What the other papers say this morning – 13 June 2013

FINANCIAL TIMES

Virgin Money moves to IPO
Virgin Money is expected to appoint advisers for an initial public offering within the next six months, according to people with knowledge of the situation. The bank’s intention to list has been known for some time. The people close to the bank stressed that a float is not imminent, and is unlikely to take place next year. Virgin Money obtained a banking licence in 2010 and signalled its ambitions to inject greater competition in the UK retail banking sector after it took control of nationalised lender Northern Rock the following year.

Safeway takes $5.7bn for stores
Safeway is to sell its 200-plus Canadian stores to local rival Sobeys for $5.7bn (£3.6bn) in cash, accepting an unsolicited offer. The price values the mid-market US retailer’s Canadian business at nearly 11 times its earnings, more than double the valuation attached to the company as a whole on the stock market.

Banks aim to gain edge on Box IPO
Banks are tripping over themselves to lend money to Box, the cloud computing start-up, in a race to get a slot on one of the next big Silicon Valley flotations.

THE TIMES

Coty’s smell of success on Wall Street
Some fragrant glamour will reach the New York Stock Exchange today when the company that makes perfumes for J-Lo and Kylie Minogue floats its shares. Coty’s initial public offering is expected to value the company at about $6.7 billion and comes as the group seeks to expand its business into emerging markets.

Co-op plans for Manchester in ruins
Plans by the cash-strapped Co-operative Group to create a landmark £800m development in Manchester’s city centre were dealt a fatal blow yesterday when its developers walked away.

The Daily Telegraph

Centrica to unveil shale gas plans
Centrica will commit to drilling a series of six wells with fracking firm Cuadrilla to test Britain’s shale gas potential, in an investment totaling tens of millions of pounds. The British Gas owner is preparing to buy a minority stake in the Bowland shale licence area in Lancashire.

Pullman leads e-book challenge
Authors led by Philip Pullman are demanding higher payments from publishers for their works to be lent by libraries as e-books, as part of a battle over how revenues from digital reading will be carved up.

THE WALL STREET JOURNAL

Greeks call strike over TV shutdown
The Greek government yesterday attempted to calm protests over its abrupt decision to shut Greece’s public broadcaster while promising again that operations would resume in a few weeks—albeit most likely with a much smaller staff and budget.

Facebook unveils hashtags
Facebook is rolling out hashtags on its social network in an effort to play a greater role in real-time public conversations dominated by rival Twitter. Users can track conversations by searching for these hashtags.