February 11, 2013 / 1:15 AM / in 5 years

PRESS DIGEST - Financial Times - Feb 11

Feb 11 (Reuters) - Headlines

FBI probes EADS unit claims

Barclays plans 2 bln stg cost-cutting

US Airways and American near tie-up

EasyJet founder to vote no to chief’s pay

Horsemeat scandal reverberates across Europe

Dong eyes partial sale of London Array stake

Lion Capital acquires GHD

Radical rescue proposed for Cyprus


A unit of EADS, Europe’s biggest aerospace company, is under scrutiny of the FBI, which is probing corruption allegations relating to a contract in Saudi Arabia for the UK’s Ministry of Defence. Barclays will target at least 2 billion pounds in cost savings from its 20 billion pounds annual cost base when the bank announces its strategic overhaul on Tuesday. The overhaul includes plans to boost profitability by cutting about 2,000 investment bank jobs and shuttering some operations in parts of Europe.

American Airlines and US Airways are putting the finishing touches to their merger that will create the biggest US carrier by revenues in a deal expected to be announced this week.

Sir Stelios Haji-Ioannou, founder of EasyJet, is set to vote against plans to award the company’s CEO a 5 million pounds pay package at the budget airline’s annual general meeting next week. The horse meat scandal, which has rocked Britain’s food industry, has spread across the continent with some of France’s biggest retailers taking their in-house beef products off shelves fearing adulteration.

Canadian pension fund Caisse de Depot is close to buying a 25 percent stake in London Array, the world’s largest offshore wind farm, for 500 million pounds. The current owner of the shares, Denmark’s Dong Energy, is looking to sell half of its 50 percent stake. Private equity firm Lion Capital struck a 300 million-pound deal with Montagu Private Equity to buy GHD, a UK-based hair straightening brand endorsed by singer Katy Perry.

According to a confidential memorandum prepared ahead of Monday’s meeting of eurozone finance ministers, a radical financial rescue plan for Cyprus entails uninsured depositors in Cypriot banks, as well as investors in the country’s sovereign bonds, incurring losses.

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