What the other papers say this morning - 03 September 2013


Dering Capital leads race for TDF
Blackstone Group’s former top executive in Asia has emerged as the leading contender to buy the French assets of Europe’s largest telecoms tower operator TDF in a deal worth up to €3.8bn (£3.22bn). Dering Capital, started by Ben Jenkins after he left the US private equity group in 2011, is competing against bids from Canadian pension groups CPPIB and PSP investments.

SFO signals tough line on prosecutions
David Green, the director of the serious fraud office, has signalled he would be prepared to bring more corporate prosecutions and said that under his leadership the SFO would never decline to investigate a case on cost grounds. Green, who last year took over an agency that is battling to restore its reputation, suggested that legal principles in the UK Bribery Act could be extended to include a corporate offence of a company failing to prevent crimes of dishonesty and fraud by its staff.

US hedge funds hit out at Co-op
A group of US hedge funds has criticised the Co-operative Bank as “irresponsible” for refusing to engage with them ahead of a crucial debt restructuring. Moelis & Company, the investment bank acting for a consortium of funds, hit out at the mutual after it revealed it would only formally negotiate once it had finalised the terms of the debt exchange later this year.


Goldman plays to gallery with tax bill
European profits at Goldman Sachs fell by 60 per cent in the first six months of this year, but its British tax bill jumped to nearly $89m. Its European division booked pre-tax profits of $335m for the half-year to 30 June, compared with $847m during the same period last year.

Thirst for ales catches breweries on hop
The latest figures from the Campaign for Real Ale suggest there are 1,009 breweries operating in Britain, more than twice as many as a decade ago and the highest number in more than 70 years. While beer sales in the UK have slipped by more than 500m pints in the past three years, real ale has outperformed the market and enjoyed a rise.

The Daily Telegraph

£2000 bond-holder wins £1m prize
The winner of September's monthly £1m Premium Bond prize draw held just £2,000-worth of bonds, National Savings & Investments said. The winner, a woman from London bought the bond in March 2006. Most winners have large holdings which increases their chance of winning.

Tax deadline for second home owners
People who have sold properties other than their main home are being urged to pay any overdue capital gains tax to HM Revenue and Customs ahead of Friday’s deadline. Taxpayers have until 6 September to pay the tax they owe under HMRC’s Property Sales Campaign.


CBS and Time Warner reach deal
A month-long blackout of the CBS network on Time Warner Cable ended, resolving one of the longest disputes between a pay-TV operator and a network in recent years. Time Warner and CBS announced a new agreement on the fees that the cable operator will pay to carry CBS programmes.

Peugeot’s French car registrations drop
Registrations of new cars in France made by PSA Peugeot-Citroen fell sharply in August, with the French auto maker losing market share to crosstown rival Renault SA as their home market contracted after showing signs of stabilising in July, the sector reported yesterday.