WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
PRESSURE RISES ON PRIVATE EQUITY BOSSES’ TAX
Pressure is rising across the globe to raise taxes for private equity bosses, with German and Swedish authorities pushing for legislative changes and a leading US pension fund investor calling the 15 per cent rate in America “indefensible”.
HSBC SETS TARGET OF 800 BRANCHES IN CHINA
HSBC is aiming to increase its presence in mainland China through a big expansion of its branch network or by raising its stake in Bank of Communications. Stuart Gulliver told the FT he wanted his bank either to substantially lift its holding in BoCom from 20 per cent if given regulatory approval or increase its mainland China branch network from 110 to about 800.
FACEBOOK SET FOR SECOND LARGE SHARE SALE TO MEET $5BN TAX BILL
Facebook faces a requirement to raise as much as $5bn through an extra share sale late this year to cover a tax bill for its employees, or as much again as the minimum amount it has already said it plans to raise initial public offering in May.
OFFICE SPACE DEALS SURGE IN CITY
A surge in demand for premises for technology companies helped drive the uptake of new office space in areas around the City of London to its highest level since the start of the financial crisis.
THE TIMES
CUPID DRAWS BACK ITS BOW FOR MATCH MADE IN HEAVEN
Cupid, the online dating company behind flirt.com and benaughty.com, announced that it had secured a deal with Brightsolid, part of Dundee-based publisher DC Thomson, to operate the Friends Reunited dating website. Friends Reunited Dating is run as a separate business from the Friends Reuited social network.
CAMERON TO CRACK DOWN ON THE SCANDAL OF BINGE DRINKING
David Cameron will use a hospital visit to signal a crackdown on cheap alcohol today as he vows to confront Britain’s growing “scandal” of drunkenness.
The Daily Telegraph
ROW OVER LUTON AIRPORT EXPANSION PLANS
Luton Borough Council has been threatened with a £300m legal bill if it tries to ditch the operator of its airport. A row has broken out between the council, which wholly owns Luton airport, and Spanish operator Abertis over ambitious plans to at least double passenger numbers to 18m a year.
MP WARNS AGAINST INVESTING IN RUSSIA
A former minister for Europe, Labour’s Denis MacShane, has urged the Government to attach “health and safety” warnings to promotional material that encourages businesses to invest in Russia.
THE WALL STREET JOURNAL
MF TRUSTEE WILL SHARE DOCUMENTS
The trustee overseeing bankruptcy proceedings of MF Global Holdings agreed to hand over to federal investigators thousands of documents related to the securities firm’s final days. The move ends a standoff with investigators and regulators that some people said was holding up the probe.
FAKE CANCER DRUG FOUND IN US
The maker of the widely used Avastin cancer drug is warning that a counterfeit version of the medicine has been found in the US. Testing of counterfeit vials of Avastin revealed that the product didn’t contain the active ingredients in Roche’s intravenous drug, according to its Genentech unit.