WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
SPAIN TO SEEK REDRESS OVER E. COLI CLAIM
Spain will demand “100 per cent” compensation for the damage suffered by its farmers over unfounded accusations that they were the source of the E. coli outbreak in Germany that has killed 22 people and made thousands sick. Rosa Aguilar, Spain’s environment and rural affairs minister, said the demand would be put to a meeting of European Union farm ministers in Luxembourg today. She did not specify how much Spain would claim.
TATA TEA GROUP BREWING UP DEAL TO SELL STAKE TO STRATEGIC INVESTOR
Tata Global Beverages, owner of the UK’s Tetley Tea and the US’s Eight O’Clock coffee, is in talks to sell about 20 per cent in its international operations to a strategic investor. The world’s second-biggest tea group, which has partnerships with beverage groups PepsiCo and Starbucks, expects to conclude a deal in the next few months.
CREDIT SUISSE LOSES TOP ANALYST
Tony Shiret, the highly rated retail analyst and a vocal critic of Marks and Spencer under the leadership of Sir Stuart Rose, has left Credit Suisse after 18 years with the bank. The veteran analyst, one of the most well-known and highly regarded in the retailing sector, was made redundant last week, as part of job cuts in its equities department. “He’s like the Godfather of the sector in terms of experience,” said one person who has worked with him in the past.
CAIRN AWAITS RULING ON ECO WARRIORS
Greenpeace will continue its campaign to try to stop Cairn Energy from drilling in the Arctic as a Dutch court deferred its ruling on an injunction against the environmental organisation until Wednesday.
THE TIMES
ALCOHOL SALE BAN RETURNS TO HAUNT TESCO
Tesco’s troubled American business has been dealt another blow, as a proposed ban on the sale of alcohol from self-checkout terminals in California moves one step closer to becoming law. More than 70 per cent of Tesco’s 175 Fresh & Easy stores are in California. All rely solely on self-checkouts, giving it a big cost advantage, but a union-backed bill aimed at tackling under-age drinking has passed its first hurdle.
ONE MILLION PEOPLE FAILED TO GET ANY OLYMPIC TICKETS
One million people who applied for London 2012 Olympic Games tickets did not receive any, The Times understands. The figure is far higher than previous estimates that suggested only only 250,000 people out of the 1.8m who applied had missed out.
The Daily Telegraph
EUROPEAN CENTRAL BANK RISKS BEING WIPED OUT BY BAIL-OUTS
The European Central Bank is “looking increasingly vulnerable” and may face “hefty losses” as a result of propping up indebted Eurozone countries, a leading think-tank has warned. The International Monetary Fund’s partner in the recent international bail-out missions is itself in danger of becoming a liability, Open Europe has argued.
GAS GLUT IS FADING AS GLOBAL DEMAND SURGES
Only six months ago, the International Energy Agency was warning that the world was suffering a gas glut that would last until 2015. The IEA said that a combination of factors made rising demand for gas more likely, with usage potentially growing by 50pc before 2035. Now the oversupply may be gone before 2015.
THE WALL STREET JOURNAL
TALK OF CHANGES AT STABLE JP MORGAN
JP Morgan Chase & Co boss James Dimon rode out the financial crisis with one of the most stable management teams in the financial world. That might be about to change. Two executives on the New York bank’s 15-person operating committee, commercial-banking chief Todd Maclin and top international executive Heidi Miller, are expected to step down from those jobs soon, according to people familiar with the matter.
GOLDMAN PLANS TO FIGHT BACK AGAINST SENATE REPORT
Goldman Sachs Group, trying to counter a Senate subcommittee report that is fuelling investigations and suspicion of the firm, plans to accuse the subcommittee of drastically overstating Goldman’s bets against the housing market in 2007.