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Thursday Papers: Fiat buys remaining 41.5% of Chrysler

Thursday Papers: Fiat buys remaining 41.5% of Chrysler

Top stories

  • Financial Times: Fiat will pay $3.65 billion to acquire the 41.5% of Chrysler it does not already own, resolving one of the car industry’s biggest strategic issues.
  • The Guardian: Fresh evidence of the pay deals on offer in the City has emerged, with the biggest US bank, JP Morgan Chase & Co, revealing it gave more than 100 of its top staff in London an average of £2 million each in 2012.
  • Daily Mail: BP’s head of safety Bob Fryar has sold shares worth £830,000 ahead of a courtroom date that will determine the full scale of the oil firm’s penalties for its 2010 spill in the Gulf of Mexico.
  • Financial Times: Skype, the internet calls service owned by Microsoft, was hacked by cyber criminals claiming to be supporters of Syrian President Bashar al-Assad on New Year’s day, with anti-surveillance messages posted on its social media sites and blog.
  • Financial Times: Richard Desmond has asked advisers to work on a possible sale of Channel 5, the British free-to-air TV broadcaster, that would seek to raise more than £700 million for the media entrepreneur.

Business and economics

  • Financial Times: Companies in the eurozone’s weakest economies still face significantly higher borrowing costs than rivals in countries such as Germany, according to a cross-market analysis by Goldman Sachs; the extent of the divergence has fallen since a peak in May 2013 but is higher than in mid-2011.
  • Financial Times: China has agreed to provide Pakistan with a $6.5 billion loan to construct twin nuclear power stations in the southern port city of Karachi, the largest ever Chinese financing deal for a single project in the country.
  • Financial Times: India has cancelled a €560 million contract to buy high-end helicopters from AgustaWestland, a subsidiary of Finmeccanica, in move that underlines the unpredictability of one of the world’s biggest defence markets.
  • Daily Mail: Sophie Armstrong’s husband Colin, Madame Tussauds-owner Merlin’s legal director and company secretary, gave his spouse 1.2 million shares in the group – worth £4.3 million – on 25 December.
  • Financial Times: Growth in China’s manufacturing sector slowed for the first time in six months in December, dragged down by weak demand for Chinese exports, according to an official purchasing managers’ index.
  • The Daily Telegraph: Britain's poor productivity must be tackled if 2014 is to become the year that pay rises catch up with price increases, according to the Chartered Institute of Personnel and Development.
  • Daily Mail: Passengers may soon have to be delayed for five hours instead of three to claim compensation from their airline.
  • The Guardian: Households may have paid around £150 over the odds for their electricity over the last three years because energy companies bought their power for almost £4bn more than the average market rate, Labour has claimed.
  • Financial Times: Data from analysts at Peel Hunt and Numis Securities show that completions in 2013 at the UK’s biggest housebuilders are expected to be down by a quarter on 2007 levels, on a pro-forma basis.
  • Financial Times: Facebook founder Mark Zuckerberg topped the list of US philanthropists who opened their cheque books to make big donations in 2013, with his gift of almost $1 billion to a Silicon Valley charity.
  • The Daily Telegraph: Growth of digital services such as Netflix and Spotify, and success of Grand Theft Auto V, put UK music, game and video revenues in 2013 at highest level since 2009.

Share tips, comment and bids

  • The Guardian (Comment): The Tories and Ukip are vying to terrify the public about Romanians and Bulgarians. What's needed is protection at work and a crash housing programme.
  • The Guardian (Comment): The rampant capitalism that has brought the market into every corner of society needs to be reined in.
  • The Daily Telegraph (Comment): The launch of the FTSE 100 index 30 years ago signalled a new era for investors - creating great wealth as well as causing mayhem.
  • Financial Times (Lex): US banks and payouts: caution does not look like a bad theory for payouts in 2014.
  • Financial Times (Lex): European banks: investment banks have trailed their more narrowly focused rivals.
  • Financial Times (Lex): Citigroup: much remains to be done for bank to catch up to its peers.
  • Financial Times (Lex): Bank regulation: 2014 AQR must strike balance between vigilance and confidence.

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