What the other papers say this morning - 11 September 2013

FINANCIAL TIMES

Barclays face Saudi damages claim
A prominent Saudi businessmen has taken legal action against a US law firm in a preliminary step toward suing Barclays for what he says are damages of potentially as much as $10bn. Mr Jaber and his company allege that Barclays conducted “corrupt activities” in Saudi Arabia that ultimately lost his companies $10bn of revenue over the past decade.

Verizon set to sell $49bn of bonds
Verizon is on course to sell $49bn of bonds today, the largest corporate debt sale in history, as the US telecoms group raises funds for its $130bn acquisition of the 45 per cent of Verizon Wireless it does not already own. As 11 banks marketed the securities on Tuesday, order books swelled from $30bn to close to $100bn, people familiar with the transaction said. The sale is expected to be nearly three times as large as Apple’s $17bn issue in April, the previous record. The strong demand for the bonds comes after a torrid summer for corporate debt.

Citadel chief rails against megabanks
The Chicago-based hedge fund was almost swept away after Lehman Brothers fell, losing “hundreds of millions of dollars a week – if not more”, according to Ken Griffin, its founder and chief executive. Mr Griffin insists that banks remain too sprawling. The span of control is inconceivable,” says Mr Griffin.

THE TIMES

Canadian move for UK Vodafone boss
The chief executive of Vodafone’s British business has emerged as the front-runner to run Canada’s largest mobile phone company. Guy Laurence, 51, has been in charge of Vodafone UK since 2008 and most recently led the launch of its 4G network.

Whitworths’ private equity bid-off
In a sign of Whitworths’ rising fortunes, The Times understands that Equistone, a private equity group, is nearing a deal to buy the company for £90m. A surge on interest in baking has sent Britons scurrying down the supermarket aisles to boost sales at Whitworths.

The Daily Telegraph

EE agrees deal with Virgin Mobile
Britain’s largest mobile operator, has agreed to renew a deal to provide services for Virgin Mobile. The contract could reap £400m in revenues over four years, it was reported on Tuesday night.
EE could announce the agreement this week.

Labour could renationalise Royal Mail
Ed Miliband is under pressure to agree to renationalise Royal Mail if he wins the next election. Delegates are set to get vote on whether to force party to renationalise Royal Mail, after 2015 general election. The CWU’s deputy general secretary Dave Ward told the TUC that the union is tabling a motion at the Labour conference.

THE WALL STREET JOURNAL

Telefonica weigh Telecom Italia stake
The chief executive of Vodafone’s British business has emerged as the front-runner to run Canada’s largest mobile phone company. Guy Laurence, 51, has been in charge of Vodafone UK since 2008 and most recently led the launch of its 4G network.

Bollore makes Vivendi peace offering
A leadership battle at French conglomerate Vivendi SA took a turn toward detente ahead of a board meeting to discuss the company's governance. Vincent Bollore said that he is no longer seeking a job within Vivendi.