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Tuesday Papers: AstraZeneca wants UK neutral on bid

Tuesday Papers: AstraZeneca wants UK neutral on bid

Top stories

  • Financial Times: David Cameron has been urged by the chairman of AstraZeneca not to give ammunition to Pfizer’s £63 billion takeover approach as the UK group prepares to step up its defence against the bid by trumpeting new drugs under development.
  • The Daily Telegraph: Britain's rapid growth rate will become "ingrained" and more balanced, the European Commission said on Monday, as two separate reports suggested the strong rate of expansion was likely to continue.
  • Financial Times: Sotheby’s, the 270-year-old auction house, is to give board seats to Dan Loeb and two of his nominees, after succumbing to months of pressure from the activist hedge fund manager.
  • Financial Times: Markit is aiming to raise up to $2 billion from a US listing, according to people involved in the process, as it seeks to challenge larger global rivals Bloomberg and Thomson Reuters in the fast-changing market for complex financial markets data.
  • The Guardian: Academics at Newcastle University challenge the government's market-based approach, saying the £100 billion needed to secure energy security is not being delivered by a fragmented system that lacks central direction.
  • Financial Times: US attorney-general Eric Holder said publicly yesterday that no company was “too big to jail” as prosecutors moved closer to bringing criminal charges against two European banks; Department of Justice is weighing criminal charges against Credit Suisse for allegedly helping US citizens evade taxes and BNP Paribas for processing transactions in violation of US sanctions.
  • The Daily Telegraph: The chief executive of Target, America’s third-largest retailer, Gregg Steinhafel, has been ousted, after a devastating data breach left around 40 million of its customers exposed to fraud.

