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Tuesday Papers: Co-op Bank delays 2013 results for second time

Tuesday Papers: Co-op Bank delays 2013 results for second time

Top stories

  • The Guardian: Barclays has settled a £70 million Libor court case that will spare its former boss Bob Diamond and other senior colleagues from testifying in a lawsuit that the bank had been vigorously defending.
  • Financial Times: A radical overhaul of the national accounts this autumn will double the official measure of household savings, presenting Britons as a nation of unexpected prudence and undercutting their widely held reputation for profligacy.
  • The Guardian: The Co-operative Bank was thrown into fresh turmoil as it delayed the publication of its 2013 financial results, and the pay deal for its new boss, for a second time.
  • Financial Times: Holcim and Lafarge, the world’s largest cement makers, set out their proposed €39 billion merger, raising the prospect of a swath of takeover activity across the building materials industry.
  • Financial Times: Mike Ashley is selling £200 million-worth of shares in Sports Direct, the sportswear retailer he controls, just days after snapping up an 11% stake in House of Fraser.
  • The Guardian: Britain's biggest drug company, GlaxoSmithKline, has been rocked by fresh bribery and corruption allegations after admitting that it was investigating its business in Iraq.
  • Financial Times: The Federal Reserve granted a fresh concession to banks that are subject to the Volcker rule, giving them two more years to offload their holdings in collateralised loan obligations to comply with the measure.

Business and economics

  • Financial Times: George Osborne announced yesterday that the Bank of England will support export finance for the first time, as he attempts to drive down Britain’s £108 billion trade deficit and bolster the recovery.
  • Financial Times: Peterborough and Stamford NHS Foundation Trust, Britain’s most indebted NHS foundation trust, has approached private sector bidders to take over its management in a move that underscores the depth of the financial crisis in the National Health Service.
  • Financial Times: Supermarket chain Asda is to expand in the south and southeast of the UK, where it currently has few stores, creating up to 12,000 jobs over the next five years.
  • Financial Times: Britain’s businesses are upbeat about the economic recovery, according to a survey from the British Chambers of Commerce.
  • Financial Times: Business Secretary Vince Cable is being recalled by MPs to give further evidence about the government's privatisation of the Royal Mail, after a report by the spending watchdog found ministers could have achieved better value for money for taxpayers.
  • Financial Times: Europe’s top two central banks, European Central Bank and Bank of England, are joining forces to push for the relaxation of rules on an asset class blamed for the global financial crisis, as they attempt to unclog credit flows in the region.
  • Financial Times: A former adviser to European Commission president José Manuel Barroso has accused the commission of embracing Germany’s austerity-focused response to the eurozone debt crisis in a “strategic” bid to enhance its own powers.
  • Financial Times: Royal Automobile Club said it would begin selling telematic tracking devices, similar to those used in aircraft, to its 2.5 million members – in a move that represents the UK’s biggest entry into a fast-growing technological battleground for the automotive industry.
  • Financial Times: The new head of BT television has promised to look beyond sports coverage after becoming the most senior executive to join the platform from rival Sky.
  • Financial Times: New York’s banking regulator has opened an investigation into whether Credit Suisse helped clients evade paying state taxes, sources said, adding to legal probes facing the bank.
  • Financial Times: US regulators are expected to finalise a leverage ratio rule today that is aimed at making it harder for the largest US banks to manipulate their assets to meet capital requirements.
  • Financial Times: PotashCorp of Saskatchewan is replacing its chief executive of 15 years, bringing in a mining industry veteran to wrestle with the aftermath of a period of low prices and sector upheaval for the fertiliser ingredient.
  • Financial Times: KKR is considering a specialist fund to invest in fast-growing technology companies – joining a late scramble by global buyout groups to grab a share of the digital boom on both sides of the Atlantic.
  • Financial Times: Hedge funds, private equity houses and other alternative lenders are making big bets on the UK housing market by backing home purchasers and developers with relatively risky short-term finance.
  • Financial Times: Investment in central London’s commercial property market has got off to a record-breaking start in 2014 as international capital rushes into the city.
  • Financial Times: Rio Tinto has decided to donate its stake in an American copper deposit to two charities, completing its withdrawal from one of the mining world’s most environmentally controversial projects.
  • Financial Times: BG Group has shifted the centre of its liquefied natural gas and oil marketing business from the UK to Singapore, in a move the FTSE 100 company says reflects the growing importance of Asian energy markets.
  • Financial Times: Robert Walters, the white-collar recruitment agency, says banks are failing to boost hiring, and instead forcing staff to work longer hours despite the upturn in the IPO market.
  • Financial Times: A year after being rescued from administration, Axminster Carpets will mark the anniversary with sales doubled and employment up by 60% at the Devon-based manufacturer.
  • Financial Times: Malaysia’s richest family, headed by tycoon Robert Kuok, plans to raise up to $400 million from a stock market listing in Singapore of Asia’s largest operator of offshore oil and gas exploration vessels.
  • Financial Times: Citigroup has reached a $1.1 billionn settlement with a group of institutional investors including BlackRock and Pimco over repurchase claims on $59.4 billion of mortgage-backed securities.
  • Financial Times: A rout in some of the world’s largest internet and cloud software stocks could devalue or delay several high-profile US initial public offerings that had been planned for the second quarter, bankers and investors have warned.
  • The Daily Telegraph: EU set to freeze plans to complete the $50 billion South Stream gas pipeline through the Black Sea from Russia.
  • The Daily Telegraph: Technology firms are being valued on their potential over decades and decades, asssuming that alomost nothing goes wrong.
  • The Daily Telegraph: Pope says troubled Vatican Bank will remain open and will "continue to serve with prudence and provide specialised financial services to the Catholic Church worldwide".
  • The Independent: The Airports Commission has splashed more than £2.1 million in the two years it has spent considering airport expansion in the South-East.
  • The Independent: Influential MPs are privately warning for criticism of Martin Wheatley, the head of one of the two City regulators, to be toned down so as to avoid yet more financial instability.
  • The Independent: Firms have become considerably more confident about the outlook for the British economy than for the wider global economy, a survey suggests.
  • The Guardian: Exxon Mobil dismisses a low carbon future and puts faith in oil markets, reporting that none of its oil reserves will be stranded now or in the future and claims a low carbon scenario is 'highly unlikely'.
  • The Guardian: The City regulator could be heading for another bruising battle with the financial services industry after uncovering evidence that most firms offering investment advice are not being clear about their fees, and some may even be misleading consumers.
  • The Guardian: Britain has recovered little of the ground lost during the deep recession of 2008-09 once a rising population is taken into account, the Office for National Statistics has said.
  • The Guardian: Britain's largest pawnbroker has confirmed its interest in buying parts of rival Albemarle & Bond, as the battle for the failed gold dealer heats up.
  • The Guardian: Gas and electricity supplier Good Energy has seen a sharp increase in profits, as dissatisfied big six customers switch to its services.
  • The Guardian: Rail unions have launched legal action to challenge coalition plans to reprivatise the East Coast service and to hand out direct awards of other rail franchises to private firms.
  • The Guardian: Rio Tinto lost a court battle on yesterday to expand its Warkworth open-cut coalmine in New South Wales, leaving the mine's future in doubt as the company tries to push through a revised application.
  • Daily Express: Defence giant BAE Systems sealed a £16.8 million deal with the Ministry of Defence to make artillery shells.

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