What the other papers say this morning – 24 February 2014
FINANCIAL TIMES
Deutsche Bank plans to cut US assets
Deutsche Bank has for the first time laid out its plans to slash its US balance sheet as it seeks to allay concerns over how it would deal with tough new rules imposed by the Federal Reserve on foreign banks. The lender aims to reduce assets held in its US arm by up to a quarter largely through reassigning some operations to Europe or in Asia. This comes after the Fed confirmed last week that overseas lenders operating in the US would have to ringfence capital in the country to safeguard against future financial crises.
BP Iraqi oilfield in jeopardy
The future of BP’s flagship Rumaila oilfield in southern Iraq is in jeopardy after a bureaucratic snarl-up in Baghdad forced the company to axe a hundred crucial contractor jobs. The move highlights the mounting challenges facing western oil majors in Iraq, and bodes ill for the country’s ambitious plans to revive an oil industry still recovering from years of war and sanctions.
UK migration in visa auctions plan
Proposals due to be unveiled this week would allow UK visas to be auctioned off to the highest bidders, despite criticism from immigration lawyers that this would create an “eBay culture” for permanent residence in Britain. Under current rules, overseas investors can pay £1m, £5m or £10m to speed up the process.
THE TIMES
Secret pension fees to be exposed
Pension companies will be made to come clean about the web of hidden costs draining billions of pounds from Britain’s retirement pots. The government is to make fund managers reveal the details of costs and charges for almost all pensions in Britain.
City pays to lure young professionals
Young professionals are in high demand in the City for the first time since the financial crisis and their pay reflects the need for banks, law firms and accountants to boost junior staff ranks. Bof AML intends to boost the number of junior staff in its investment bank by 14 per cent this year, while JP Morgan wants to hire 10 per cent more by the third quarter.
The Daily Telegraph
Goodbye National Insurance
National Insurance, a 100-year old charge on employers and employees, will be renamed “earnings tax”, the Chancellor has signalled. The change, which will be proposed in legislation to be published tomorrow, is the first step towards merging income tax with National Insurance.
Gulf Typhoon jet orders boost UK
Britain has climbed up an arms export ranking to become the fourth biggest defence exporter in the world last year because of huge deliveries of Eurofighter Typhoon jets to the Gulf. The table, compiled on actual deliveries rather than sales, shows that the UK leapfrogged Germany in 2013.
THE WALL STREET JOURNAL
EUROPE
Discovery readies bid for Channel 5
Discovery Communications is preparing a bid for UK broadcaster Channel 5, as the US cable-channel owner looks to continue its rapid growth in international markets. Channel 5, owned by British businessman Richard Desmond, has sent potential buyers a prospectus that sets a 27 February deadline for initial offers.
Netflix to pay Comcast for streaming
Netflix has agreed to pay Comcast to ensure Netflix movies and television shows stream smoothly to Comcast customers, an agreement that could set a precedent for Netflix deals.