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Saturday Papers: ECB poised to cut main interest rates

Saturday Papers: ECB poised to cut main interest rates

Top stories

  • Financial Times: The European Central Bank is next week poised to cut interest rates and boost lending to credit-starved smaller businesses in its battle to head off the threat of Japanese-style deflation.
  • The Daily Telegraph: Land Registry's monthly index showed monthly surge of 4.2% in London house prices while values across England and Wales remain 5% below 2007 peak.
  • The Independent: Shares in BNP Paribas plunged in early trading after it emerged that the French lender is facing a record fine of more than $10 billion (£6 billion) from US authorities.
  • Financial Times: Siemens is to cut nearly 12,000 jobs as it seeks to restructure its business and halt a slide in profitability against its peers.
  • The Guardian: AstraZeneca will this weekend give an update on the three cancer drugs that were at the centre of its succesful defence against a £69 billion takeover proposal by its US rival Pfizer.
  • The Daily Telegraph: BAE Systems chief executive Ian King wrote in internal blog to staff about the uncertainties caused by Scotland breaking away.
  • The Independent: Google has begun the process of complying with the EU’s recent “right to be forgotten” ruling, launching a new webform where European citizens can request the removal of search results.

Business and economics

  • Financial Times: Lend Lease, an Australian developer has won a £151 million contract to build the UK’s first super-prison, which will house more than 2,000 inmates in Wrexham, north Wales.
  • Financial Times: Reviving the Comprehensive Business Register could help ease credit conditions for companies that are struggling to obtain the lending they need, according to the Bank of England.
  • Financial Times: There is growing evidence of an upward turn in US inflation that could have big implications for the timing of a rise in interest rates.
  • Financial Times: India’s new government is preparing to ease restrictions on foreign direct investment in the country, including in arms manufacturing, as part of its plan to boost economic growth and create jobs, government officials in New Delhi said on Friday.
  • Financial Times: The gas dispute between Russia and Ukraine is set to go to the wire as the two countries attempt to hammer out a compromise deal that would avoid disrupting supplies.
  • Financial Times: Sophie Turner Lang, the architect of BSkyB’s move into high-quality TV drama is to leave the company, as it seeks to build a stronger entertainment platform in order to compete with rivals such as Netflix and BT Group.
  • Financial Times: Barry Brown, the chief executive of JD Sports has stepped down from the retailer with “immediate effect” after 30 years at the group.
  • Financial Times: Billionaire entrepreneur Elon Musk expects to send astronauts into space in his reusable rockets within two years, promising to apply commercial airliner economics to space travel; SpaceX, the first private rocket maker to deliver cargo to the International Space Station, unveiled its Dragon V2 spaceship.
  • Financial Times: Northumbrian Water and Dŵr Cymru Welsh Water have received provisional approval for their next five-year spending and pricing plans that should deliver a total of over £5 billion of investment while delivering below-inflation bill increases.
  • Financial Times: A subsidiary of power group SSE is a pay a £750,000 penalty for failing to promptly connect households and business to electricity networks.
  • Financial Times: Global investment group Invesco is stepping into Britain’s private rented housing market in a £33 million debut deal, in the latest sign the residential rental market is rapidly opening up to institutional investors; invesco is to buy 118 rented homes in Hayes, west London, from construction company Willmott Dixon’s rental subsidiary, be:here.
  • Financial Times: Portugal’s Espírito Santo Financial Group has reported “serious irregularities” in the accounts of its parent company in the latest of a series of damaging disclosures by one of the country’s leading financial and industrial conglomerates.
  • Financial Times: A Brussels judge has opened an investigation into UBS on “suspicion of money laundering and criminal organisation”, making Belgium the latest European country to probe the foreign activities of the Swiss bank.
  • Daily Mail: Tesco is expected to unveil its worst trading update in two decades, heaping pressure on chief executive Phil Clarke as analysts question whether his strategy to restore the grocery chain to former glory is working.
  • Daily Mail: Diageo chief executive Ivan Menezes has broken cover in the debate over an independent Scotland amid fears that changes to tax, regulation and uncertainty over a future currency could be damaging for Scotch whisky distillers.
  • The Guardian: Asda has become the world's first supermarket to trial a vast "cave" storage system deep in the mountains of the Italian Alps for its golden delicious apples, in a ground-breaking move designed to reduce its carbon footprint.
  • The Guardian: The chief executive of B&Q owner Kingfisher has warned that the DIY group will put investment in Scotland on hold if the country splits from the UK and told Scots that from a business point of view they should vote against independence.
  • The Guardian: Almost all of the 35 companies listed on the Spanish stock exchange use tax havens, according to a report from Observatorio RSC, an organisation that monitors corporate social responsibility.
  • The Guardian: Insurers have exposed a record £1.3 billion worth of fraudulent claims last year as the industry stepped up its war on cheats; the amount, released by the Association of British Insurers (ABI), marks an 18% rise in value on 2012 and equates to £3.5 million worth of insurance frauds being uncovered every day.
  • The Independent: The outdoor retailer Mountain Warehouse made a splash on Friday as profits boomed following the flooding this year and it unveiled a step-up in its international growth plans.
  • The Guardian: UK Coal, Britain’s largest coal producer, has started the gradual closure of its loss-making business by parting ways with its chief executive officer.
  • The Daily Telegraph: Iberdrola signed £3.4 billionn deal to bring US gas to UK shores; Spanish utility says liquified natural gas will be used to supply its customers in the UK and Spain.

Share tips, comment and bids

  • Financial Times: Bargain store chain B&M could be valued at up to £3 billion in its planned London listing, capping off a decade-long rise that has seen the retailer grow from a lossmaking chain of 20 stores in the northwest to the cusp of the FTSE 100.
  • Financial Times: Steve Ballmer, the former Microsoft chief executive, is poised to buy the Los Angeles Clippers basketball franchise after agreeing a $2 billion deal, according to a trustee of the team’s owner.
  • The Daily Telegraph: Blue Inc unveiled £60 million float plans despite weakening market.
  • The Daily Telegraph: Legal & General sold Amber Taverns in £80 million deal to MxP Partners.
  • Financial Times (Lex): Brazil: poll dancing.
  • Financial Times (Lex): Celebrity boards: get with the beat.
  • Financial Times (Lex): Clippers / Ballmer: zero-sum game.
  • Financial Times (Lex): BNP Paribas: $10 billion cloud.

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