WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
FEARS GROW FOR $45BN UTILITY AS BUYOUT GROUPS’ HEDGES NEAR EXPIRY
The world’s biggest private equity deal is facing rising financial pressure during the next two years with the expiry of contracts that underpinned the takeover of utility TXU. Investors in the $45bn buyout of the company, now known as Energy Future Holdings, fear a sharp drop in revenue as hedges that protected it from a fall in natural gas prices progressively expire by 2014.
SEARCH FOR MINERALS HINDERED AS EXPLORATION BUDGETS DRY UP
Mining exploration budgets are being reined in this year as companies struggle to raise capital to fund the search for new reserves to meet surging Chinese demand for commodities from copper to iron ore.
STATOIL IN POLE POSITION TO BUY BRAZILIAN BUSINESS OF ANADARKO
Norway’s state-controlled energy group Statoil is in pole position to buy the Brazilian business of US-listed explorer Anadarko for about $3bn, which would mark the latest big foray by a global oil group into the South American country.
EX-PEACOCKS MAN TRIES ON CLOTHES ROLE AT MORRISON
Wm Morrison has hired the former managing director of Peacocks, Tim Bettley, as its first head of clothing, to spearhead the development of its non-food business.
THE TIMES
CAPCOM SAYS GAME MUST BATTLE FOR SURVIVAL WITHOUT STREET FIGHTER
The failure to get Street Fighter on its side has pushed Game Group even closer to the brink. Capcom’s decision to withhold its latest releases from the ailing entertainments chain comes after Electronic Arts and Nintendo withdrew stock last week.
CAMELOT GIVEN MORE TIME TO HELP GOOD CAUSES AND TO FIGHT DESMOND
Camelot is to press the button on a £100m expansion of its lottery terminal network after winning a four-year extension to its licence to run the National Lottery.
The Daily Telegraph
HUNDREDS OF JOBS TO GO AS RIO TINTO CLOSES UK ALUMINIUM PLANT
More than 500 people will lose their jobs after Rio Tinto announced it will close its Lynemouth aluminium smelter at the end of the month. The FTSE 100 mining company said 323 out of the 515 people working at the Northumberland plant will be made redundant in May after production shuts down.
MATALAN PROFITS SLUMP ON HIGH STREET SLOWDOWN AND LARGE DEBTS
Matalan has suffered a slump in profits, becoming the latest privately-owned retailer to be hit by a slowdown on the high street and large debts.
THE WALL STREET JOURNAL
UPS-TNT TALKS HIT A BUMP
United Parcel Service’s talks to take over Dutch rival TNT Express have slowed as a result of friction between the two package-shipping companies over a range of issues, according to people familiar with the matter. Though the people expressed hope the two sides will still reach a deal, they are unlikely to do so this week.
BOEING FORMS ALLIANCE WITH CHINESE JET MAKER
Boeing formed a partnership with Commercial Aircraft of China, or Comac, a nascent competitor in jet manufacturing, to research ways to make planes more fuel-efficient and cut greenhouse-gas emissions.