Osborne sues to deter EU overreach
George Osborne is taking legal action in a bid to stop the EU from overreaching its powers by giving a pan-European supervisor the right to ban short selling of financial products. The chancellor’s decision to sue reflects his determination to prevent EU institutions overstepping their mandate, rather than any opposition to short selling regulation reforms, which he strongly supports.

Potanin may cancel Norilsk stock
Vladimir Potanin, the biggest shareholder in Norilsk Nickel, said the Russian miner may cancel up to 10 per cent of the company’s stock held via subsidiaries, a move that could ease a corporate governance conflict over the business. The board could make a decision before the end of the year.

Potential bid for American Airlines
Private equity group TPG and US Airways are in talks over a joint bid for AMR Corp, the parent company of American Airlines, according to people familiar with the situation. American, the third-largest US carrier, filed for bankruptcy protection in November citing untenable labour costs.


Bankers are proud of Facebook
Morgan Stanley’s boss has defended his bank’s role in the Facebook IPO, claiming that there was no “nefarious activity” involved. James Gorman told staff they should be proud of their work and the listing should be judged over time.

Taxman to scour Covent Garden
Traders at London’s markets, including Covent Garden and Petticoat Lane, are set to be blitzed by tax inspectors over the next few months as pressure intensifies on firms that are not paying their dues.

The Daily Telegraph

Mirror bosses wanted to buy firm
The editors of the Daily Mirror and the Sunday Mirror were secretly planning to take over the company before they were sacked. Richard Wallace and Tina Weaver were ousted on Wednesday. It has now emerged that Mr Wallace and Ms Weaver were plotting to take over the company.

Walmart faces revolt over ‘bribes’
Walmart is braced for an AGM protest in the wake of allegations that up to $24m (£15.6m) was paid to Mexican officials to help speed up the firm’s expansion.


Auto maker pulls back in Brazil
Another luxury auto maker is pulling back on plans to invest in Brazil. Jaguar Land Rover, the luxury-car unit of India’s Tata Motors, yesterday followed Germany’s BMW AG in suspending plans to build a new plant in Brazil.

Russian ruble at crisis levels
The Russian ruble plummeted to its lowest level in more than three years against the dollar yesterday, bruised by falling oil prices and a fresh round of European sovereign debt worries.