Europe Morning Headlines: ECB ‘ready’ for more action after rate cut, SAC Capi...


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Financial Times
Europe morning headlines
Friday May 03 2013

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Financial Times - Europe homepage
 
ECB 'ready' for more action after rate cut
A stream of bad data increased the pressure to act but opposition from a German representative in the bank's inner sanctum highlighted the constraints to further action
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/52R8PH/7V/h?a1=2013&a2=5&a3=3
 
SAC Capital threatens to claw back bonuses
Letter from Steven Cohen, revered as one of the most successful hedge fund managers, comes ahead of deadline for clients to request their money back
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/209HNN/7V/h?a1=2013&a2=5&a3=3
 
Japan set for Turkish nuclear deal
With Abe due to sign an agreement with Erdogan, a deal to build the nuclear plant in Sinop would be economically and symbolically significant for Tokyo
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/VTXNE1/7V/h?a1=2013&a2=5&a3=3
 
Trio emerge as frontrunners for Shell role
Marvin Odum, who heads Shell's exploration and production division in the Americas; Andy Brown, who runs all other upstream operations; and Simon Henry, the group's chief financial officer, seen as likely successors
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/MJVYMO/7V/h?a1=2013&a2=5&a3=3
 
Intel names 30-year veteran as new chief
Krzanich is steeped in Intel's core manufacturing operations, having joined in 1982 as an engineer and rising to manage one of its 'fabs'
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/SU5JDG/7V/h?a1=2013&a2=5&a3=3
 

Markets
 
ECB lowers rates and stands 'ready' to do more
Euro weakens as markets digest the possibility of negative eurozone interest rates, while the S&P 500 hits fresh record ahead of US jobs report
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/NR2IMD/7V/h?a1=2013&a2=5&a3=3
 
Hedge funds find salvation in Abenomics
The soaring Nikkei and plummeting yen, spurred by policies in Japan, have led to big returns
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/6AF61K/7V/h?a1=2013&a2=5&a3=3
 
Pressure to clip Fannie and Freddie's wings
Fears that commercial mortgage trading by government-controlled finance giants is distorting the US housing market
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/YGYUSN/7V/h?a1=2013&a2=5&a3=3
 
Gulf needs more hospitals than Hummers
Kuwait is wise to invest more in real estate and infrastructure projects, while much of the region is living on borrowed time
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/PNZQ4E/7V/h?a1=2013&a2=5&a3=3
 
Glencore hits rich seam on last day
Banks involved in Xstrata takeover push stock to clients for final time in its old form, while BG Group provides 6 points of FTSE's advance
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/LSCDZI/7V/h?a1=2013&a2=5&a3=3
 

World News - latest world news headlines - FT.com
 
Obama picks Pritzker for commerce post
The US president also tapped Michael Froman, his top international economic adviser, to be US trade representative
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/WHK3Q6/7V/h?a1=2013&a2=5&a3=3
 
Draghi urges faith in austerity measures
The ECB president said euro area countries had succeeded in cutting deficits in the past two years but average debt had risen to 90.6 per cent in 2012
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/6AF61Q/7V/h?a1=2013&a2=5&a3=3
 
Syria rebels see funders run short of cash
Financing from networks of well-off individuals is starting to cease as the Syrian conflict escalates, driving smaller groups into shortlived alliances
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/RPMSXS/7V/h?a1=2013&a2=5&a3=3
 
Sentiment turns against Golden Dawn rhetoric
Police were asked to clear the square on grounds that the neo-Nazi party had not sought permission and that the distribution amounted to an act of racial discrimination
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/OFAE4M/7V/h?a1=2013&a2=5&a3=3
 

Europe News - latest Europe news headlines - FT.com
 
Dublin backs its president over austerity
President Michael Higgins called for a "radical rethink" of how EU leaders tackled the crisis and warned the union risked social upheaval unless they changed course
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/LSCD7T/7V/h?a1=2013&a2=5&a3=3
 
London traders back Cameron on Europe
The majority of London businesses are in favour of staying in the EU but only if changes are made to the conditions of membership
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/7ZNOLF/7V/h?a1=2013&a2=5&a3=3
 

European companies
 
Sanofi misses profit forecasts
European austerity measures and US patent expiries helped push first-quarter earnings at the French pharmaceutical group below consensus levels
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/NR2I5R/7V/h?a1=2013&a2=5&a3=3
 
Praise for chief who steered Shell to stability
Peter Voser bequeaths a strong pipeline of projects after overseeing a surge in production after years of decline, bringing praise for his timing
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/MJVYMF/7V/h?a1=2013&a2=5&a3=3
 
Ikea green light to open in India
Cabinet committee on economic affairs has approved a plan to spend up to €1.5bn to open about 25 stores in the coming decades
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/MJVYM2/7V/h?a1=2013&a2=5&a3=3
 
ING's Voya Financial rises on debut
The move brings the Dutch banking stakeholder closer to complying with conditions the European Commission imposed on it in 2009 as part of its bailout
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/XBDP9J/7V/h?a1=2013&a2=5&a3=3
 
Turkey's retailers set for consolidation
Walmart sought a controlling stake in Migros last year at a price that would have valued the retailer at more than $4bn including debt
http://link.ft.com/r/A1TNOO/IELJX6/LQ05NB/8Z0YW0/9MPCH9/7V/h?a1=2013&a2=5&a3=3
 
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