What the other papers say this morning - 23 September 2013


Twitter seeks pre-IPO credit line
Twitter is in discussions with banks about a new credit facility that could run into hundreds of millions of dollars, giving the internet company extra flexibility ahead of its initial public offering. High quality global journalism requires investment. Sources familiar with the discussions say that Twitter is in talks about a revolving credit facility with a group of banks including JPMorgan Chase and Morgan Stanley.

Fidelity challenges firms on incentives
One of the world’s biggest fund managers is taking aim at the long-term incentives of chief executives in an effort to tie executive pay more closely to the performance of the company. Fidelity Worldwide Investment, a top 10 shareholder in a third of FTSE 100 groups as well as several European companies, has issued a warning to 400 companies it invests in to reform pay policy or face votes against remuneration at annual meetings.

Blow for Citi as trading revenues drop
Citigroup has suffered a significant decline in trading revenues that threatens to depress its earnings, according to people familiar with conversations between investors and the bank in recent days. The US bank appears ready to join several bond trading powerhouses in reporting a slide in revenues after a sharper-than-expected summer slowdown in markets businesses.


Stansted wants rail upgrade
The owners of Stansted airport are launching a campaign for an upgraded rail link to London in an effort to expand the terminal. The 47-minute journey time for trains to the capital has proved to be an obstacle in attracting business travellers.

Grangemouth defies unions in row
The owner of Grangemouth oil refinery in Scotland has vowed not to buckle in the face of “intimidation” by the Unite union. Petroineos, the refinery’s owner, said it would continue an investigation into the alleged misuse of company resources by a Unite shop steward after the union called a strike ballot over the issue.

The Daily Telegraph

Barclays reviews overdraft fees
Barclays is launching an unprecedented review of the overdraft fees and charges faced by nearly 12m of its current account customers in a bid to make a decisive break from the “sins of the past.” The bank will reveal it is pushing ahead with eight commitments to improve service.

Economist fears forward guidance
Mark Carney’s revolutionary “forward guidance” on interest rates is so half-baked it could pose a threat to financial stability, Richard Barwell, a former Bank of England economist has warned. Now at RBS, he said the Bank’s guidance does not map out the route back to normal policy.


BlackBerry bought a jet in July
Smartphone firm BlackBerry, which on Friday said it was set to post a loss of almost $1bn for the quarter August, two months ago added a larger plane to its corporate-jet fleet. It purchased a 2006 Bombardier Global Express in July, according to Canadian aircraft-registry records.

Cable fights for binging TV viewers
Pay-TV operators including Comcast are taking steps to expand their on-demand TV offerings. In doing so, they are edging toward turf occupied by online players like Netflix creating a tug of war over where people turn when they want to “binge” on a season’s worth of programming.