PRESS DIGEST - Financial Times - Jan 24

Financial Times

BERLIN READY TO SEE STRONGER 'FIREWALL'

Germany is open to boosting the firepower of the euro zone's rescue funds to 750 billion euros ($980 billion) in exchange for strict budget rules favoured by Berlin in a new fiscal compact for all members of the currency union.

UK'S CABLE PLANS TO CURB TOP PAY

British business secretary Vince Cable outlined the most ambitious attempt in a decade to reign in soaring executive pay with measures to boost shareholder power and demystify complex pay deals.

RIM SHARES HIT BY DOUBTS OVER NEW CHIEF

Shares in Research In Motion have weakened further in reaction to a sweeping board and management shake-up at the BlackBerry smartphone manufacturer after analysts raised doubts about the capacity of its new chief executive to turn the company around.

PREMIER FOODS BEGINS DIVISION DISPOSALS

Premier Foods has kicked off the sale of Sarson's Vinegar and is accelerating the disposal process on Hartleys Jams as it strives to secure new loan terms with its bankers by the end of March.

THYSSENKRUPP DISCUSSING OUTOKUMPU STEEL TIE-UP

ThyssenKrupp, the German steel and technology conglomerate, is in talks with Finland's Outokumpu about a possible tie-up of the two companies' stainless steel businesses in a move that could presage long-awaited European consolidation.

PETROPLUS HALTS FUEL SALES FROM REFINERY

Coryton refinery, one of the largest in the UK and a key source of petrol for London and the south-east of England, stopped fuel supplies on Monday as trading in the shares of its owner Petroplus was suspended.

ASDA GOES FOR GROWTH WITH 500 MILLION EXPANSION

Asda, the British arm of U.S. retailer Wal-Mart Stores , is to spend 500 million pounds ($780 million) expanding its store estate, at the same time as Tesco could walk away from its standalone home furnishings stores.

MORGAN STANLEY NEARS WEALTH UNIT SALE

Bridgepoint Capital is set to buy Morgan Stanley's Quilter UK private wealth management business, valuing it at roughly 180 million pounds and underlining private equity groups' growing interest in the financial services sector.

DIGITAL REVENUES SET TO OFFSET CD'S FALL

The global music industry says it is close to a turning point where growth from digital revenues offsets declining sales of CDs, thanks to a combination of subscription services and tougher action on piracy.