What the other papers say this morning - 03 June 2014

FINANCIAL TIMES

Pay rises for senior bankers hit 10pc
Banking chief executives received an average pay rise of 10 per cent last year as US banks handed their heads much more generous packages than their European rivals, highlighting the widening remuneration gap on either side of the Atlantic. The analysis of total pay awarded to the heads of 15 banks – including Goldman Sachs’ Lloyd Blankfein and Lloyds’ Antonio Horta-Osorio – shows they took home $13m on average in 2013, 10.1 per cent more than in the previous year.

Goldman creates new growth role
Goldman Sachs is planning to increase the size of its commercial bank and wealth management division as part of a quest for growth, according to people familiar with the matter. The moves are part of the mandate of Stephen Scherr, a 21-year Goldman veteran, who was promoted to a new position of chief strategy officer on Monday in a management reshuffle.

Investors pull $4.3bn from Pimco fund
The amount of money flowing out of Bill Gross’s Pimco Total Return bond fund accelerated in May, shrinking the world’s largest fixed income fund to an estimated $229bn. The preliminary figures from research group Morningstar suggest investors pulled $4.3bn, or 1.9 per cent of the fund, last month. It was the 13th consecutive month of outflows.

THE TIMES

German billionaires ride out crisis
Wealthy Germans prospered during the economic crisis, with a 27 per cent rise in multimillionaires and a 54 per cent increase in billionaires over the past four years, according to research published yesterday. The number of German dollar millionaires reached 1,382,265 last year, despite the crisis in much of the rest of the Eurozone, according to WealthInsight.

Power firms double profit on dual bills
According to Ofgem the profit margins on selling gas — the biggest component of a dual-fuel bill — have now hit 10 per cent. This is double the five per cent margin firms were making last year.

The Daily Telegraph

MandM Direct to reveal £170m IPO
The discount online clothing business MandM Direct is to become the latest retailer to reveal plans to float. The company is likely to announce its intention to float as early as today, with the IPO valuing the business at roughly £140m to £170m. MandM Direct is being advised by Canaccord Genuity and Investec.

Leicestershire shale outstrips south
More shale oil could lie within 40 square miles of Leicestershire than the entire south east, according to energy minnow Union Jack Oil. Shares in the Aim-listed explorer soared almost 18 per cent after it released the results.

THE WALL STREET JOURNAL

Ackman seeks Allergan takeover
Activist investor William Ackman and Valeant Pharmaceuticals shifted their strategy yet again as they looked to pressure Allergan to succumb to a $52.7bn takeover. Ackman dropped an unusual plan for a straw poll of shareholders and will instead seek a more definitive vote to throw out a majority of the Botox maker’s board.

Italy told to adopt more austerity
EU authorities yesterday told Italy to adopt more austerity policies, despite pleas from Prime Minister Matteo Renzi for breathing space from requirements to cut its large debt burden.