WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
KEY INVESTORS FLOCK TO GLENCORE FLOTATION
Demand from key institutional investors for shares in Glencore on its flotation has been well above the group’s expectations, particularly in Asia and the Middle East, according to bankers involved in the initial public offering. The Swiss-based company plans to allocate between 20 and 30 per cent of its IPO to so-called cornerstone and anchor investors, which commit themselves to buy ahead of the launch of the flotation and usually are locked in for a certain period.
CAPITA FREEZES BASE PAY FOR SENIOR EXECUTIVES
Capita, the public sector outsourcing specialist, has played down any hopes of generous pay rises for its 37,000 employees as it froze the base salaries of its senior executives. But unions dismissed as hollow the claim from Capita that the management team was “keen to lead by example and demonstrate salary restraint throughout the organisation”.
INVESTORS IN VALE VOTE FOR NEW CHIEF
Shareholders of Vale, the world’s biggest miner of iron ore, have voted to replace its current chief executive, Roger Agnelli, with a former director of the company in a move seen as aimed at increasing government control over one of Brazil’s key export sectors. The company’s group of controlling shareholders nominated Murilo Ferreira as the new chief executive to replace Mr Agnelli.
LIVINGSOCIAL RAISES $400M FOR EXPANSION
LivingSocial, the leading contender to Groupon in the market for daily deals on the internet, has raised an extra $400m. The latest fundraising could value the company at more than $3bn, according to a formal filing.
THE TIMES
PETROL PRICES AT RECORD HIGHS AS HUHNE SAYS OIL MARKETS NEED ‘REALITY CHECK’
Petrol prices returned to record highs yesterday, less than two weeks after the Government pledged to alleviate the pain of motorists and cut fuel duty. Motoring organisations called for a global meeting of energy ministers to address a surge on international oil markets which took the sterling price of crude to its highest ever level.
LONDON, THE FIRST CHOICE FOR SECOND HOMES
One in four of Citi Private Bank’s richest European clients is considering moving abroad to escape high taxes, the Citigroup subsidiary has found.
However, it said its richest clients, or “ultra-high-net-worth individuals” — those with $10m to invest — still regarded London as a leading metropolitan hub for the next ten years.
The Daily Telegraph
VODAFONE CHALLENGES $2.5BN INDIAN TAX BILL
Vodafone has raised concerns about big ticket purchases of Indian companies, as it has gone to an Indian court again over a $2.5bn (£1.5bn) tax bill. The mobile phone giant has asked India’s top court to stop the Indian government from demanding penalty payments on the tax bill, which was issued last October.
QATARIS $700M FORAY INTO BIGGEST “DOWNTOWN DEVELOPMENT” IN AMERICA
The Qatari government has made its first foray into the US property market by financing the $700m (£430m) construction of CityCentreDC in Washington. Qatari Diar Real Estate, the property arm that has so far focused on investments in London, has emerged as the backer of the 10-acre project.
THE WALL STREET JOURNAL
TRANSOCEAN EXECUTIVES TO DONATE SAFETY BONUSES
Senior executives at Transocean said they will donate their bonuses received based on the rig-owner’s safety performance last year to the families of victims of the company’s Deepwater Horizon explosion in the Gulf. Five senior executives will donate more than $250,000 to a fund set up for the victims, the company said.
LIONS GATE FINALISING NETFLIX DEAL TO STREAM ALL SEASONS OF “MAD MEN”
Lions Gate Entertainment, which produces the hit television series “Mad Men”, is finalising a deal with Netflix to stream all seven seasons of the critically-acclaimed show about a 1960s advertising agency, according to people close to the situation. The deal is worth between $75m and $100m.