What the other papers say this morning - 02 December 2013

FINANCIAL TIMES

Mass demonstrations shake Kiev
Viktor Yanukovich, Ukraine’s president, was under escalating pressure on Sunday night as hundreds of thousands of protesters poured onto the streets of Kiev demanding the overthrow of his government, after it sought to strengthen relations with Russia at the expense of the EU.

With the number of protesters estimated to have peaked at some 350,000, the demonstrations mark the largest public gatherings since the 2004 pro-democracy Orange Revolution. Many called for a new “revolution” to end the president’s “bandit regime”. Eyewitnesses reported that a large group of protesters tried to use a tractor to break through police lines.

Garden bridge poised for funding
George Osborne has hinted that the Treasury could contribute about £30m towards building a £150m garden bridge in London, seen by many as the capital’s answer to New York’s much-praised High Line. The chancellor is said to be “a big fan” of the designer, Thomas Heatherwick, who wants to create a green meeting space spanning the Thames between Temple and the South Bank.

US Thanksgiving sales to be down
US retail sales are likely to be down on last year in the four days from Thanksgiving to Sunday despite the early opening of stores and a surge in online spending, according to initial estimates. The National Retail Federation said it expects total spending over the weekend to drop to $57.4bn (£35.06bn) from $59bn last year.

THE TIMES

Tata says goodbye to bank dreams
They have been described as a licence to print money, so the withdrawal by Tata, India’s biggest industrial conglomerate, of its application for a coveted Indian banking permit last week was a surprise. The country’s banking system remains highly under-penetrated and offers enormous potential for growth.

Mass demonstrations shake Kiev
Remo Ruffini is seeking investors in Britain for an upcoming flotation on the Milan stock exchange that is likely to value Moncler at €2.4 billion (£1.99bn). Shares in the business are being offered by its private equity owners, Carlyle and Eurazeo, which hope to raise €785 million.

The Daily Telegraph

Hinkley Point deal under EU threat
The European Commission is close to concluding that Britain’s nuclear programme at Hinkley Point breaches EU state aid rules and may have to be revised, a move that could lead to long delays and even cause the complex deal to unravel.

The EU competition police are examining a string of subsidies tied to the Government’s £16bn agreement with French groups EDF and Areva as well as China’s General Nuclear Power to build two new generation EPR reactors. These would be the first reactors to be built in Britain since 1995, providing seven per cent of the UK’s electricity.

Sources in Brussels say the chief concern is a £10bn loan guarantee for the plants.

THE WALL STREET JOURNAL
EUROPE

New York trail derails, killing four
A Metro-North train derailed in New York City Sunday morning, killing four people on board and scattering rail cars near the water's edge, authorities said.

China unveils IPO guidelines
China moved closer to ending a 13-month moratorium on initial public offerings, releasing guidelines on fundamental changes to the way companies will raise funds in the country's stock market. At the same time, China unveiled rules that will allow listed companies to issue preferred shares, offering firms—especially banks—a fresh channel for funding to shore up capital bases.