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Saturday Papers: Cameron’s EU plans start to fall apart

by Himanshu Singh on Feb 01, 2014 at 04:43

Saturday Papers: Cameron’s EU plans start to fall apart

Top stories

  • Financial Times: David Cameron’s European strategy was unravelling on Friday as the prime minister’s carefully crafted compromise over Britain’s future within the EU was dealt a double blow by the French president and peers in the House of Lords.
  • Financial Times: Global equities recorded their worst start to a year since 2010 as turmoil in emerging markets left nervous participants seeking safety in highly rated government bonds, the dollar and the yen.
  • Financial Times: Walmart added to a roll call of grim retail results from the end of last year as it warned that its US sales had fallen in the fourth quarter and its profits could be below its previous forecast.
  • Daily Express: BT Group’s near-£2 billion gamble on sports TV looked to be paying off yesterday when the telecoms giant returned to quarterly revenue growth for the first time in more than four years.
  • The Guardian: The Bank of England has announced its biggest jobs cull for more than a decade, with 100 positions to go as part of an efficiency drive.
  • The Independent: Trade union leaders are on the verge of victory after a vicious 18-month pension battle with National Grid, the FTSE 100 giant that owns the electricity transmission system in England and Wales.
  • The Independent: Société Générale is next on the Libyan Investment Authority’s (LIA) legal hitlist; On Thursday it emerged that the LIA was suing Goldman Sachs for $1 billion in losses made on a series of trades in derivatives linked to shares plus $350m in profits made on fees and interest.

Business and economics

  • Daily Express: State Street UK, a US-owned City firm, was fined £22.8 million by the UK financial watchdog for deliberately overcharging six funds looking after the savings of thousands of retail investors.
  • Financial Times: Fewer sales of Barbie dolls and Fisher-Price infant toys led to worse-than-expected quarterly earnings for Mattel, sending shares tumbling more than 12% on Friday.
  • The Daily Telegraph: Vodafone has escaped a heavy fine by the regulator for failing to meet a legal requirement for its 3G network to cover at least 90% of the population.
  • The Guardian: One of Britain's oldest weavers - once the country's leading silk-ribbon manufacturer - has gone into administration; about 50 jobs are thought to have been lost after Cash's, based in Coventry, shut its doors.
  • The Independent: Google's sales in the UK leapt 15.5% in 2013 to $5.6 billion, just shy of the £3.65 billion raised during the year from the licence fee, highlighting how the online search engine is rapidly rising in the financial power league of British media.
  • Daily Express: Rank Group registered a 23% slump in interim profits after the gambling group’s like-for-like operating profits, which do not include new sites, fell by 26% at Grosvenor Casinos and 38% at its bingo arm Mecca.
  • The Independent: Domino's Pizza has named the former boss of Halfords as its new chief executive as Lance Batchelor moves on to Saga ahead of its £3 billion flotation.
  • Daily Mail: Dairy Crest has announced its first profit upgrade in years - but not from selling more milk or cheese; it will make an £18 million gain - more than the £8 million expected - from the sale of redundant depots used to service its fleet of milk floats.
  • Financial Times: A New York judge approved Bank of America’s $8.5 billion settlement with investors over soured mortgage-backed securities but the bank was denied a clean victory after one part of the deal was left unresolved.
  • The Daily Telegraph: Satya Nadella, head of Microsoft's cloud computing division and a 22 year veteran of the company, in line for top job.
  • The Guardian: Ineos, owner of the Grangemouth oil refinery that almost closed in an industrial confrontation last year, has withdrawn a defamation action against the Unite trade union.
  • Financial Times: Electrolux is forecasting a pick-up in demand in Europe for its core domestic appliances for the first time in four years as the Swedish company finally sees a “very slow” recovery in the region.
  • The Independent: Department store House of Fraser was found to have infringed the copyright of upmarket clothing brand Jack Wills.
  • Daily Mail: Natalie Ceeney, the former boss of the Financial Ombudsman Service who made her name slamming the banks for mis-selling payment protection insurance, has joined one of her main antagonists, HSBC.
  • Daily Mail: European stock markets took a further blow yesterday after eurozone inflation dropped in January; consumer prices in the 18 country bloc fell to 0.7% year-on-year in the first month of 2014, down from 0.8% in December.
  • The Independent: Italian luxury notebook maker Moleskine has picked Canary Wharf and Covent Garden for its first standalone UK stores.

Share tips, comment and bids

  • Financial Times: Denmark’s Dong Energy is selling half its stake in the world’s biggest operating offshore wind farm, the UK’s London Array, to a Canadian pension fund manager for £644 million.
  • The Daily Telegraph: UK defence giant BAE Systems and France’s Dassault will work together on plans for an unmanned combat air system.
  • Daily Mail (Comment): Jobs surge takes interest-rate setters by surprise. But it has presented them with a nicer challenge than struggling with stagnant unemployment.
  • Daily Mail (Comment): Changes in ownership hits small shareholders. So long as these deals continue, the investor of modest means will carry on coming a very poor second to the large Capitalist.
  • The Guardian (Comment): The Fed cannot be expected to abandon its retreat from QE; BT and BSkyB face off; and Sainsbury's boss shows how to waive a golden goodbye.
  • Financial Times (Lex): Bank of America: a New York state judge approved BofA’s $8.5bn settlement but with a wrinkle.
  • Financial Times (Lex): Denmark & Goldman: Goldman Sach’s reputation as a sharp dealer should not distract Danes from the fact that their national power utility needs cash.

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