PRESS DIGEST - Financial Times - Feb 8

Thu Feb 7, 2013 8:41pm EST

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

Overview

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.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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