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Monday Papers: West rushes to fix Ukraine rescue package

Monday Papers: West rushes to fix Ukraine rescue package

Top stories

  • Financial Times: Western leaders were scrambling to put together a rescue deal for Ukraine on Sunday, as the European Union’s top economic official warned that financial aid was imperative to save the country from bankruptcy.
  • Financial Times: The future of BP’s flagship Rumaila oilfield in southern Iraq is in jeopardy after a bureaucratic snarl-up in Baghdad forced the company to axe a hundred crucial contractor jobs.
  • Daily Express: G20 nations vowed to dramatically speed up the global economic recovery yesterday by ramping up investment and creating millions of new jobs.
  • Financial Times: Legal & General, the UK's biggest pension fund manager, has unveiled plans to begin lending to medium-sized UK companies in one of the boldest challenges to bank financing yet.
  • The Daily Telegraph: Britain has climbed up an arms export ranking to become the fourth biggest defence exporter in the world last year because of huge deliveries of Eurofighter Typhoon jets to the Gulf.
  • Finanacial Times: German chancellor Angela Merkel will urge Britain to ignore the eurosceptics and stay at the heart of the EU in a speech to both houses of Parliament on Thursday.
  • The Daily Express: Royal Bank of Scotland is set to announce a restructuring that will see its investment bank wound down and up to 20,000 jobs cut, this week.

Business and economics

  • Financial Times: Fresh allegations have emerged about accounting irregularities at G4S, the outsourcer facing a criminal investigation for allegedly overcharging the UK government.
  • Financial Times: Microsoft, which is acquiring Nokia’s smartphone business, signed new Windows Phone 8 licensees including China’s Foxconn, Lenovo and ZTE and Korea’s LG; the US company underscored its determination to continue to support other handset makers with new Windows Phone licensing agreements.
  • Financial Times: Profits at Europe’s listed companies are recovering from the recession at a slower pace than during any business cycle since 1970.
  • The Independent: The rapid recent momentum behind the UK’s recovery slackened yesterday after the worst January for the nation’s public finances since 2010 as high street sales were swamped by  rainfall.
  • The Guardian: Embattled insurer RSA confirmed on Sunday that it was considering asking shareholders for cash to repair its finances, which have been battered by accounting irregularities in its Irish division and stormy weather.
  • The Daily Express: Defence giant BAE is considering job cuts at its shipyards on the Clyde as it decides whether to pull the plug on its operation at Govan.
  • Daily Mail: MPs have launched an investigation into how banks treat small businesses amid fears they are being starved of loans and forced under.
  • The Daily Telegraph: The café chain Patisserie Valerie could become the next high street name to float on the stock market. The company is understood to be working with broker Canaccord Genuity and is considering floating in late spring with valuation of more than £150 million.
  • The Daily Express: Alton Towers and Madame Tussauds owner Merlin Entertainments is set to thrill the City when it releases its first results as a public company this week.
  • The Daily Express: Food-on-the-move group SSP is set to serve up a £2 billion float this summer.
  • The Guardian: Bank of England officials have been talking up the strength of the UK recovery as the latest round of business surveys show rising confidence and the FTSE 100 closes in on a record high.
  • Financial Times: Dividends paid out by listed companies across the globe in 2013 totalled more than $1 trillion for the first time, according to an analysis by Henderson Global Investors shows.
  • Financial Times: An influential survey of fund managers by Bank of America Merrill Lynch released in January showed a record 58% of investors polled want companies’ cash piles spent on capital expenditure.
  • Financial Times: The board of Repsol will on Tuesday vote on a final $5 billion compensation package that is designed to end a bitter two-year legal battle between Buenos Aires and the Spanish energy group over the expropriation of Repsol’s operations in Argentina.
  • Financial Times: Royal Dutch Shell has launched a broadside against what it says is a “European energy crisis” that could drive a raft of new coal power plants across the continent at the expense of cleaner alternatives such as gas.
  • Financial Times: Deutsche Bank has for the first time laid out plans to slash its US balance sheet as it seeks to allay concerns over how it would deal with tough new rules imposed by the Federal Reserve on foreign banks.
  • Financial Times: Michael DeCesare, President of Intel Security, has hit back at a new generation of cybersecurity companies that claim his company’s antivirus software is dead.
  • Financial Times: The world’s biggest sovereign wealth fund is looking to more than double the number of industry specialists in its equities team as the $840 billion Norwegian oil fund steps up efforts to outperform global stock markets.
  • Financial Times: MediaTek will focus more on western markets and on the fastest growing tier of the smartphone market, which the Taiwanese chipmaker hopes will erode the dominance of US rival Qualcomm.
  • Daily Express: Co-operative Group has hailed a “phenomenal” response to its ground-breaking poll asking the public to help decide how it should reorganise and modernise.
  • The Guardian: David Cameron will use his first ever cabinet meeting in Scotland to promise a revolution in North Sea oil and gas extraction worth up to £200 billion over two decades – but that this will only be affordable if the union stays together.
  • The Guardian: Ladbrokes will seek to calm the row over the lucrative fixed-odds gambling machines in high-street bookies this week with a vow to link executive pay to targets on tackling problem gambling.
  • The Independent: Fast-growing British technology companies must “go for scale and go for revenues”, rather than profits in the short term, or risk falling behind global rivals, Sir Hossein Yassaie, chief executive of Imagination Technologies, has warned.
  • The Independent: Vince Cable, the Business Secretary, has been called on to hold a crunch summit to address the acute skills crisis in the construction industry, which has lost 400,000 jobs during the recession.
  • The Independent: HSBC could re-ignite the controversy over bonuses with chief executive Stewart Gulliver in line for up to £12 million when the bank reports its 2013 results today.
  • The Independent: Staff turnover costs Britain £4.13 billion a year, according to a report by Oxford Economics and the insurer Unum
  • The Independent: Pension Corporation, a firm run by some of the financial services industry’s best-known names, has agreed to take on £15 million-worth of pension liabilities at Dynochem.
  • The Independent: Finance ministers and central bankers from the G20 have said they will take action to boost their collective economic output by an additional 2% over the next five years as they seek to bring down unemployment rates in the rich world and to accelerate development in poorer states.

Share tips, comment and bids

  • Financial Times: The European Commission has told Telefónica to expect a formal complaint against its €8.6 billion bid for E-Plus, KPN’s German mobile unit, by Tuesday, sources said.
  • The Daily Mail (Share Tips): WH Ireland and Merlin Entertainments
  • Financial Times (Lex): Dish Network: Satellite TV operator facing challenges on several fronts.
  • Financial Times (Lex): CTT: like its peers, Portuguese post office CTT faces declining letter volumes. But growth elsewhere means that should not concern shareholders too much.
  • Financial Times (Lex): Lenta: Poundland and Pets at Home are not the only retailers to launch an IPO in London. Lenta, a Russian grocer, is competing with them for investor attention.

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