PRESS DIGEST - Financial Times - Dec 5

Tue Dec 4, 2012 9:29pm EST

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Financial Times

Headlines

UK FINANCE MINISTER TO EXTEND AUSTERITY INTO 2018

TESCO SIGNALS END OF AMERICAN DREAM

HOPES RISE OF CUTS IN PENSION DEFICITS

PANEL PILLORIES FORMER HBOS CHAIRMAN

SCHAUBLE PUTS BANKING UNION IN DOUBT

ABRAMOVICH BUYS NORILSK STAKE TO END STRIFE

BUFFET SEEKS $1BLN IN DAMAGES FROM SWISS RE

FED EYES MORE LONG-TERM DEBT FOR BANKS

INTERSNACK HUNGRY FOR KP SNACKS DEAL

Overview

UK FINANCE MINISTER TO EXTEND AUSTERITY INTO 2018

George Osborne will be forced to extend austerity deep into the next parliament, as he presents a bleak Autumn Statement against the backdrop of weaker growth and a larger deficit.

TESCO SIGNALS END OF AMERICAN DREAM

Philip Clarke, chief executive of Britain's biggest retailer, is expected to announce a strategic review of Fresh & Easy, alongside its third-quarter trading update on Wednesday.

HOPES RISE OF CUTS IN PENSION DEFICITS

Companies might be able to slash the deficits on their pension schemes at the stroke of a pen after a consultation to be unveiled by chancellor George Osborne on Wednesday.

PANEL PILLORIES FORMER HBOS CHAIRMAN

Lord Stevenson, former chairman of HBOS, was pilloried by Parliament after letters emerged in which he assured the City watchdog that the bank was secure just six months before its collapse.

SCHAUBLE PUTS BANKING UNION IN DOUBT

Plans to create a eurozone banking union stalled on Tuesday after Germany's finance minister cautioned over moving too quickly, casting doubts over whether the EU would seal a deal in 2012.

ABRAMOVICH BUYS NORILSK STAKE TO END STRIFE

Roman Abramovich, the Russian billionaire owner of Chelsea football club, has agreed to buy a 7.3 percent stake in Norilsk Nickel in a deal to end the company's long-running shareholder conflict.

BUFFET SEEKS $1BLN IN DAMAGES FROM SWISS RE

Warren Buffett's Berkshire Hathaway is claiming as much as $1bn in damages from Swiss Re, the reinsurer it propped up during the financial crisis with an emergency capital injection.

FED EYES MORE LONG-TERM DEBT FOR BANKS

US bank regulators are joining fellow bank supervisors in examining proposals to force the largest and most complex financial institutions to fund themselves with more long-term debt.

INTERSNACK HUNGRY FOR KP SNACKS DEAL

KP Snacks is about to be sold to German snacks maker Intersnack, paving the way for a possible disposal of the rest of United Biscuits' brands, including McVitie's Jaffa cakes next year, people familiar with the matter said.

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