What the other papers say this morning - 9 January 2014

FINANCIAL TIMES

UK mobile services in Channel tunnel
British Eurotunnel passengers will finally be able to use mobile phones under the sea following an agreement between the Channel tunnel operator and UK telecoms groups to provide the same sort of voice and data services that have been available to the French since 2012.

China offers to build and finance HS2
China has offered to invest in Britain’s railways for the first time by financing and building links to a new Birmingham station on the high-speed HS2 network, highlighting Beijing’s growing interest in investing in UK infrastructure.


Raiffeisen considers capital raising
Raiffeisen Bank International is considering a €2bn capital raising in the first half of this year, in a bid to shore up its balance sheet ahead of the introduction of tough new capital rules.

Austria’s third-largest bank by assets said that the move would help it to buy back “some or all” of the €2.5bn participation capital that it issued during the financial crisis “promptly”.

“The strengthening of our capital base is designed to prepare RBI for the implementation of the Basel III rules, and is likely to involve a capital increase of between €2bn and €2.25bn,” the bank said in a statement on Wednesday. At that level, it would represent about 40 per cent of RBI’s €5.38bn market capitalisation.

THE TIMES

Ocado valuation hits new heights
Nearly 12 per cent higher and dearer than ever, Ocado’s market value breached £3 billion for the first time to leave the internet grocery delivery business knocking on the Footsie’s door. Trouble is, the stock market may have grabbed the wrong end of the stick.

Lloyds prepares for likely spring sale
Lloyds has started to prepare a prospectus for a sale of about £6 billion of its taxpayer-owned stake to ordinary investors and City institutions in what could be one of the government’s most eye-catching measures in the Budget.

The Daily Telegraph

MP criticises government on planning
Nadhim Zahawi, an MP and member of the No 10 policy board, said that planning regulations are causing “pain” to communities across the country. Loopholes in the guidelines are allowing developers to “undermine the Government’s good intentions to deliver bottom-up planning and much needed housing”, he said.

Premier League in early TV rights sale
BT and BSkyB may have to engage in a new multi-billion-pound battle for pay-TV supremacy as early as this year, because the Premier League wants to bring forward the next auction of football broadcasting rights by up to six months.

THE WALL STREET JOURNAL

Danone legal action against Fonterra
Danone said it is taking legal action against Fonterra, the giant New Zealand dairy cooperative, the latest fallout from a baby-formula contamination scare last year

L’Oréal pulls Garnier from China
French cosmetics maker L'Oréal SA said on Wednesday it is pulling its Garnier brand from the Chinese market, citing slowing sales, the second beauty company to pare exposure to the country in the past week. The surprising move highlights the growing hurdles faced in China by Western cosmetic giants due to fierce competition.