What the other papers say this morning - 09 October 2013


Prosecutors give SAC ultimatum
US prosecutors have given SAC Capital until November to resolve criminal charges against the hedge fund founded by Steven Cohen or risk paying more than the $1.8bn offer on the table, people familiar with the matter said. Lawyers for SAC Capital met representatives from the US attorney’s office in Manhattan last month and argued the penalty being sought was too high. They are expected to return with a counter-offer, these people said.

Yum shares hit as earnings plunge
Shares in Yum Brands fell nearly eight per cent in after-market trading yesterday after the company reported a 68 per cent drop in third-quarter earnings and reduced its annual outlook as it continues to be hit by challenges in China.

Yum has seen same-store sales in China, which accounts for more than half of its total revenues, decline for seven consecutive months, including an 11 per cent drop in September.

Alcoa warns of US default taser
The threat that the US might refuse to raise the debt ceiling is a “giant taser” freezing confidence in the world economy, Klaus Kleinfeld, chief executive of Alcoa, the US aluminium group, has warned. Speaking as Alcoa reported strong growth in earnings for the third quarter, Mr Kleinfeld said the disputes in Washington were hurting confidence globally.


Pru gives Hunt £4m in shares
Prudential has handed Jackie Hunt share awards worth more than £4 million to compensate her for lost bonuses in her previous job at Standard Life. The Pru hired Hunt from the Edinburgh-based insurer, where she was finance director and tipped as a potential future chief executive, in April.

Father of the iPod builds smoke alarm
Tony Fadell, the former Apple exec who changed the way we listen to music and communicate with others, has now turned his attention to the “dumb” gadgets that litter our homes, unveiling his latest invention: the smart smoke alarm.

The Daily Telegraph

Nissan: Britain must stay in the EU
One of the UK's most important foreign investors, the Japanese car-giant, Nissan, has said that Britain's membership of the European Union is "very important" and that it wants to see the UK remain part of the single market.

MI5 boss warns over the effects of Snowden spy leaks
The leaks of thousands of GCHQ files by CIA spy Edward Snowden have caused “enormous damage” and handed terrorists the “gift” to attack the UK “at will”, the new head of MI5 Andrew Parker has claimed.


Bank of America mortgage settlement faces hurdle
Bank of America may see what looked like a closed case reopened as an objection filed by the United States government could derail a proposed $500m settlement the lender struck earlier this year over allegedly defective mortgages.

Polish rail IPO gets under way
Poland's state-owned railway kicked off one of Europe's top initial public offerings of the fourth quarter, offering to sell half of its freight unit for $520m.