WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
UNITED REMAINS KEEN TO COURT RIVAL CONTINENTAL
The head of United Airlines has hinted at the benefits of renewing merger talks with Continental Airlines, saying the market had judged in favour of rival Delta’s takeover of Northwest.
“The market capitalisation of Delta is approximately twice the combined market capitalisation of United and Continental,” said Glenn Tilton, chairman and chief executive of Chicago-based United.
PHIBRO’S HALL TO LAUNCH NEW FUND
The former Citigroup star energy trader who became a symbol of high compensation on Wall Street is raising money for a hedge fund. Andrew Hall, head of Phibro, the oil and gas trading unit Citi sold to Occidental Petroleum last year, has formed hedge fund group Astenbeck Capital Management.
DELL FUND TARGETS DISTRESSED EUROPEAN ASSETS
Michael Dell’s private investment firm, which has $10bn under management, is opening up to new investors for the first time as it raises a new $500m fund which will specialise in investing in distressed European companies.
MSD Capital, which manages the personal wealth of the founder of computer manufacturer Dell and his family, will open its distressed asset fund this month.
IPAD DEALS WITH PUBLISHERS FACE HURDLES
Newspaper and magazine publishers are stumbling over key issues, such as sharing subscription revenues, as they consider deals to offer digital versions of their products on Apple’s iPad digital media device.
These talks are in early stages and were considered friendly and continuing, executives familiar with the discussions said.
THE TIMES
ENERGY GIANTS LOBBY FOR DIRTY POWER
Two of Britain’s biggest energy companies are lobbying the Conservative Party to keep some of the nation’s most polluting power stations operating beyond a deadline set by the European Union, The Times has learnt.
RWE npower and E.ON, the two German-owned companies, have held private talks with senior Conservative politicians about the legal position of nine coal and oil-fired power plants due to close by the end of 2015 under new EU pollution rules.
WINTER FUEL BONANZA FOR 64,000 EXPATS IN EUROPE
British taxpayers paid £14m in fuel allowances last winter to expatriates living in Spain, Portugal, Greece and elsewhere in Europe, according to figures obtained by The Times.
THE DAILY TELEGRAPH
VEDANTA LINKED TO C$2BN HUDBAY MINERALS
The mining group fell 61p to £23.63 amid chatter Vedanta is increasing its stake in HudBay Minerals, a C$1.9bn (£1.15bn) mining company listed in Canada.
Vedanta disclosed last April it had bought 9.5 per cent of HudBay through a subsidiary based in Amsterdam called Lakomasko.
BA TAKES OFF AS US APPROVES AMERICAN AIRLINES TIE-UP
British Airways closed up 5.1 at 200.6p, as the US regulator confirmed it would allow it to team up with American Airlines to make around £100m in cost savings.
The British flag-carrier should now be able to set prices, market and schedule flights across the North Atlantic jointly with its rival, owned by AMR Corporation.
WALL STREET JOURNAL
EUROPE’S TOP EXECUTIVES KEEP RECEIVING BONUSES
Europe’s top executives received an average bonus of 100 per cent of their salary in the latest financial year, according to a new survey which warns that some companies may end up paying large bonuses despite reporting a fall in profits.
The findings, from the latest report on remuneration by Hewitt Associates, show that Europe’s chief executives took home an average salary of €1.2m in the 2008 or 2009 financial year, while their bonuses were about the same.
TOYOTA PLANS TO BOOST TESTING
Toyota Motor Corporation is considering ways to bolster procedures for checking the quality and reliability of cars and to do more to publicize incremental changes to cars already on the market.