What the other papers say this morning – 18 February 2014
FINANCIAL TIMES
Goldman retreats from bond platform
Goldman Sachs has retreated from its electronic bond trading platform, in a move that highlights the challenges investment banks face in revamping their struggling fixed-income trading businesses. Banks including Goldman, Morgan Stanley and UBS had developed their own electronic corporate bond trading platforms in an effort to more efficiently match buyers with sellers of debt, and make money from facilitating the transactions. But people familiar with Goldman’s plans say further development of its GSessions platform has been put on hold, after a last-ditch revamp late last year failed to bring in significantly more business from investors.
Banks review rules on forex traders
Lenders including Deutsche Bank, RBS and UBS are reviewing rules on currencies traders making bets with their own money, in a sign investigations into the market is prompting a crackdown on trading floors. The banks are assessing ways to tighten policies on “private account” trading, several people familiar with the situation said.
Indonesia taps $5.4bn Hajj fund
Hit hard by global market jitters, Indonesia is looking to the 2m Muslims waiting to go on the pilgrimage to Saudi Arabia as a source of funds. Its religious affairs ministry has a Rp63 trillion ($5.4bn) fund from prospective pilgrims who make a Rp25 downpayment to join the waiting list.
THE TIMES
Pinewood Shepperton grows in Wales
The firm that owns Pinewood Shepperton studios in Buckinghamshire has expanded further afield after striking a deal to open an additional facility in Cardiff. It wants to double the size of its English studios, home to the James Bond franchise, but has been blocked by the local council because of opposition to building on the green belt. It will now go west, with the Welsh Government backing an 180,000 sq ft studio.
China goes in search of Disney hero
Disney will sink a further $550m into its theme park in Hong Kong as the number of Chinese visitors to the former UK colony nears 1m a week.
The Daily Telegraph
Trader stress could make crises worse
Financial markets may be more vulnerable to traders’ stress levels than previously thought, according to researchers led by Dr John Coates – an ex-Goldman trader turned neuroscientist. The findings suggest stress could make traders more cautious, exacerbating crises just at a time when risk-taking is needed to support crashing markets.
French TV wants protection from Apple
The heads of France’s three largest private television networks have asked the government to protect them from US competitors like Google, Apple and Netflix who are set to enter the market.
THE WALL STREET JOURNAL
Foxconn to list cable unit in Taiwan
Foxconn, the world’s largest contract manufacturer by revenue, plans to list its cable and connector unit in Taiwan next year as it seeks funds for overseas expansion and new technologies. The unit’s chief, Sidney Lu, said the cable and connector unit is planning to invest in manufacturing facilities in Harrisburg as its looks to expand into the automotive industry in the US.
Iran nuclear talks resume with caution
Iran and six major powers will begin negotiations today aimed at reaching a final settlement of international concerns over Tehran’s nuclear ambitions.