What the other papers say this morning – 09 September 2013
FINANCIAL TIMES
Capital warning from bank reformer
The chief architect of Britain’s post-crisis regulatory reforms believes banks’ capital levels should be double the level recommended two years ago by the government-appointed commission that he led. Sir John Vickers told the Financial Times that in a “blue-skies” world banks’ core tier one capital ratios would now be 20 per cent, rather than the 10 per cent recommended by the commission that has become the norm for UK lenders.
US buyers pile into European equities
US investors have pumped more money into European equities than at any time since 1977 in a big vote of confidence for the region and its ability to recover from the sovereign debt crisis.
Pension funds and other big US groups invested $65bn in European stocks in the first six months of 2013, the highest in 36 years over that time period, according to research compiled by Goldman Sachs’ European strategy team from US Treasury data.
Alibaba listing threatened by tussle
Alibaba is prepared to scrap plans for a $60bn share sale in Hong Kong and switch its listing to New York if the senior management cannot nominate a majority of board directors, according to people close to the company. Founder Jack Ma and other top executives own little more than 10 per cent of China’s biggest e-commerce company.
THE TIMES
Asda boss calls for free bus passes
Young people should be given free bus passes to help them to cope with the rapidly rising cost of living, according to Asda chief executive Andy Clarke, the boss of Britain’s second-biggest supermarket chain.
Spending soars in search for UK oil
There are still about 17bn barrels-worth of oil left to discover in Europe, industry analysts estimate.Experts at Wood Mackenzie, the research house, said that parts of Europe were experiencing a glut in investment by oil and gas companies keen to extract the last bumper supplies in the Continent.
The Daily Telegraph
Banks face bill for swaps mis-selling
Banks face a hidden bill of as much as £10bn to settle mis-selling claims linked to commercial real estate projects, according to research by DTZ, one of the property sector’s largest consultants.
Treasury wanted RBS pay-off cut
The Treasury pushed Stephen Hester out of his job as chief executive of Royal Bank of Scotland to cut the cost of his pay-off, according to a new book. “If Hester had stayed until next year he would probably have got a bonus in the interim, triggering a much higher pay-out in line with the terms of his contract,” wrote Iain Martin in his new book, Making it Happen.
THE WALL STREET JOURNAL
EUROPE
Fiat CEO cancels media appearances
Fiat chief executive Sergio Marchionne has cancelled the two news conferences he was scheduled to hold at this week’s Frankfurt auto show, one of the most important trade events for the industry. A spokesman declined to give a reason, apart from saying his likely absence was due to another business engagement.
McLaren steers supercars to China
UK-based McLaren is opening its first Chinese dealership, in Shanghai, today and intends to add three more later this month in Beijing, Guangzhou and Chengdu.