What the other papers say this morning


Dell to repatriate $7bn of cash
Dell plans to ship as much as $7.4bn (£4.7bn) of the cash it holds in foreign countries back to the US to help finance its proposed buyout, breaking ranks with other big US technology companies that have kept most of their liquid reserves abroad to avoid a big tax hit. News of the plan was contained in a regulatory filing. The document says that shortly before the deal is completed, Dell will free up as much as $8.1bn in cash and short-term investments held by its subsidiaries, with the target amount being $7.4bn.

Magazine sales suffer cell distraction
Data released yesterday shows a big decline in single-copy sales of US magazines at newsstands and retail outlets, amid increased digital competition and reduced retail space. Single-copy sales fell 9.5 per cent in 2012.

Monte dei Paschi seeks scandal end
The new management of Monte dei Paschi di Siena, the Tuscan bank at the centre of a widening derivatives scandal, has sought to draw a line under the episode despite finding evidence of “clear errors” in the accounting of those transactions.


Hospitality chiefs recruitment drive
Hospitality and tourism bosses will today pledge to create thousands of new jobs, apprenticeships and work placements for young people over the next three years.

Punch clash with investors over debt
The board of Punch Taverns has set itself on a collision course with its senior bondholders after unveiling proposals to tackle its £2.1bn debt. The company says that its interest payments would immediately be cut by £230m.

The Daily Telegraph

Royal Mail wins British Gas contract
Royal Mail has won back a multi-million pound contract to deliver post for British Gas, six years after it lost the crucial business to Dutch rival TNT.

UK gets lowest level of R&D support
Britain’s small and medium-sized firms receive the lowest level of government support for R&D funding than any major economy, an analysis by the Organisation for Economic Co-operation and Development has revealed.


New York Times advertising slips
New York Times chief executive Mark Thompson made his debut to analysts yesterday, outlining a strategy that combined cost cuts with digital investments.

Philip Morris International sees lift
Philip Morris International, which markets Marlboro cigarettes outside the US, said fourth-quarter profit rose 11 per cent, thanks to higher sales volumes in Asia and Eastern Europe, Middle East and Africa.