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Tuesday Papers: Labour plans £6bn tax raid on wealthy

Tuesday Papers: Labour plans £6bn tax raid on wealthy

Top stories

  • Finanacial Times: Labour is planning a £6 billion tax raid on bankers and prime property owners to raise funds for new job creation schemes and other pledges.
  • The Independent: Average pay for UK public sector employees in April 2013 was 1.9% lower than the average among private sector employees, according to the Office for National Statistics.
  • Financial Times: Irish fruit firm Fyffes and US rival Chiquita have agreed a £600 million merger that creates the world’s biggest banana company.
  • The Daily Telegraph: Financial Conduct Authority to use first competition study to reduce prices and increase transparency in the £4 billion-a-year insurance add-on market.
  • The Daily Telegraph: Rolls Royce will repay £1.8 million commission paid to a middleman used to win deals with a Indian government.
  • The Guardian: Bank of England is concerned about further rise in sterling that could damage hopes of an export boost to the economy.

Business and economics

  • Financial Times: The electronic cigarette arm of Imperial Tobacco has launched legal proceedings over patents against nine of its US rivals as “big tobacco” becomes increasingly aggressive in the battle for the fast-growing e-cigarette market.
  • Financial Times: Britain’s military bases are to be partly privatised in a controversial deal that would see sites such as Portsmouth naval base and the army’s biggest garrison, Catterick barracks, run by a consortium of companies.
  • Financial Times: A Chinese internet money market fund, Alibaba online fund, launched just nine months ago has more investors than the country’s equity markets in a sign of how quickly Beijing’s reforms are reshaping the financial services industry.
  • Financial Times: Chinese internet group Tencent is buying a 15% stake in ecommerce platform JD.com for $214.7 million, stepping up efforts to go head to head with rival Alibaba.
  • Financial Times: Jardines, the storied conglomerate that helped found British Hong Kong, is seeking to ditch its premium London listings, making it the first company to downgrade its status to avoid new rules aimed at curbing the influence of controlling shareholders.
  • Financial Times: UK retail sales fell in February, as supermarket discounting campaigns caused a slowdown in food price inflation.
  • Financial Times: Ecommerce group eBay cut in half the total compensation of its chief executive last year after falling short of its financial goals.
  • The Independent: The activist investor Carl Icahn has stepped up his attack on eBay, claiming the company’s chief executive, John Donahoe, oversaw a premature sale of Skype at a price that resulted in shareholders losing more than $4 billion.
  • The Independent: Mothercare has appointed former Shop Direct boss Mark Newton-Jones as new interim chief executive after former chief Simon Calver resigned unexpectedly last month.
  • Financial Times: Online trading services that allow people to “copy” the strategies of other traders will have to seek permission to operate as investment managers, the City regulator has warned.
  • Financial Times: Employers in every sector intend to increase their workforce in the next three months, the first across-the-board rise since 2008.
  • Financial Times: Shadow lending in China slowed sharply in the first two months of the year as government efforts to control financial risks led banks to bring more credit back on to their balance sheets.
  • The Daily Telegraph: BoE has warned that the UK recovery is too reliant on house prices and consumer spending and not enough on business investment, productivity and exports.
  • The Daily Telegraph: Gatwick Airport has offered compensation enough to cover council tax payments of £1,000 to 4,100 households affected by second runway.
  • The Guardian: The UK economy will exceed its pre-recession peak this summer, according to the latest predictions from British businesses, despite warnings that the recovery is on shaky foundations as a booming housing market stokes consumer confidence.
  • The Guardian: Cypriot central bank governor Panicos Demetriades has resigned; Demetriades testy relations with the island's government dogged a tumultuous tenure as Cyprus teetered on the brink of bankruptcy.
  • The Guardian: The average bankers' bonus globally was 29% higher than a year ago, with those in the City of London higher than in other parts of the world.
  • Daily Mail: Cooperative Group boss Euan Sutherland takes to Facebook to blast fellow board members for 'leaking information' on his £3.6 million pay deal.
  • The Independent: Bank of England governor Mark Carney will tomorrow face a grilling by MPs over claims that some of its officials knew about the alleged practice of foreign exchange rate-fixing.
  • Financial Times: Copper tumbled as much as 2.6% on Monday on the London Metal Exchange after China’s first domestic bond default last Friday raised concerns for the wider economy.
  • Financial Times: Investors have pulled nearly $18 billion out of the biggest and best known S&P 500 exchange traded fund so far this year.
  • Financial Times: The growing power of activist hedge funds has increased the risk of owning corporate bonds, Moody’s has told clients in a research report.

Share tips, comment and bids

  • Financial Times: Seplat, the Nigerian oil company, is set to announce on Tuesday plans for initial public offerings in London and Lagos.
  • Financial Times: GlaxoSmithKline has paid £625 million to increase ownership of its Indian subsidiary.
  • Financial Times: Ellis Short, the former vice-chairman of US private equity house Lone Star and owner of Sunderland Football Club, has raised $1.5 billion through a new fund called Kildare Partnersto invest in the European distressed property debt market.
  • Financial Times: The future of Novartis' three divisions – vaccines, animal health and over-the-counter drugs – is up for grabs, with at least one, and possibly more, of the units set to be sold or spun off.
  • Financial Times: Permira is exploring a New York listing of farming chemicals company Arysta LifeScience as the London-based buyout house looks to cash in on buoyant stock markets.
  • Financial Times: Virtu Financial, the proprietary high-frequency trading firm, yesterday revealed plans for a US initial public offering that people familiar with its thinking said could see the 151-person company raise as much as $250 million and give it a valuation of about $3 billion.
  • Financial Times: Kobalt, the fast-growing music services company that represents songwriters such as Paul McCartney, has been valued at $250 million after selling equity to Michael Dell’s private investment business.
  • Financial Times: Reckitt Benckiser, the UK producer of Durex condoms, is to buy the K-Y brand of sexual lubricants as it increases its focus on healthcare products.
  • Financial Times: Israeli digital advertising company Matomy said it planned to raise more than $100 million in an initial public offering on the London Stock Exchange.
  • Financial Times: Unilever, the maker of Ben & Jerry’s ice cream, Signal toothpaste and Lipton tea, has made its biggest acquisition in China with the purchase of a majority stake in Qinyuan Group, a water purification business.
  • The Independent: Foreign currency specialist Travelex announced that it is looking at a £1 billion London listing.
  • The Independent: Spotify has negotiated credit line facilities of up to $200 million (£119 million)with its banks, fuelling the speculation of an IPO.
  • The Guardian: Wm Morrison, Britain's fourth-biggest supermarket, is expected to sell about 10% of its freehold property and return cash to shareholders.
  • Financial Times: Azerbaijan has raised $1.25 billion in its first international bond sale, in a sign of continued investor interest in emerging economy debt despite the market turmoil in nearby Russia and Ukraine.
  • Financial Times (Lex): US LNG exports: there is no guarantee about how prices will evolve.
  • Financial Times (Lex): Iron ore: drop to $104 on China fears spoils the end of earnings season.
  • Financial Times (Comment): Fears that Vodafone will buy a poison pill have taken £5 billion off its market value in two days, nearly equal to the value of its potential target.
  • The Independent (Comment): The ‘new’ Barclays must explain why bonuses went up while earnings fell.
  • The Independent (Comment): Will the reversal of easing lay waste to shares? We simply don’t know.

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