Press Round-up – January 18

January 18, 2012

King holds fast on bank supervision
The governor of the Bank of England on Tuesday dismissed suggestions that its proposed new powers be subjected to internal checks and balances, in an often testy encounter with British MPs. (FT)

Citigroup plunges as rival overtakes
Citigroup’s investment banking business plunged into the red in the fourth quarter of last year as revenues from trading and deal advice dried up. (Times)

DS Smith makes bet on recycled packaging
Britain’s DS Smith is paying 1.3 billion pounds for a Swedish corrugated board business in the belief that environmental challenges are likely to prompt manufacturers to use more cardboard and less plastic, glass or metal. (Times)

Goldman faces backlash over $12.6 billion staff payout
Goldman Sachs’ staff are in line to collect $12.6 billion in pay and bonuses this year despite a fall in profits, sparking another row about bankers’ remuneration. (Telegraph)

Airbus promises 600 new UK jobs
Airbus has pledged to create up to 600 jobs in the UK this year, but sent a shot across the bows of domestic manufacturers by warning that Britain’s GKN recently lost out on a lucrative parts contract to a Korean rival because it was not competitive enough. (Guardian)
Jobs boost fuels hope for U.S. industry
Manufacturing employment has grown faster in the U.S. than in any other leading developed economy since the start of the recovery, as productivity gains and subdued pay rises raise hopes for an American industrial renaissance. (FT)

Hydrogen cell cars move  to fast lane
Hydrogen-powered cars are to receive the support of ministers in an initiative, backed by industry, that aims to make the technology commercially viable by 2015. (FT)

KPMG defends effort on MF Global claims
Winding-up collapsed U.S. brokerage MF Global has thrust the UK’s Financial Services Authority’s new rules under the spotlight but critics argue the new regime is not working, damaging London’s reputation. (FT)

Cinven snaps up patent firm CPA
Intermediate Capital Group has signed a deal to sell CPA, its patent business, to private equity firm Cinven for 950 million pounds ($1.46 billion). (Telegraph)

Comet in talks with trade credit insurers
Comet, the struggling electrical retailer, is due to hold crucial talks with trade credit insurers next week to determine whether they will continue to offer cover to its suppliers following next month’s planned sale of the business to OpCapita. (FT)

Altana to exploit global market ‘dislocations’
Altana Funds, the hedge fund manager set up by the outspoken former Trafalgar Asset Managers founder Lee Robinson, is launching a second fund aimed at profiting from turmoil in western markets.  (FT)

Spain pushes for domestic Bankia merger

Spain’s new government is pressing for Bankia, a group of savings banks listed last year, to seek a merger with another Spanish bank in a deal that would create the country’s largest domestic lender by assets if it materialised, according to bankers in Madrid. (FT)

Retailers set for logistics slimdown
Large retailers across much of the developed world look set to slim down traditional distribution centres near their stores after local governments in many coastal parts of China made it easier to move sorting work close to Chinese factories. (FT)

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