PRESS DIGEST - Financial Times - Feb 8
Feb 8 (Reuters) -
Headlines Einhorn sues Apple over capital plans
Safety agency deals blow to Boeing
Dell to sell $7 billion overseas liquid assets
Peugeot faces fears of 6 billion euro loss
Monte dei Paschi seeks to close scandal
Draghi move fuels currency war fears
EU leaders set to tighten budget
Cartwright goes in Burberry board shake-up
Hedge fund manager David Einhorn's Greenlight Capital sued Apple , saying the company should give stockholders a bigger piece of its $137.1 billion cash pile, in one of the strongest criticisms by an investor of the consumer device giant's cash allocation strategy.
A top U.S. transport safety official has sharply criticised the process that approved the batteries on the Boeing Co 787, adding a new and potentially time-consuming wrinkle to the plane's grounding.
Dell is seeking to raise $7.4 billion in cash by selling assets, many of them held outside the U.S., as part of its deal to go private.
Struggling French carmaker PSA Peugeot Citroen wrote down the value of its automotive assets by 3.9 billion euros hurt by a weak European automotive market. The writedown will take the company's 2012 net loss to about 6 billion euros.
Italy's Monte dei Paschi said there were no more derivatives losses beyond the 730 million euros ($988 million) it has disclosed, which have rattled financial markets and become a campaign issue ahead of parliamentary elections. European Central Bank president Mario Draghi's intervention to rein in a rising euro has the makings of a global currency war, some policy makers fear. The European Union's chief budget negotiator proposed further modest cuts to the bloc's long-term spending plan on Thursday to try to bridge deep divisions among member states on how nearly 1 trillion euros of funds should be spent.
Stacey Cartwright, chief financial officer at British luxury clothing company Burberry Group, is to step down to pursue other interests. Cartwright, CFO since 2004, helped turn the company into a leading international brand.