WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
BARCELONA SEEKS LOAN TO HELP PAY PLAYERS
Barcelona, the Spanish football giants whose players will make up the bulk of Spain’s team in Wednesday’s World Cup semi-final against Germany, are seeking a €150m loan to help pay player and staff wages. The move was announced by new Barcelona president Sandro Rosell who took up his post last week, on the club’s website.
DUBAI INVESTMENT BODY SUES FORMER MD
The investment arm of the Dubai International Financial Centre is suing its former managing director for the return of $1.2m (£792,000) in “unlawful” bonuses, according to court documents.The allegations provide a rare insight into an official anti-corruption campaign and include details of the claims against Omar bin Sulaiman, the former governor of the DIFC, whose detention in March caused a scandal at the tax-free financial hub.
BORROWING COSTS INCREASE AS ECB DRAINS CASH
Eurozone market interest rates headed higher yesterday, in effect tightening monetary policy in the 16-country bloc, as European Central Bank operations drained excess liquidity from the financial system. The rise in borrowing costs highlighted the balancing act faced by the ECB, which holds an interest-rate setting meeting in Frankfurt tomorrow.
SARKOZY URGED TO ACT OVER DONATION CLAIM
Nicolas Sarkozy faced demands from his UMP party on Tuesday to reshuffle his embattled government urgently after a scandal implicating France’s richest woman turned into the biggest political crisis of his three years in office.
THE TIMES
WASHINGTON TIES BP’S HANDS TO STOP SALE OF WORLD ASSETS
BP has agreed an unprecedented deal to give the US Government the last word on worldwide asset sales, mergers or corporate restructuring in the wake of the Deepwater Horizon oil disaster. It has bowed to pressure from the Department of Justice, which has asked to be notified at least 30 days before BP undertakes any transaction that could affect the future shape of the company.
FRESH WARNING TO M&S OVER BOLLAND PAY
Marks & Spencer is facing the fresh threat of a shareholder rebellion as an influential pension fund consultant called for a veto of its pay report at next week’s AGM. Pirc said that it was concerned about a £14.8m signing-on package for Marc Bolland.
The Daily Telegraph
CHINA’S PROPERTY MARKET BRACED FOR 30PC DROP
Standard Chartered has told clients to prepare for a fall in property prices of up to 30 per cent in Beijing, Shanghai, Shenzen, and other large cities in China as the delayed effects of monetary tightening begin to bite. Stephen Green, the bank’s China economist, said a glut of newly built homes were hitting the market just as buyers are restrained by higher down-payments and curbs on speculation.
MERCEDES-BENZ TO ALLOW NIGHT SHIFT WORKERS TO WATCH GERMANY TAKE ON SPAIN
German car group Daimler, the owner of Mercedes-Benz, has decided to let workers at one of the country’s biggest factories join the nation in the streets and bars to watch the World Cup semi-final. Night-shift workers will start work later.
WALL STREET JOURNAL
LOCKHEED OFFERS BUYOUTS TO EXECUTIVES
Lockheed Martin, facing what it called a “new reality”, in which customers have tighter budgets, said it is offering incentives to thin out its executive ranks in a move to lower overhead costs. “Our customers are facing increasing demands with constrained resources, and they’re relying on us to give them the very best value within these constraints,” said Bob Stevens, chairman and chief executive of the aerospace and defence company.
MONSANTO CAN’T STOP SALE OF PATENTED SOY, EU COURT RULES
The European Union’s top court ruled that Monsanto cannot block Argentine farmers from exporting to Europe soy meal containing the company’s patented genetic modifications.