WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
BROKERS SUSPENDED IN LIBOR INQUIRY
More than a dozen traders and brokers in London and Asia have been fired, suspended or put on leave by their employers as a multinational probe into alleged manipulation of crucial global lending rates accelerates. Regulators have been investigating US and European banks that help set interbank lending rates in London and Tokyo since late 2010.
HOUSE OF LORDS VOTES AGAINST NHS BILL
David Cameron defended his controversial health reforms yesterday, but was immediately given a bloody nose by peers who voted against the government’s health bill on their first chance since it returned to the upper chamber. Peers voted by a majority of only four to back an amendment giving mental health equal importance to physical ailments within the NHS, which the government had opposed.
S AFRICA LOOKS AT WAYS TO USE MINERAL WEALTH
South Africa could raise R40bn (£3.3bn) a year, at current commodity prices, through new taxes on the mining industry that could be used to establish a sovereign wealth fund, according to a report commissioned by South Africa’s ruling African National Congress.
DEUTSCHE BANK ASSET MANAGEMENT AUCTION FALTERS
The auction process to sell Deutsche Bank Asset Management is faltering after JPMorgan and State Street withdrew from the bidding, making it more likely the bank will have to break up the business as part of a prolonged sale of the assets. Deutsche Bank had raced ahead with the sale process in the past week, narrowing interest from a wide range of potential bidders to a shortlist of a half a dozen, before the leading contenders withdrew.
THE TIMES
FOUR SEASONS REACTS TO ITS DEBT DEADLINE
Britain’s largest care homes group may have to raise more than £200m of fresh equity to help to ease its debts. Four Seasons said yesterday that shareholders may be asked to support a new equity-raising as one of a number of options it is considering to help to repay or refinance £780m of debt due in September.
PM STUDIES GOLDEN SKIRTS QUOTAS
The failure of Britain’s biggest companies to appoint more women to top jobs is harming Britain’s economy, David Cameron will say today. The Prime Minister is visiting Stockholm to “get ideas” on how to increase the proportion of women directors in the UK. He will examine plans for gender quotas in the boardroom and may admit a lack of progress in boosting the proportion of senior female execs.
The Daily Telegraph
PLUS MARKETS SHAREHOLDER IS DISAPPOINTED BY SALE
One of the largest investors in Plus Markets Group has said it is “saddened and disappointed” by the company’s decision to put itself up for sale. Amara Dhari Investments, which controls more than 18 per cent of the exchange’s shares, said the decision was “regrettable” given the fact that Plus’s share price had fallen by more than 50 per cent over the past year.
SANTANDER CRACKS DOWN ON INTEREST ONLY MORTGAGES
Santander has become the first major high street bank to insist that home owners need a 50pc deposit – or 50pc equity in their home – if they want an interest-only mortgage. This move not only affects those buying a property, but will also hit existing borrowers who are moving home.
THE WALL STREET JOURNAL
BANKS NEAR $25 BILLION PACT ON FORECLOSURE PROBE
Government officials are on the verge of an agreement worth as much as $25bn with five major banks, capping a yearlong push to settle federal and state probes of alleged foreclosure abuses by lenders. The deal would represent the largest government-industry settlement since a multistate deal with the tobacco industry in 1998.
FX ALLIANCE IPO PRICES AT $12 EACH, BELOW EXPECTED RANGE
FX Alliance’s initial public offering of 5.2m shares priced yesterday at $12 each, below its expected range of $13.50 to $15.50 apiece. The company filed plans in September for an IPO of as much as $100m in stock. FX Alliance won’t receive proceeds from the sale of shares by its stockholders, which include Technology Crossover Ventures and other funds.