WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
UK GOVERNMENT BOND MARKET STRONG, SAYS DMO
The UK government bond market has been one of the best performing of the year because the country is safely outside the troubled eurozone and has its own currency, according to Robert Stheeman, chief executive of the Debt Management Office. He points out that gilts have been helped by a weaker pound.
GERMAN INDUSTRIAL INPUT BOUNCES BACK
German industrial companies are frantically rehiring workers and ramping up capacity as they approach output levels last seen before the 2008 collapse of Lehman Brothers sent the global economy into a tailspin. Orders for export-driven Germany’s key sectors such as machinery, cars and chemicals are pouring in, say businesses.
RUSSIA’S MTS IN TALKS TO BOOST WEB CONTENT
Mobile TeleSystems, Russia’s largest mobile operator, is in talks with media companies including News Corp’s Fox and Sony to acquire more films and television programmes for its online entertainment service, executives familiar with the matter say. MTS has already secured deals with Walt Disney and NBC Universal.
BANK OF NEW YORK MELLON EYES FRESH ACQUISITIONS
BNY Mellon, the US asset management and custody group, is to continue with its acquisition drive, focusing future dealmaking on Europe and Asia. Bob Kelly, the bank’s chief executive, said it was gearing up for expansion in South Korea and China, most likely through organic growth or joint ventures. He was speaking as BNY Mellon completed a $2.3bn deal to acquire the securities processing business of Pittsburgh-based PNC, bringing its assets to $21,000bn.
theguardian
IMF WANTS BANK LEVY TRIPLE THE SIZE OF OSBORNE’S BAILOUT TAX
The International Monetary Fund is pressing for Britain’s banks to pay an annual levy of up to £6bn, to protect against the impact of future crises and curb the more reckless behaviour of the industry, far higher than George Osborne’s plan for a £2bn bailout tax on the sector. The IMF said the crisis had shown that the world’s banking sector was under-taxed.
PRIVATISE ROADS, SAYS RAC THINK-TANK
England’s major roads should be privatised or placed in a trust, followed by the introduction of a national pay-as-you-drive scheme that would reduce the £47bn tax bill for drivers, according to the RAC Foundation, a motoring think-tank. It urges the government to consider selling off the road network in a report today.
The Daily Telegraph
ENGLAND FOOTBALL TEAM LOSES NATIONWIDE SPONSORSHIP DEAL
The England football team is set to suffer another painful loss as Nationwide terminates its £20m sponsorship contract after 11 years. A spokesman for the building society said that the group was “pleased” with the relationship that had “helped raise its profile with customers” but confirmed that the contract was “unlikely to be renewed” at the end of the month.
BIG FALL IN SHORT SELLING OF POUNDS STERLING SINCE BUDGET DAY
Financial betting against the pound has fallen significantly since the emergency budget – with hedge funds and speculators closing their positions that anticipated further falls in the value of sterling. The number of long positions increased slightly in the week following the budget.
WALL STREET JOURNAL
RELIANCE NATURAL MERGES WITH RELIANCE POWER
Reliance Natural Resources said Sunday it will merge with Reliance Power in a share-swap deal the Indian companies valued at $11bn, a move that will make it easier for Reliance Power to procure natural gas for its power projects. Both Reliance Power and Reliance Natural are part of the Anil Dhirubhai Ambani group. One equity share of Reliance Power will be exchanged for every four equity shares of Reliance Natural.
FRANCE TELECOM AIMS TO BOOST MORALE
Four months into his job as chief executive of telecoms giant France Télécom, Stéphane Richard is set to reveal the company’s strategic vision today, including its latest plans to boost worker morale after a wave of suicides in recent years.