What the other papers say this morning - 20 December 2013

FINANCIAL TIME

Taper pressures emerging markets
Markets soured on the day after the US Federal Reserve’s dramatic tapering of its asset purchases from $85bn to $75bn per month as the dollar climbed and vulnerable emerging markets came under pressure. The taper heralded a new era of dollar strength, with the US currency up by 0.6 per cent against a basket of others, as Treasury yields rose and the Brazilian real and Turkish lira sold off.

Gold drops below $1,200 on taper
Gold traded below $1,200 a troy ounce for the time since June as the US Federal Reserve took the first baby steps away from a historic era of monetary stimulus. Bullion fell as much as 2 per cent to $1,193.60 in the wake of the Fed’s decision to pare back its asset purchases by $10bn a month, starting in January.

Deutsche Bank securities arm fined
Deutsche Bank’s US securities arm was fined on Thursday by the Financial Industry Regulatory Authority for “serious financial and operational deficiencies” that included misstating billions of dollars of intra-company loans at the height of the financial crisis. Deutsche was fined $6.5m, a tiny amount compared with some of the regulatory penalties paid in recent months, but among the largest fines by Finra, the securities industry’s self-regulatory agency, for alleged violations of this type.

THE TIMES

Racing Post bidders in final furlong
The future of the Racing Post could come to a head in the coming days as bidders close in on a deal to acquire £180m of the title’s debt as part of a sell-off of the assets of Anglo Irish Bank, which was nationalised three years ago. A number of bidders, including the current shareholder FL Partners and News UK have been linked to a deal.

PwC faces losing audit at exchange
PwC could lose yet another of its prized FTSE 100 audit clients after the London Stock Exchange Group said it would put its mandate out to tender. The winner of the tender is expected to be announced next summer.

The Daily Telegraph

Apple’s new Mac Pro goes on sale
Apple’s new Mac Pro went on sale in the UK yesterday, starting from £2,499. In a radical departure from the previous cases, which employed the standard rectangular design, the new Mac Pro is shaped like a cylinder and takes up just one eighth the volume of the last model.

Brussels chief bans banker meetings
Bankers and their public affairs teams have been barred from meeting with staff at the EC’s internal market and services department by its head, Michel Barnier, over concerns about the current sensitivity of its work.

THE WALL STREET JOURNAL

Amazon teams with Chinese firms
Amazon said it is collaborating with several Chinese companies for its first cloud service based in the world's largest country, as the online retailer bids to draw new customers to its fast-expanding Amazon Web Services business.

Vatican to modernise back office
US-based McKinsey & Co. and the KPMG international network were picked in a tender by a papal commission to study the Vatican's economic and administrative structures, the Vatican announced Thursday. It didn't disclose the value of the contracts.