What the other papers say this morning – 10 February 2014
FINANCIAL TIMES
Quantum nets Soros $5.5bn
George Soros’s Quantum Endowment fund had its second-best year in dollar terms in 2013, adding $5.5bn to the billionaire’s fortune and putting the $28.6bn fund back at the top of the table for the most successful hedge funds of all time. The $5.5bn return was the best for Quantum since 2009.
Let weak banks die, says regulator
The Eurozone’s new chief banking regulator has warned that some of the region’s lenders have no future and should be allowed to die, heralding a far tougher approach to the supervision across the currency bloc. In her first interview since taking charge of the euro area’s new banking overseer, the Single Supervisory Mechanism, Danièle Nouy also signalled she wants to weaken the link between governments and the bloc’s banks.
Russia cracking down on Bitcoin
Russian authorities are preparing to crack down on Bitcoin and have warned that those who use “cryptocurrencies” are breaking the law, as regulatory scrutiny of the virtual payment system intensifies around the world. The promise of new measures to curb the virtual currency was made after Russia leapfrogged China to become the second-fastest growing territory for Bitcoin software downloads, behind the US.
THE TIMES
Thousands of rogue bankers sacked
Almost 6,000 bankers, brokers and financial advisers in Britain have been sacked or suspended for dishonest or reckless conduct since the start of the financial crisis. Figures extracted from the Financial Conduct Authority under the Freedom of Information Act reveal that British based banks and other authorised financial firms have forced out 5,873 rogue managers and staff since 2008.
Heathrow eyes new express route
Heathrow Express wants to extend its fast-shuttle, rail-to-air services to Reading when a new train link from the West is built to serve Britain’s biggest airport.
The Daily Telegraph
Reporting watchdog breaks rules
The International Financial Reporting Standards Foundation (IFRS), whose job is to set “high quality, understandable, enforceable and globally accepted” financial reporting rules, has for more than a decade delivered late and inaccurate filings at Companies House, The Telegraph can reveal.
Games industry appeals for tax relief
Britain’s rapidly growing games industry has urged the Chancellor to accelerate the introduction of tax relief for the sector amid fears the European Commission could frustrate the move.
THE WALL STREET JOURNAL
EUROPE
Comptroller rethinks use of examiners
The Office of the Comptroller of the Currency, criticised along with other regulators for failing to spot precrisis problems on Wall Street, is considering paring back the number of examiners it stations inside big banks as it looks to sharpen its risk-spotting abilities.
ISS recommends against Icahn scheme
Influential proxy-advisory firm Institutional Shareholder Services Inc. recommended that Apple Inc. shareholders reject a proposal by activist investor Carl Icahn that the consumer tech company buy back $50bn of its stock.