Business and economics

  • Financial Times: Sergio Marchionne will announce heavy investment in Alfa Romeo and map out a global future for Jeep as the Fiat Chrysler chief executive looks to convince investors of the company’s long-term future.
  • Financial Times: Foreign intelligence agencies are targeting IT workers at big businesses, hoping to recruit them and gain privileged access to sensitive computer systems, MI5 has warned British corporate chiefs.
  • Financial Times: The Bank of England will have its first detailed discussion about raising interest rates this week as it weighs how to take steam out of the housing market without derailing Britain’s economic recovery.
  • Financial Times: Almost half a million new jobs are expected to be created in run-up to next spring’s general election as the UK economy strengthens , according to a forecast by accountancy bodies.
  • Financial Times: UK bank profits will be hit by subdued growth in household borrowing and a slowdown in the amount lent to businesses over the next five years.
  • Financial Times: Recruitment of senior executives, which has lagged behind other hiring since the recession, is starting to pick up, a study has found.
  • Financial Times: Brussels has lowered its forecast for inflation in the eurozone for the second time this year, reinforcing concerns over the spectre of deflation in a region still struggling to emerge from four years of economic crisis.
  • Financial Times: Tax breaks and handouts are failing to convince car drivers to choose electric batteries over combustion engines, as sales of the low-emission vehicles lag behind expectations in major markets.
  • Financial Times: Following the acrimonious toppling of his predecessor amid a spate of profit warnings, Siemens’ new executive Joe Kaeser called for a period of calm, insisting the company did not need to reinvent itself.
  • Financial Times: Amazon has joined forces with Twitter to let consumers tweet products they like into their shopping baskets, as technology companies search for ways to fuse social media and ecommerce.
  • Financial Times: Qatar Airways said the fast-expanding Gulf airline would unveil financial results for the first time later this year after the government took full ownership of the airline last July.
  • Financial Times: The risk of disruption to corporate supply chains is running at near-record levels despite signs of improvement this year, according to an index created by the global trade body for purchasing managers.
  • Financial Times: Public companies in developing economies other than the Bric countries (Brazil, Russia, India and China), now account for more than one in ten of the world’s largest 2,500 groups by market value for the first time.
  • Financial Times: BP’s multibillion-dollar compensation settlement for its 2010 Gulf of Mexico oil spill has been hit in a battle between lawyers over allegations of misconduct.
  • Financial Times: Bankers and private equity executives say the large sums of money chasing bargains among the assets being sold by banks has helped to reduce the losses suffered on the sales of non-core portfolios and even allowed some lenders to book gains by writing back provisions.
  • Financial Times: The oil companies behind the $50 billion Kashagan oil project in the Caspian Sea will not be able to raise production to a million or more barrels a day as planned unless they can extend the life of the contract, a person familiar with the project said.
  • Financial Times: Mongolia is trying to recover confidence in its mining industry amid a serious downturn, by making conciliatory noises in a stand-off with its biggest investor Rio Tinto and proposing to end a dispute over more than 100 exploration licences suspended during a corruption investigation.
  • Financial Times: Impala Platinum, the world’s second-largest producer of the precious metal, is being forced to reduce deliveries to its customers as an unprecedented wage strike enters its fourth month.
  • Financial Times: International investors, government officials and a power development company founded by Nigerian and UK entrepreneurs have concluded a groundbreaking $750 million project financing agreement towards construction of an independent power plant in Nigeria.
  • Financial Times: Sony Pictures Television has struck a five-year agreement to produce 840 hours of programming with Televisa, the Mexican broadcaster, in a deal that ranks among the biggest in Latin America by a Hollywood studio.
  • The Guardian: The Land Registry is headed towards privatisation, in a move which will give private firms a say in the granting of land rights, according to leaked minutes from a meeting of its board members.
  • The Guardian: Shareholder activists have called for the board of McDonald’s to cut the wage of chief executive Donald Thomson, citing poor performance and the massive gap between his wages and the average fast-food worker.
  • The Guardian: Australia’s competition watchdog has launched federal court action against Coles, accusing the supermarket giant of engaging in “unconscionable conduct” towards 200 small suppliers.
  • The Daily Telegraph: After only three years, CaféPod, has secured a listing with 650 Tesco stores in a deal projected to be worth £1.5 million in retail sales in the next 12 months.
  • The Independent: Campaigners fighting to shut down the global arms trade have vowed there will be "a few surprises" waiting for BAE Systems' board and investors at the defence giant's annual meeting this week.
  • The Independent: Barclays will hoist a For Sale sign over its businesses in Spain, France, Italy and Portugal when it unveils the findings of its latest strategic review on Thursday.
  • Daily Mail: A group of hedge funds have made massive bets on J Sainsbury’s share price falling because they believe the value could be hit by a supermarket price war.
  • Daily Mail: Portugal is to exit its £64 billion bailout this month as evidence grows that economic fortunes in the eurozone are undergoing a revival.
  • Daily Mail: Tesco is launching a massive counter-offensive against pound shop stores as it battles to stem the loss of customers to budget outlets.
  • Daily Express: According to the latest ICAEW/Grant Thornton UK Business Confidence Monitor small and medium sized businesses in the private sector will be looking for 450,000 new employees before the middle of 2015 as confidence in their future prospects surges to record levels.
  • Daily Express: Swedish car manufacturer Volvo drove to higher global sales last month helped by Chinese demand.
  • Daily Mail: Parts of Britain are now poorer than Poland, Lithuania and Hungary, official figures reveal; people in the Welsh Valleys and Cornwall - Britain’s two poorest areas - scrape by on less than £14,300 a year on average.

Share tips, comment and bids

  • Financial Times: Italian state-owned shipbuilder Fincantieri will apply to list in Milan, firing the starting gun for what officials predict will be Italy’s largest privatisation programme since the 1990s, with a plan to raise €12 billion.
  • Financial Times: China’s flagship nuclear power operator has outlined plans to raise up to $2.6 billion in an initial public offering, as part of a larger drive by state-owned companies to diversify funding sources after tapping out loans from the country’s banking system.
  • Financial Times: Italian bank Banca Popolare di Milano launched a €500 million capital increase on yesterday, as the season of share issues gathers pace.
  • Financial Times: Pamplona Capital Management, the London-based investment firm backed by Russian billionaire Mikhail Fridman’s Alfa Group, has purchased UK-based locomotive leasing company Beacon Rail Leasing, marking the second private equity investment in the sector in Europe in less than two months.
  • Financial Times (Lex): European cable: when cable companies offer mobile services, mobile providers pay the price.
  • Financial Times (Lex): Pfizer/AstraZeneca: US group should spell out which assets will go in its run-off unit.
  • Financial Times (Lex): Baosteel: this is a better deal than the disastrous Sino Iron venture.
  • Financial Times (Lex): Brazil credit: national development bank has a bursting portfolio.
  • Financial Times (Lex): Sotheby’s: how excited should investors be over Loeb settlement?

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