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Friday Papers: Double blow for BAE fighter sales

Friday Papers: Double blow for BAE fighter sales

Top stories

  • Financial Times: BAE Systems suffered a bruising setback after Britain’s negotiations to supply 60 Typhoon fighter jets to the UAE collapsed and pricing talks on a separate deal with Saudi Arabia stalled.
  • Financial Times: Thieves have stolen credit card data from up to 40 million Target shoppers in a huge security breach that has hit the US retailer at the height of the holiday shopping season.
  • The Guardian: Serco has agreed to pay the Ministry of Justice £68.5 million after the security group was found to be overcharging the taxpayer for electronically monitoring criminals.
  • Financial Times: Facebook and its founder Mark Zuckerberg are selling shares to the public worth nearly $4 billion, in the social media company’s first stock sale since last year’s initial public offering.
  • Financial Times: Ocwen Financial, the largest non-bank mortgage servicing company in the US, has reached a $2.1 billion deal with state and federal authorities to resolve allegations that it took advantage of homeowners, provided false information and charged unauthorised fees.
  • The Daily Telegraph: Michel Barnier, the European Commissioner for internal markets and services, has banned his department's staff from holding any meetings with bankers.
  • The Independent: Russian President Vladimir Putin has said he intends to pardon jailed oil tycoon Mikhail Khodorkovsky.
  • Financial Times: Bidders for JP Morgan Chase’s physical commodities business have complained that the bank is refusing to release enough information for them to value the assets.
  • Financial Times: Deutsche Bank’s US securities arm was fined on Thursday by the Financial Industry Regulatory Authority for “serious financial and operational deficiencies” that included misstating billions of dollars of intra-company loans at the height of the financial crisis.

Business and economics

  • Financial Times: Gold traded below $1,200 a troy ounce for the time since June as the US Federal Reserve took the first baby steps away from a historic era of monetary stimulus.
  • Financial Times: Global regulators have eased proposed capital requirements for bundled loans as policy makers push for a revival in securitisation markets.
  • Daily Mail: HM Revenue and Customs has ‘lost its nerve’ in the pursuit of tax owed by corporate giants leading to an increase in the ‘tax gap’ of £1 billion in the tax year 2011/12 to £35 billion, the House of Commons Public Accounts Committee said today.
  • Financial Times: Insurance brokers JLT Specialty have been fined more than £1.8 million for failing to take adequate steps to guard against risks of bribery and corruption.
  • Financial Times: G4S was referred to the Serious Fraud Office for a second time in six months on Thursday, underscoring the extent of problems in government outsourcing even as it plans to hand billions of pounds more work to the private sector.
  • Financial Times: Seven years after Farepak collapsed, its accountant, EY, has been ordered to pay £1.2 million in fines and costs for falling short of professional standards in its audits of the company in the year before the debacle.
  • The Independent: BT has hit out at industry regulator after Ofcom ordered BT’s Openreach division must carry out repairs and installations “faster” for other telecom providers that use its phone and broadband network - or face the threat of fines.
  • Financial Times: Korean Air, South Korea’s flagship carrier, and its affiliate Hanjin Shipping on Thursday announced plans to raise a total of Won5 trillion through asset sales to repay mounting debts.
  • Financial Times: VectorCommand, a technology company that provides software to emergency services, has stopped asking banks for a loan; instead the Portsmouth based business uses MarketInvoice, a website set up in 2011 that lets companies sell their invoices to investors in return for cash.
  • Financial Times: The Japanese arm of McDonald’s issued a profit warning on Thursday, saying net income would be cut in half this year as it revamped its store network.
  • Daily Mail: Britons are snapping up more than 300 cars a week from bargain motor manufacturer Dacia, which has seen sales surge by 21.1% across Europe in 2013.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tip): Keller completes stellar year; the construction group has enjoyed a strong run on the shares and there could be more to come, says Questor
  • Financial Times: AstraZeneca is to buy out its joint venture with Bristol-Myers Squibb in a deal worth up to $4.3 billion, as it seeks to strengthen its limited range of innovative products and become a leading supplier of diabetes medicines.
  • Financial Times: Etihad Airways and Alitalia are in advanced talks that would see the Abu Dhabi airline become the largest shareholder in Italy’s cash-strapped national carrier.
  • Financial Times: Bayer is set to acquire the Norwegian cancer drug company Algeta after raising its initial cash bid to $2.9 billion.
  • Financial Times: A wave of private equity backed companies, and several high-profile privatisations, have helped give a 37% boost to the European market for initial public offerings to $160 billion this year.
  • Financial Times: Glencore Xstrata has spent $430 million to raise its stake in an African copper mine in a sign of the commodity group’s increasing focus on the continent.
  • The Guardian (Comment): Serco's reputation seems to have escaped relatively unscathed compared to G4S and may soon be bidding for government contracts
  • The Daily Telegraph (Comment): While Britain and the US kickstart their recovery, Europe clings to its sinking ship.
  • Financial Times (Lex): Facebook: Growth may slow starting next year. But its immense profits should be a cushion for the shares
  • Financial Times (Lex): EU banking union: Another late-night compromise, another fudge, but progress of sorts. But the new system is far from ideal
  • Financial Times (Lex): AstraZeneca: Buying Bristol-Myers Squibb out of their diabetes joint venture is more defensive than aggressive
  • Financial Times (Lex): Hong Kong IPOs: If the huge demand for a Chinese cemetery operator can be sustained for next year’s deals, Hong Kong has a chance to become a far livelier market
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