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View the article online at http://citywire.co.uk/wealth-manager/article/a726174

Monday Papers: Europe set to ease reform on bank splits

by Himanshu Singh on Jan 06, 2014 at 05:18

Monday Papers: Europe set to ease reform on bank splits

Top stories

  • Financial Times: Brussels is set to ease financial reforms so that big European banks are not forced automatically to split lending operations from risky trading.
  • Financial Times: Autonomy, the UK software company at the centre of massive fraud allegations, booked revenues from uncompleted transactions at the end of a number of quarters to meet sales targets, according to claims levelled in a document from the US Air Force.
  • Financial Times: Boeing’s 777X next-generation airliner will be mainly built in the aircraft maker’s traditional home area around Seattle after union members narrowly approved a revised version of a contract that guaranteed them the work.
  • The Daily Telegraph: Tornado jet containing BAE parts made on 3D printer has conducted a successful test flight.
  • Daily Mail: Goldman Sachs bankers are set to share £7 billion in annual pay and bonuses from next week.
  • Financial Times: Dubai developer Nakheel underscored the speed of the emirate’s property recovery by announcing it is to repay more than half its bank debt this year; chairman Ali Rashid Lootah said early repayment of $1.1 billion had been made possible by reducing claims from contractors and customers and rebounding cash collection.
  • The Guardian: Taiwanese smartphone maker HTC has reported a worse-than-expected net fourth-quarter profit despite aggressive cost cutting and more than £50 million proceeds from selling its stake in the company behind Beats by Dr Dre headphones.
  • The Independent: Britain's power distribution chiefs are fuming about the damage to their industry's reputation by the company blamed for blackouts in the South-east over Christmas.

Business and economics

  • Financial Times: Jack Lew, the US Treasury secretary, will renew pressure on Germany to boost domestic demand and embrace a deeper banking union when he visits Berlin this week, amid persistent divisions between the two countries over economic policy.
  • Financial Times: European companies with high levels of debt took advantage of strong credit markets and better prices last year to refinance; the volume of loans extended to them rose 63% to $191.5 billion, reaching its highest level since the financial crisis, according to Thomson Reuters.
  • Financial Times: Turkey’s finance minister has warned of negative implications for the country’s slowing economy from the corruption scandal that has engulfed Ankara’s political elite and triggered a slide in the lira.
  • Financial Times: Alexander Altman, a Ukrainian-American businessman could face sanctions, including a jail term in Britain, after a High Court judge found he was in contempt of court for breaching court orders in a legal battle over the Ukrainian television station TVi.
  • Financial Times: Carlyle and Fortress Investment have revealed plans to further tap retail investors as private equity firms ramp up their quest for permanent capital.
  • Financial Times: US electricity companies are facing a future of slow demand growth that is likely to force further consolidation, Lynn Good, the chief executive of the country’s largest utility Duke Energy said.
  • Financial Times: India is producing almost as many medicines for the UK as those manufactured within Britain itself, according to figures showing the growing influence of Asia in the global pharmaceuticals market.
  • Financial Times: The property arm of Fraser & Neave, the Singapore conglomerate, has outlined plans to expand in China, Thailand and Australia, in a push that analysts say could turn it into one of the largest listed property companies in southeast Asia.
  • The Daily Telegraph: Sports Direct has been accused of sexism after selling dustpan and brush set targeted at young girls.
  • Daily Mail: Budget airline easyJet is expected to announce this week that it carried nearly 4.4million passengers in December, up more than 3%.
  • Financial Times: Jigsaw, the privately owned fashion chain, defied the gloom on the high street with a 17% increase in underlying sales over the crucial Christmas trading period.
  • The Guardian: Two businesses owned by Tony Blair have amassed a cash pile of more than £13 million after a key part of his empire enjoyed a jump in profits.
  • Financial Times: Hydrogen is hardly new, having been formed about 13.8 billion years ago along with our solar system, but Benoit Potier hopes that a revolution in the way it is used to power electric cars will be a fresh source of growth for the French industrial gasses group Air Liquide.
  • Financial Times: The New York Times is to offer so-called “native ads”, or articles and videos created for advertisers, with the relaunch of its website.

Share tips, comment and bids

  • Financial Times: Li Ka-shing’s power generation and supply group will set up the first test of Hong Kong’s equity markets for 2014 when it begins marketing the spin-off of its local electricity distribution business to investors on Monday; the initial public offering could raise up to $5.7 billion.
  • Financial Times (Comment): We may, as I argued last month in the Financial Times, be in a period of “secular stagnation” in which sluggish growth and output, and employment levels well below potential, might coincide for some time to come with problematically low real interest rates.
  • The Guardian (Comment): Chief executive Sergio Marchionne's merger of carmakers Fiat and Chrysler will probably entail a US share listing that cements North America as the group's new centre of gravity and further sidelines Italy.
  • Financial Times (Lex): Infrastructure: The biggest risk to sensible infrastructure investment is vanity projects. The other peril is cost inflation
  • Financial Times (Lex): Hong Kong Electric: Li Ka-shing is trading assets again: just what will he use the money for?

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