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Saturday Papers: Argentina woes weigh on EM currencies

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Saturday Papers: Argentina woes weigh on EM currencies

Top stories

  • Financial Times: The currencies of Turkey, Brazil, South Africa, India and Russia all tumbled in value on Friday after a shock slump in the Argentine peso highlighted the challenges that emerging markets face in a world roiled by US monetary tapering and easing Chinese growth.
  • Daily Mail: Mark Carney told British banks to clean up their act after the barrage of scandals that have rocked the industry; the Governor of the Bank of England said on Friday ‘integrity cannot be legislated and it certainly cannot be bought’ as he warned that the sector will only prosper if it wins back the public’s trust.
  • Daily Mail: After selling its 45% stake in Verizon Wireless, Vodafone is gearing up to return around £54 billion to investors.
  • The Guardian: JP Morgan Chase has almost doubled chairman and CEO Jamie Dimon's pay for 2013, rewarding the executive for settling probes against the bank; Dimon will receive total compensation of $20 million in 2013, consisting of $18.5 million in stock options and a base salary of $1.5 million, the bank said in a statement Friday.
  • Financial Times: Two thousand litres of purple tomato juice, pressed from genetically modified fruit grown in Canada, are heading for Britain to be tested for their health-promoting properties.
  • Financial Times: Global equities and emerging market currencies ended the week with heavy losses; the S&P 500 equity index dived 2.1% on Friday, leaving it 2.6% lower over the holiday-shortened week.

Business and economics

  • Daily Express: Quarterly profits at smartphone maker Samsung have fallen for the first time in two years as rival Apple stepped up the competition with its new iPhone 5 and a Chinese mega-deal; Samsung saw operating profit for October to December fall 6% to £4.7billion but faces calls to return more of its £31 billion cash pile to investors.
  • Financial Times: Cairn Energy, the UK oil and gas explorer, has been forbidden by India’s tax office from selling a residual stake worth about $950 million in its former subsidiary Cairn India, pending an investigation into its tax affairs.
  • The Guardian: The Australian dollar has dropped below $0.87 for the first time since July 2010 amid concerns about growth in China and the knock-on effects for emerging markets.
  • Financial Times: BT will invest a further £50 million in fibre broadband for customers in more than 30 cities over the next three years as part of the British telecoms group’s plans to connect two-thirds of the UK with fast internet services.
  • The Daily Telegraph: Anglo American, the world's largest platinum miner, is to lose £5.4 million in revenue a day as workers walk out demanding pay doubles.
  • Daily Express: Sales of Hornby model trains hit the buffers at Christmas as a change in manufacturers caused supply delays; it warned annual sales would be lower than previously expected and together with the impact of exchange rates would result in a full year loss of £1 million.
  • Financial Times: DHL and FedEx said they had suspended express deliveries from abroad to individuals in Russia because of stricter customs procedures that require lots of extra paperwork on all parcels for personal use except for documents, regardless of the shipment value.
  • Daily Mail: Yellow Pages firm Hibu handed its chairman a £120,000 pay rise to oversee a restructuring effort that has wiped out shareholders; former Merrill Lynch banker Bob Wigley was recruited on a £264,000 salary to chair Hibu as it wrestled with huge debts.
  • Financial Times: The craze of growing moustaches to raise awareness of prostate cancer in November has hit sales of Gillette razors, exacerbating a rising year-round threat from stubble and hipster beards.
  • Financial Times: Royal Mail reported like-for-like revenue growth of 8% in its crucial UK parcels business but flat parcel volumes as the newly privatised postal operator strove to take advantage of the boom in internet shopping.

Share tips, comment and bids

  • Daily Express: Department store group House of Fraser is eyeing a £350 million stock market listing after take­over talks with French luxury rival Galeries Lafayette collapsed.
  • Daily Mail: Santander has accelerated plans to list on the London stock market and now believes a float could be on the cards this year.
  • The Guardian (Comment): Interest rate doves still see need to smooth business feathers.
  • The Independent (Comment): Money is flooding into emerging markets in Asia, and smart local operators are prospering from ties with overseas investors.
  • The Daily Telegraph (Comment): China's 'slowing' economy still holds staggering opportunities; since the end of 2008 China's US value of GDP has doubled and is expected to be as big as the US by 2027.
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