What the other papers say this morning – 07 February 2014
FINANCIAL TIMES
Unease over Microsoft reshuffle
Some of Microsoft’s major shareholders are expressing unease over this week’s management reshuffle, in which founder Bill Gates moved from chairman to a new role as technology adviser. Investors broadly welcomed the choice of Satya Nadella to become chief executive, but three of Microsoft’s top 20 shareholders voiced disappointment or concern about other aspects of the changes.
Floods reopen debate over policy
The floods that battered the UK have produced a deluge of government funding promises this week, from 42 new protection schemes to an extra £130m to shore up defences before next winter. But they have reawakened a debate between farmers, conservationists, town dwellers and politicians over whether all the money and effort spent on flood defences will solve, or exacerbate, the problem.
S&P warns over bail-in bond risk
The “bail-in” bonds issued by banks to absorb losses in the case of financial difficulty are much riskier than first thought, Standard & Poor’s has warned, as it announced plans to cut its ratings on the instruments. The credit rating agency’s move could push up the cost of issuing these bonds for banks, which have been using them to increase their capital levels ahead of regulators’ stress tests in Europe and the US.
THE TIMES
21st Century Fox looks to the future
Profits at 21st Century Fox were weighed down by investments in the second quarter, but revenues were better than expected because of the acquisition of Sky Deutschland and a strong performance by its cable TV networks.
Barclays set to reignite bonus row
Barclays is poised to defy calls for pay restraint by lifting staff bonuses by at least 10 per cent despite an expected slide in profits, a mushrooming bill for misconduct and the shadow of a new market manipulation investigation. After a year of relative restraint in 2012, it is expected to argue that it needs to boost payouts.
The Daily Telegraph
Shrem predicts revolution for Bitcoin
Charlie Shrem, the 24-year-old Bitcoin millionaire who was arrested on money laundering charges, has compared the founder of the controversial currency with Christopher Columbus and said it does not matter if people don’t understand it.
Hollande hits out over tax schemes
President Francois Hollande insisted France would not continue to tolerate the tax optimisation strategies used by multinational internet giants like Google. His comments follow reports that France is seeking €1bn in tax from Google over its fiscal strategies.
THE WALL STREET JOURNAL
Expedia profit surges on bookings
Expedia posted a bigger-than-expected jump in fourth-quarter revenue as the online travel agent reported growth in bookings, as well as early success in its partnership with Travelocity.
African states seek more from mining
African governments want to extract more revenue from global mining companies, making moves that are testing ties with some of their biggest investors. Across the continent, African governments are looking at ways to raise tax rates and adjust ownership structures to bring more money into their coffers.