WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
DIRECTORS’ PAY AND PENSIONS UNDER SCRUTINY
FTSE 100 directors have amassed final salary pension pots averaging £2.8m, according to research, while trade union bosses came under fire for their pay packages before Thursday’s strike by up to 750,000 teachers and civil servants on pension reform. A survey of 137 directors by Incomes Data Services, the pay analyst, found such a pot could buy a pension annuity worth more than £170,000 a year.
FEARS RAISED OVER NORTHUMBRIAN WATER BID
An investment vehicle controlled by a leading Asian tycoon has been accused by an MP of keeping Northumbrian Water’s 3,000 staff “in the dark” and urged to divulge any plans to launch a bid for the company. The comments from Kevan Jones MP came after Cheung Kong Infrastructure disclosed that it was considering making a cash bid.
TORY DONORS IN FUNDING THREAT OVER HIGH SPEED 2
Several Conservative donors have warned the prime minister that they will withdraw funding from the party if the coalition presses ahead with its plans for a high-speed rail link, it emerged on Tuesday. David Begg, director of the Campaign for High-Speed Rail, admitted that the project was “not a done deal by any means”, given the voluble resistance from some Tories living near the proposed route.
CHINA IN QUEST FOR SHALE GAS RESERVES
China’s search for natural gas passed a landmark this week as the government launched its first tender offer for four shale gas blocks in southern China, underlining Beijing’s determination to move forward with developing unconventional gas resources.
THE TIMES
GOLDMAN PREPARES TO SPREAD ROOTS CLOSE TO ST PAUL’S
Goldman Sachs has appointed a leading American developer to draw up plans for a one million sq ft “groundscraper” yards from its London headquarters. The investment bank has appointed Tishman Speyer, which developed its New York offices, The Times understands.
A MILLION TAXPAYERS WILL BE TOLD TO PAY MORE
The Government is set to claw back money from more than a million people who unwittingly paid too little in tax over the past year because they were given the wrong tax codes. HM Revenue & Customs revealed yesterday that 1.2m taxpayers owed the Government an average of £600. Any amount less than £50 will be written off. However, as many as 3.5m people could get a cheque through the door.
The Daily Telegraph
PRINCE OF WALES’S HOUSEHOLD GROWS AND SPENDING INCREASES
The Prince of Wales took on ten extra staff and increased his spending on travel by more than 50 per cent last year, his annual accounts show. Prince Charles employed the equivalent of 158.9 full-time staff at the end of the financial year, including 26 personal staff, compared with 149 the year before.
UK CITIES TO COMPETE TO ATTRACT NEW BUSINESS WITH LOWER TAXES
Britain’s cities are to be encouraged to compete with one another to lower business rates and attract more firms to set up in their areas, under plans to be unveiled by ministers next month. Local authorities are set to be allowed to keep money raised from business rates and decide the tax’s level themselves. A cap will be imposed by the Government .
THE WALL STREET JOURNAL
SIEMENS SEES SIGNS OF SLOWING GROWTH
German industrial conglomerate Siemens, a barometer of the world’s manufacturing industry, said yesterday that although it expects sales and orders to rise in the fiscal third quarter, there are signs of slowing growth.
“The tailwind from the economic recovery is likely over. Now, increased efforts are required for continued growth,” Siemens chief financial officer Joe Kaeser told analysts.
ZYNGA PREPARING TO FILE IPO
Online social gaming company Zynga is preparing to file for an initial public offering as early as Wednesday and hopes to raise up to $2bn, people familiar with the matter said. The maker of the popular FarmVille games has picked Morgan Stanley to lead the offering, with Goldman Sachs also a lead underwriter.