PRESS DIGEST - Financial Times - June 21
BAILOUT FUND SHOULD BUY EURO DEBT
A top European Central Bank policymaker has publicly backed the rapid use of the euro zone's bailout fund to buy stressed sovereign bonds on the open market, saying such action could ease the "very severe strain" being felt by Spain and Italy.
BANKS TO GET CHEAP MONEY TO LIFT UK LENDING
The government's new "funding for lending" programme, designed to boost credit for British business, will cut banks' costs to as little as 1.2 percent, according to people briefed on the scheme.
CERN LAB SEEKING BIG BANG FOR ITS BUCKS
The Cern particle physics research laboratory is set to become a major hedge fund investor, as it seeks bigger returns for its $4 billion pension scheme.
TYCOON SEEKS BACKERS IN TNK-BP STAKE BID
Mikhail Fridman, the Russian billionaire, has been meeting institutional investors in London to canvas support for his plan to buy half of BP's stake in TNK-BP, its Russian joint venture, according to people familiar with the matter.
QUEEN'S PROPERTY PORTFOLIO NOW WORTH BILLIONS
Soaring farmland values and increased demand for central London retail outlets helped the Queen's property portfolio return a record-breaking income surplus for the year of her Diamond Jubilee.
JP MORGAN OFFLOADS 'WHALE' HOLDINGS
JPMorgan Chase has sold the majority of its damaging position in a credit derivatives index that contributed to losses of more than $2 billion and prompted multiple regulatory and legal investigations.
P&G ADMITS ERRORS AND SLOWS EXPANSION
Procter & Gamble vowed to halt its expansion into new markets and focus on the biggest emerging economies as it cut earnings and revenue forecasts and acknowledged it had overstretched.
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