PRESS DIGEST - Financial Times - Dec 6

Wed Dec 5, 2012 8:50pm EST

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Financial Times

Headlines

RATING THREAT AFTER UK AUTUMN STATEMENT

FISCAL WATCHDOG CUTS GROWTH FORECAST

IRISH PROPERTY TAX PILES ON HOMEOWNERS' MISERY

DEUTSCHE BANK HID $12BLN, STAFF SAY

EADS SHAKES UP SHAREHOLDER PACT

FREEPORT'S $20BLN OIL MOVE SPURS SHARE FALL

CITI JOINS BANK JOBS CULL BY AXING 11,000

LOW WATER LEVELS THREATEN US FARM GOODS

STARBUCKS SAYS IT WILL PAY MORE TAX

HSBC SELLS PING AN STAKE TO THAI GROUP

Overview

RATING THREAT AFTER UK AUTUMN STATEMENT

Britain's triple-A credit rating was under threat on Wednesday night after George Osborne conceded one of his key public finance targets would be missed and official forecasts dashed his hopes of fighting the election on the back of a revived economy.

FISCAL WATCHDOG CUTS GROWTH FORECAST

The Office for Budget Responsibility on Wednesday took a scythe to its growth forecasts and ruled out all hope of a sharp upturn in the UK's economic fortunes over the next five years.

IRISH PROPERTY TAX PILES ON HOMEOWNERS' MISERY

Five eye-watering austerity budgets in five years have elicited little more than weary resignation from Irish taxpayers forced to live under an international bailout following the bursting of a housing bubble.

DEUTSCHE BANK HID $12BLN, STAFF SAY

Deutsche Bank failed to recognise up to $12 billion of paper losses during the financial crisis, helping the bank avoid a government bail-out, three former bank employees have alleged in complaints to US regulators.

EADS SHAKES UP SHAREHOLDER PACT

EADS on Wednesday outlined the biggest shake-up to its corporate governance since the company's creation in 2000, in changes aimed at providing Berlin with equivalent influence to Paris at the aerospace and defence group.

FREEPORT'S $20BLN OIL MOVE SPURS SHARE FALL

Freeport-McMoRan Copper & Gold has engineered a dramatic re-entry to the oil business with two deals worth a total of about $20 billion, buying Plains Exploration and Production and McMoRan Exploration.

CITI JOINS BANK JOBS CULL BY AXING 11,000

Citigroup's new chief executive has wasted little time putting his stamp on the US bank by axing 11,000 jobs, adding to a wave of staff reductions across the financial services industry.

LOW WATER LEVELS THREATEN US FARM GOODS

Grain and petrochemicals worth billions of dollars risk being marooned far from market, barge operators and grain exporters have warned, as falling Mississippi water levels threaten to close the river to navigation.

STARBUCKS SAYS IT WILL PAY MORE TAX

Starbucks will pay extra tax in the UK under a deal to defuse accusations of tax avoidance, though it denies its previously paid too little, insisting it has followed the law.

HSBC SELLS PING AN STAKE TO THAI GROUP

HSBC has struck a $9.4 billion deal to sell its entire 15.6 percent stake in Ping An Insurance to companies controlled by Thailand's Charoen Pokphand Group.

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