WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
HONDA TO ACCELERATE OUTPUT IN EUROPE
Honda says it will nearly double its production of cars in Europe as it seeks to reduce its reliance on imports form Japan and recover from a disastrous year. The carmaker’s European boss said that Honda aimed to increase production at its main European plant in Swindon to 180,000 in 2012, up from 97,000 last year.
SMALL SHOPKEEPERS BENEFIT AS BIG CHAINS RETREAT
Independent retailers have reported a surprise sales boost as national retail chains continue to retreat from the high streets. In the last quarter of 2011, more than half of small shopkeepers surveyed by the British Independent Retailers Association reported higher sales than the same period last year.
CAR TRADE DEFICIT IS LOWEST FOR 36 YEARS
Britain’s trade deficit in cars is at its smallest since 1976 as the country’s automakers profit from buoyant overseas demand for their vehicles, unpublished official statistics show.
TEPCO TOLD TO CEDE OWNERSHIP FOR FUNDING
Japan’s government has threatened to withhold a 1 trillion yen financial rescue of Tokyo Electric Power , owner of Fukushima Daiichi nuclear power station, unless the struggling utility allows itself to be nationalised.
THE TIMES
BANKING CHIEF FAILED TO DISCLOSE £2M SHARES DEAL
Jaspal Singh Bindra, the Hong Kong-based chief executive of Standard Chartered’s Asia business is facing a possible investigation by the Financial Services Authority after failing to disclose a £2m shares deal to the bank for more than three weeks.
CITY OFFICE SPACE IS SHRINKING FAST
Job cuts and fears of another recession are causing large businesses to cut the amount of office space they occupy in London’s Square Mile. A report by DTZ shows a “space efficiency drive” by tenants has led to a 7.3 per cent drop in occupancy costs.
The Daily Telegraph
SONY AND APPLE ANGER WHITNEY HOUSTON FANS OVER ALBUM PRICE HIKE
Sony and Apple were heavily criticised yesterday after the cost of buying Whitney Houston’s greatest hits album nearly doubled shortly after her death over the weekend. The price of the singer’s Ultimate Collection jumped to £7.99 from £4.99 on iTunes, although it is now the original price.
KUWAIT’S CENTRAL BANK BOSS SHEIKH SALEM ABDULAZIZ AL SABAH QUITS AFTER CRITICISING STATE
The governor of the Central Bank of Kuwait has quit amid apparent disagreements over the government’s spending policies.
THE WALL STREET JOURNAL
EX-BEAR HEDGE-FUND MANAGERS SETTLE SEC CHARGES
Two former Bear Stearns hedge-fund managers agreed with the Securities and Exchange Commission to settle civil-fraud charges for a total of $1.05m. The two managers of the Bear funds also agreed to securities-industry bans.
DEUTSCHE DEAL ON KIRCH IS IN THE WORKS
Deutsche Bank is closing in on an agreement to pay about €800m to settle decade-old claims that a former chief executive officer helped drive German media company Kirch Group into bankruptcy, according to people familiar with the negotiations.