The Daily Telegraph (Comment): If J Sainsbury is leading the supermarket race then it’s slowing down with a stitch and the gap with the panting and wheezing pack behind is narrowing.
  • Daily Mail (Comment – Alex Brummer): End of an Atlantic adventure for Vodafone?
  • Financial Times (Lex): Google and the US economy: Investors who are bullish on the prospects of a full US recovery this year should take a closer look at Google.
  • Financial Times (Lex): European bank valuations: bank shares have run hard, yet little has really changed around them. Is it time to take profits?
  • Financial Times (Lex): Peugeot’s long and winding road: French carmaker’s challenge is to manage strains on its balance sheet until cost-cutting and demand recovery kick in.
  • Financial Times (Lex): Aviva clean-up continues: in the six months since the insurance company’s chairman announced a strategic shake-up, it has performed well – now comes the hard part.

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