WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
EDF warns Hollande on nuclear plant
Henri Proglio, chief executive of EDF, has warned France’s new president that he will need to discuss compensation with the nuclear power group if he presses on with plans to shut the country’s oldest atomic plant.
Dow Chemical wins Kuwait damages
Dow Chemical of the US has been awarded $2.16bn in damages from the Petrochemical Industries Co of Kuwait by an arbitration court over the breakdown of a planned joint venture between the two companies in 2008. Dow said it would put the money towards reducing its net debt, which was $16.2bn at the end of last year, funding its capital spending and paying dividends.
Air France to slash staff numbers
Air France-KLM yesterday confirmed for the first time it would be cutting staff at Air France as part of a restructuring plan intended to restore profits. Its CEO briefed trade unions on a proposed restructuring that would involve splitting the airline’s lossmaking short and medium-haul operations into three new units.
THE TIMES
RPI change could save treasury £3bn
Changes to inflation calculations that could save the chancellor billions of pounds a year — while hurting gilts investors — are being considered. A committee that advises the UK Statistics Authority may recommend an overhaul that could permanently pare back gains in the retail prices index. If the changes are adopted, they could lead to a reduction in interest payments on government bonds that are linked to the retail price index. This would save as much as £3bn a year in interest paid on index-linked gilts.
The Daily Telegraph
Small businesses in Olympic battle
Olympic authorities are facing a legal challenge unless they withdraw “devastating” plans for road closures and restrictions which small companies claim could put them out of business.
US cuts $33m in aid to Pakistan
The US is to cut $33m from the aid it sends Pakistan over the jailing of the doctor who helped the CIA hunt for Osama bin Laden, in a fresh blow to the battered relations between the two states.
THE WALL STREET JOURNAL
Airbus shelves production rise
Airbus has shelved a plan to boost output of its popular A320 single-aisle jetliner, a sign that global uncertainties are starting to affect the otherwise resilient aeronautic industry.
Putin mixed on privatisation
Vladimir Putin has called for the sale of stakes in OAO Rosneft and OAO Gazprom in 2013-2015, but also authorised another state firm to buy shares in energy firms previously earmarked for private buyers.