What the other papers say this morning - 05 December 2013

FINANCIAL TIMES

US business chiefs want budget deal
Chief executives of big US companies are warning that the country faces another year of sluggish growth, expressing hope that a deal over the budget being discussed in Congress will kick-start the economic recovery. Jim McNerney, chief executive of Boeing and chairman of the Business Roundtable, said companies surveyed expected US growth to be only about 2.2 per cent next year, close to its rate for the past two years. A budget deal would be a “catalyst” for faster growth, investment and job creation, he added. His comments come as Congress closes in on a deal that would remove some of the uncertainty that has afflicted the US economy in recent years.

Obama: inequality harming growth
President Barack Obama called increasing inequality the “defining issue of our time” and said the decades-long trend was undermining economic growth and social and political cohesion in the US. Obama chronicled the impact of the decline in relative incomes since the 1970s and defended a role for government in alleviating its fallout.

Gazprom pushes for Europe peace
Gazprom is suing for peace with Brussels and embarking on talks to settle a sweeping antitrust investigation that threatened its business model in Europe. The attempted rapprochement aims to defuse tension between Moscow and Brussels, as the sides remain at loggerheads over Ukraine’s last-minute refusal to sign an EU trade pact.

THE TIMES

Babcock’s plans grounded by crash
The Glasgow helicopter disaster has blown Babcock International’s attempt to take control of the world’s largest helicopter operator off course, analysts have warned.The helicopter that fell on to a Glasgow pub on Friday night, killing nine people, was owned by Bond Aviation, part of Avincis Group. Babcock revealed talks to create a joint venture with Avincis last week.

Snapchat poaches Facebook star
Snapchat, the picture messaging service favoured by teenagers, has hired leading Facebook executiv Emily White, who brought advertising to Instagram, just after rejecting a $3bn (£1.83bn) offer from the social networking group.

The Daily Telegraph

Shell and BP wanted back in Iran
Iran on Wednesday named seven Western oil companies it wants back in its vast oil and gas fields once international sanctions are lifted and said it would offer contract terms in April next year. Iranian Oil Minister Bijan Zanganeh named BP, Shell, Total of France, Italy's ENI, Statoil, and US companies Exxon Mobil and ConocoPhillips.

Centrica £2bn wind farm snubbed
Centrica's plan for a £2bn wind farm off the coast of Norfolk has been snubbed by ministers, who rejected a request for it to qualify as one of the first wave of new energy projects. The decision casts renewed doubt on the Race Bank plan.

THE WALL STREET JOURNAL

Petrobras rejects automatic prices
Brazil’s state-run oil company Petroleo Brasileiro SA said its board of directors refused a request for automatic fuel-price adjustments yesterday, a further blow to company efforts to stop effectively subsidizing fuel purchases by consumers.

Ireland sees boost from bank sale
The Irish government said yesterday the sale at a profit of a huge €1.84bn (£1.53bn) investment in Bank of Ireland that was made at the height of the debt crisis will boost confidence in the country as it prepares to exit its international bailout in the coming weeks.