What the other papers say this morning – 13 February 2014
FINANCIAL TIMES
Nigeria bank chief alleges oil racket
Nigeria’s central bank governor has exposed a multi-billion-dollar subsidy racket inside the state-owned oil company that may explain huge shortfalls in what Africa’s leading oil producer is earning from its crude. Allegations by Lamido Sanusi about the mismanagement of Nigeria’s oil industry are ensuring a stormy end to his tenure at the central bank, which began when he tackled financial fraud during a 2009 banking crash. Huge shortfalls in oil revenues, which typically account for more than 70 per cent of government revenue, have periodically come to light. However, the sums involved in the allegations dwarf previous controversies.
Terra Firma star asked to leave
Guy Hands’ plans to transform his private equity business, with the biggest fundraising since he lost a £1.75bn stake in EMI, has been hit by the departure of one of his star dealmakers. The firm informed investors that Damian Darragh has “been asked to leave with immediate effect.”
EU rules hit flagship green projects
Some of Britain’s flagship renewable energy projects have been thrown into doubt over EU concerns that the subsidies that support them might be a waste of taxpayer money. Hitches in securing state aid approval threaten to delay the rollout of the first batch of “contracts for difference”, a form of subsidy for long-term, stable prices for renewable and nuclear projects.
THE TIMES
Game court could become test case
A legal battle between landlords and Game over unpaid rent has opened in the Court of Appeal with experts warning that the “test case” could lead to thousands of fresh claims. Landlords are seeking missed rental payments for the first three months after the video games seller called in administrators in March 2012.
Bitcoin exchange hit by cyber attack
The fledgeling market for trading in bitcoins came under more pressure yesterday after one of the world’s biggest exchanges was attacked. Bitstamp suspended customer withdrawals and became the third Bitcoin exchange to warn its users of the danger of being targeted by hackers.
The Daily Telegraph
Bankers hired for whisky sale
The formal sale process for Scotch whisky brand Whyte & Mackay will kick off next week after bankers were hired by India’s United Spirits.
Investment banks Rothschild, Rabobank and Standard Chartered have been appointed to run the sale which could see the whisky-distiller fetch more than £450m, sources said.
PM urged to oppose EU port regulator
Plans by Brussels to force the UK to appoint a ports regulator with powers to intervene in prices for cargo handling and using infrastructure are being opposed by the industry and local MPs. A group of 23 MPs has written to the Prime Minister, urging him to stop the EU’s proposed regulation.
THE WALL STREET JOURNAL
Italy premier scrambles to stay
Enrico Letta was hanging by a thread Wednesday, as the Italian Prime Minister made a last-ditch attempt to hold on to the support of his coalition partners. The government remains at risk of collapsing after heavy pressure from Matteo Renzi, the newly elected leader of Letta’s party.
Yellen spouse at UBS funded centre
The husband of new Federal Reserve Chair Janet Yellen sits on the board of an academic center funded by UBS, the giant Swiss bank, which is poised to come under closer oversight by the US central bank. George Akerlof is one of eight members of the advisory board at the UBS International Center of Economics in Society.