What the other papers say this morning – 12 September 2013
FINANCIAL TIMES
Libor control to remain in London
Brussels has ditched its plan to put the scandal-mired Libor lending rate under the direct control of a European supervisor in Paris, in a concession that removes a serious political nuisance for Britain. Early drafts of the European Commission regulation, which is to be unveiled next week, called for shifting direct supervision of Libor from London to the European Securities and Markets Authority, based in France. A revised version, seen by the Financial Times, waters down the reforms so that London remains the primary authority for Libor, able to implement its wide-ranging review to restore faith in the flagship interest rate benchmark.
EU probes multinationals’ tax deals
Brussels is probing Ireland, Luxembourg and the Netherlands over their tax deals with multinationals paving the way potentially for a formal investigation into illegal sweeteners.
Europe’s top competition authority has asked the governments to explain their system of tax rulings and give details of assurances given to several specific companies – including Apple and Starbucks.
Derivatives move into the shadows
Shadow financial institutions have taken advantage of the wave of new regulation to steal the lion’s share of the derivatives business from the major banks in a blow to those institutions’ profitability, according to traders.
THE TIMES
Côte restaurants owner sells up
Richard Caring will announce the sale today of his controlling stake in the Côte brasserie chain in a deal with CBPE Capital, the private equity firm, valuing the company at about £100m. It will be a case of third time lucky for the entrepreneur, who has had to restart the sale process twice after negotiations with TA Associates, then Bridgepoint, fell apart at the eleventh hour.
China churns out 64 billionaires
An annual survey of China’s exceedingly wealthy has reported a tally of 315 people with fortunes of more than $1bn — 64 more super-rich than last year.
The Daily Telegraph
Computers to replace fund managers
Standard Life Investments, the global investment manager, has proposed that there will soon be no need for fund managers. In a report published this month by the investment firm, they argue that long-term strategy fund managers could soon be replaced by machines.
BSkyB under pressure for BBC charge
BSkyB faces renewed pressure to drop the millions of pounds it charges the BBC and other public service broadcasters to carry their channels over satellite. The culture secretary, Maria Miller, said BSkyB gained from access to the BBC and the other terrestrial channels.
THE WALL STREET JOURNAL
Shrinking demand closes paper mill
US business International Paper plans to close its biggest paper mill, displacing 1,100 workers and citing shrinking demand for paper. With more consumers emailing, paying bills online and storing files electronically, rather than printing out reams of records, the market for copy paper and envelopes has been falling for a decade.
Renault backs emerging markets
Carlos Ghosn, the chief executive of Renault and Nissan has said he remains optimistic about the long-term prospects in emerging markets, where car sales have declined amid concern those economies are slowing down.