What the other papers say this morning – 4 February 2014
FINANCIAL TIMES
Scottish finance fears regulation bill
Fund managers based in Scotland face a multimillion-pound bill to pay for a new financial regulator if Scots vote for independence in the September referendum, the trade body for Scotland’s financial services industry has warned. The public intervention by Scottish Financial Enterprise underlines growing concern in a crucial sector of the economy about the implications of Scotland breaking away from the rest of Britain.
Hedge fund Elliott key in Game IPO
Elliott Advisors has amassed a 99 per cent stake in Game Retail, the UK video game chain that came close to collapse two years ago, putting the activist hedge fund on course for a huge windfall if plans for a £300m flotation are successful. The involvement of the aggressive US fund has come to light just weeks after Game appointed advisers to examine whether the retailer should join the swelling queue of firms seeking to launch an initial public offering in 2014.
Merkel backs Juncker for Commission
Jean-Claude Juncker, the recently defeated former Prime Minister of Luxembourg, is the frontrunner to become European Commission presidential candidate of the EU’s centre-right parties after securing the backing of key leaders. Among those who have pledged their support is German Chancellor Angela Merkel.
THE TIMES
Nick Candy to licence his name
Nick Candy is to licence his name to developers and hoteliers as part of a global expansion plan for the luxury design company. The property entrepreneur, best known for managing the development of One Hyde Park in Knightsbridge, said he was following in the footsteps of Donald Trump.
Universal credit chief off sick
The former Olympics executive drafted in to rescue the government’s flagship welfare reform has been off sick since before Christmas, it has emerged. Howard Shiplee was hired last May to oversee the controversial universal credit scheme.
The Daily Telegraph
Malone takes on Murdoch with F1 bid
Formula One looks set to become the latest battle ground in the rivalry between media chiefs John Malone and Rupert Murdoch, after Malone entered discussions to buy a major stake in the motorsport. Malone’s Liberty Global, the media empire that owns Virgin Media, and Discovery Communications, the cable television giant, have made a joint approach to Formula One’s backers, CVC Capital, about taking a 49 per cent stake in the business. The deal could value Formula One at more than £6.5bn. CVC currently owns 35 per cent of Formula One, including all the voting rights. The private equity firm would not comment on the potential deal.
THE WALL STREET JOURNAL
January US auto sales chilled
January’s severe cold spell in the US punished auto sales with industry volume falling from a year earlier and most major auto makers blaming the harsh weather for temporarily depressing vehicle demand. Overall, sales totaled 1m for the month, down 3.1 per cent from a year earlier, said researcher Autodata Corp.
Intel unveils new pay structure
Intel unveiled a series of changes to its executive and employee compensation structure yesterday, including no new retention grants for top executives.