What the other papers say this morning – 25 March 2014
FINANCIAL TIMES
Russia braced for £70bn in outflows
The Russian government is braced for the country’s capital outflows to soar to $70bn in the first three months of the year as investors seek cover from the fallout of President Vladimir Putin’s Ukrainian land grab. Andrei Klepach, Russia’s deputy economy minister, said capital outflows in the first quarter were expected to be closer to the top end of a $65bn-$70bn government estimate, as fears of tighter sanctions hit the economy.
US loses edge as jobs powerhouse
The US is losing its edge as an employment powerhouse where the vast majority of people have a job or are looking for one, after its labour participation rate fell behind the UK’s for the first time since 1978. The labour force participation rate – the proportion of adults who are either working or looking for work – started to decline in the US in 2000 and has fallen since 2008 from 66 to 63 per cent. The UK rate is 63.6 per cent.
Miliband urged top change policies
Nineteen Labour policy experts and strategists have urged Ed Miliband to come up with a list of policies that excited voters and paved the way for a “transformative change” in direction. In a letter to the Guardian they wrote: “If Labour plays the next election safe, hoping to win on the basis of Tory unpopularity, it will not have earned a mandate for such change.”
THE TIMES
Pets mean prizes for directors
Staff and directors at Pets at Home who invested in the firm before its flotation this month have made an 18-fold return. The float valued the firm at £1.2bn and let chief Nick Wood offload shares worth £4.5m. Other directors and senior management sold nearly £15m of shares, according to disclosures to the stock market.
UK cruise numbers set record
The number of cruise passengers setting sail from Britain passed the million mark for the first time last year, after a 10 per cent increase on 2012. The UK is Europe’s top cruise market, according to the Cruise Lines International Association.
The Daily Telegraph
Warning on plain pack cigarettes
Putting cigarettes in plain packs could lead to a rise in sales, experts have said, as smokers will no longer care about buying expensive brands.
The warning came as industry data from Australia – the only country to introduce plain packaging – suggests that the amount of tobacco delivered to retailers has risen in the year since changes were made. Later this week an independent review will report to ministers.
Big turnout for Bob Crowe’s funeral
Thousands lined the streets for RMT leader Bob Crow’s funeral cortege yesterday.
THE WALL STREET JOURNAL
Google Fashions Deal With Luxottica
Italian eyewear maker Luxottica, owner of the Ray-Ban and Oakley sunglass brands, has agreed to design, develop and distribute new versions of Web-connected eyewear Google Glass.
Ad trading draws techies from City
Some Wall Street technology talent is migrating over to the world of Madison Avenue, where ad-trading systems increasingly resemble what happens in the securities markets. Until recently, advertisers would phone Madison Avenue media buyers to place their ads. Nowadays ad space is auctioned on computerised exchanges.