WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
CALLS MOUNT TO CUT TRINITY MIRROR CHIEF’S PAY
Trinity Mirror is facing renewed pressure to rein in the pay of its chief executive Sly Bailey from some of the biggest shareholders in the media group. The shareholders will set out their mounting unhappiness over the pay when Trinity Mirror’s incoming chairman David Grigson holds a series of meetings with key investors.
BALLS SEES GAPING HOLE IN CITY BILL
The bill to revamp City regulation includes a “gaping hole” that could prevent important warnings from reaching the chancellor of the exchequer, Ed Balls, Labour’s shadow chancellor, has warned. In an interview with the Financial Times, Mr Balls criticised the extensive powers the bill would grant to the governor of the Bank of England, Sir Mervyn King, saying the new structure could stifle dissenting voices in the run-up to another crisis.
PAY DEALS IN PRIVATE SECTOR RISE
Private sector pay settlements in recent weeks have been running above last year’s levels, bringing workers some relief from the squeeze on incomes, according to Incomes Data Services, the pay analyst. IDS said almost two-thirds of 30 awards recorded this year were worth at least three per cent compared with a median rise of 2.5 per cent in 2011.
RELIANCE LAUNCHES $2BN BUYBACK TO REASSURE INVESTORS
Reliance Industries launched the largest share buy-back in Indian corporate history yesterday, in a move designed to stem investor concerns about sagging performance and wayward management focus. Reliance shares rose by about two per cent as the $2bn buy-back began, although the group declined to comment on the level of uptake.
THE TIMES
FITNESS CHAIN SENDS BOARD PACKING
Almost the entire board of Fitness First has been axed by its owner in an attempt to stem potential losses of hundreds of millions of pounds on its investment in the world’s biggest fitness club operator. BC Partnershas sacked the fitness chain’s chief executive, finance director and UK managing director and is replacing the chairman and one of the non-executive directors.
MILITARY WEAPONRY WON’T HAVE TO BE MADE IN BRITAIN
Fighter jets, warships and other weaponry may no longer have to be built from scratch by British industry to protect national security. The Ministry of Defence published a White Paper yesterday that eliminated nearly all “sovereign capabilities” from its future industrial requirements.
The Daily Telegraph
JOHN CLARE WINS COMET SUPPLIERS’ SUPPORT AHEAD OF OPCAPITA’S BUY
Veteran retailer John Clare has secured the support of Comet’s major suppliers – just hours before the business is due to be sold to private equity. The former Dixons chief executive has met with the retailer’s key suppliers in recent days, after trade credit insurers placed their coverage of Comet “under review”.
DAVID MILIBAND: MY BROTHER AND A RETURN TO OLD LABOUR
David Miliband has broken his silence to warn that Labour risks moving too far to the Left under his brother’s leadership and is in danger of alienating business. In an article in the New Statesman magazine, Mr Miliband urges the party to avoid returning to Old Labour thinking and not to be overly critical of Tony Blair’s achievements in government.
THE WALL STREET JOURNAL
PFIZER RECALLS BIRTH-CONTROL PILLS
Drug maker Pfizer recalled about a million packs of birth-control pills that weren’t packaged correctly, which raised the risk of unplanned pregnancies among women who relied on the pills. Pulled from shelves were Lo/Ovral-28 pills and their Norgestrel generic versions, which doctors have been prescribing for years to tens of thousands of women.
GLOBAL SHIPPING PRICES FACE MORE CHOPPY WATERS
Freight rates hit a record low yesterday on weak demand for iron ore, poor weather conditions in mining regions and a glut of shipping capacity. The Baltic Dry Index, a composite of commodity shipping costs around the world, fell for a 32nd consecutive session to 662. The previous low, of 663, came in December 2008, during the depths of the credit crunch.