In today's FT: Osborne faces £9bn budget black hole, Qatar bankroll...

If this email is not displayed correctly, please click on the following link or open your browser and paste the link into the address field: http://view.ed4.net/v/3JFELL/Z8EI80/LAZ95F/C51OYF/   In today's FT Friday May 17 2013 How useful are FT email briefings to you and what can we do to improve them? Take our short survey Financial Times - UK Homepage   Osborne faces £9bn budget black hole Ministers fail to provide chancellor with list of 10 per cent in proposed departmental cuts he ordered before last month's deadline http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/Z8EI0J/36/h?a1=2013&a2=5&a3=16   Qatar bankrolls Syrian revolt Financial support from tiny gas-rich state overshadows western backing, but is being nudged aside by Saudi Arabia as the prime source of arms to rebels http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/87P3W7/36/h?a1=2013&a2=5&a3=16   Hayward takes chair at Glencore Xstrata Former BP chief executive makes extraordinary return to the forefront of British business, after Sir John Bond loses vote to be re-elected as chairman http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/RP5MTB/36/h?a1=2013&a2=5&a3=16   Financial Times - US homepage   Dell earnings fall short of expectations Michael Dell's $24.4bn buyout bid with the Silver Lake private equity group comes as PC demand continues to show a sharp decline http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/SU45HA/36/h?a1=2013&a2=5&a3=16   Citi unit exits Bloomberg chat groups US bank highlights concerns over online security, with the financial data provider under fire amid fears its journalists accessed private details http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/3CJSZ7/36/h?a1=2013&a2=5&a3=16   Pentagon sees 'war on terror' lasting 20 years Almost 12 years after the September 11 attack, the Senate hearing underlined the disagreements about who the US is actually still at war with http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/NRA2PJ/36/h?a1=2013&a2=5&a3=16   Financial Times - Europe homepage   Saudi princes deny laundering claim The allegations were made in London court and stem from a business dispute in the UK courts, which can only now be reported openly http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/LSVCF5/36/h?a1=2013&a2=5&a3=16   Hollande goes on economic 'offensive' The embattled French president has pledged 'more growth and less austerity' in Europe, plus measures to fight youth unemployment and boost investment http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/RP5ML5/36/h?a1=2013&a2=5&a3=16   Richemont head Rupert to take a year off Chairman of Cartier parent says he wants 'control of his time', just two months after the 62-year-old South African stepped down as chief executive http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/NRA2PC/36/h?a1=2013&a2=5&a3=16   Financial Times - Asia homepage   Japanese growth surges on Abe impact Real GDP rose 0.9% in the three months to March, but economists warn hopes of a lasting recovery will fade without stronger buy-in from corporate Japan http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/RP5MT0/36/h?a1=2013&a2=5&a3=16   US closes in on auditing deal with China It is not clear how quickly a deal will be reached, and it is possible China could limit what it allows in the hands of foreign regulators http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/FDGBE5/36/h?a1=2013&a2=5&a3=16   Pandit returns to banking via India The former Citigroup chief and another Indian executive are acquiring a stake in JM Financial and launching a fund to invest in distressed assets http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/YGIYO3/36/h?a1=2013&a2=5&a3=16   World News - latest world news headlines - FT.com   Christie's sets global record with $495m sale Works by Pollock, Lichtenstein and Basquiat make auction history as cash-rich individuals in search of high returns opt to pour money into art http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/MJ2VNV/36/h?a1=2013&a2=5&a3=16   Obama under pressure over IRS scandal Asked if anyone in the White House had knowledge about the IRS actions before this week, Mr Obama said that he personally had not http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/IEO6S0/36/h?a1=2013&a2=5&a3=16   Iran's Jalili vows 'resistance' presidency The candidate many consider the supreme leader's favourite says his experience at the negotiating table will help him fight off international pressure http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/3CJSZ5/36/h?a1=2013&a2=5&a3=16   Uruguay's Mujica lauds booming Brazil ties President José Mujica is keen to do more business with his country's northern neighbour while criticising Argentina and praising Barack Obama http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/FDGBQX/36/h?a1=2013&a2=5&a3=16   Cyclone Mahasen batters Bangladesh The storm kills six people and forces thousands into shelters but begins to weaken, sparing neighbouring Myanmar, where many displaced live in camps http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/Q3M7L8/36/h?a1=2013&a2=5&a3=16   Companies news and analysis - FT.com   Blackstone courts bold trades for fund The vehicle will invite managers with whom it already invests via its $48bn fund of funds platform to submit their boldest ideas in return for a fee http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/SU45HZ/36/h?a1=2013&a2=5&a3=16   S&P downgrades Berkshire Hathaway Rating agency says it maintained its AA+ insurance financial strength rating on Berkshire's core subsidiaries, but that the outlook on all ratings was negative http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/JQ0OJV/36/h?a1=2013&a2=5&a3=16   Walmart suffers as US sales drop Net sales of $113bn for the quarter at the discount chain fell short of the retailer's $116bn consensus forecast, sending shares lower http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/JQ0ORJ/36/h?a1=2013&a2=5&a3=16   M&S chief's bonus at risk for third year Chief is unlikely to receive a full payout as the retailer is expected to soon announce a fall in underlying pre-tax profit in the year to March 31 http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/IEO6J3/36/h?a1=2013&a2=5&a3=16   Hayward resurfaces from the depths His appointment as interim chairman of Glencore Xstrata marks a remarkable change of fortune after being hit by the BP Macondo well disaster http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/FDGBEA/36/h?a1=2013&a2=5&a3=16   Markets   Shares pause after soft US data Global stocks and the dollar took a breather as a batch of weak US data releases rekindled uncertainty over the outlook for global growth http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/52FR71/36/h?a1=2013&a2=5&a3=16   phoney QE peace masks markets' fragility Quantitative easing helps the system absorb small shocks, as easy credit did pre-2007, but masks contradictions that may provoke crisis in a big shock http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/RP5MLX/36/h?a1=2013&a2=5&a3=16   US farmland prices draw bubble talk Whether the rise in prices is overheating the market has become a feverishly discussed question among land shoppers from farmers to pension funds http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/DXHTYA/36/h?a1=2013&a2=5&a3=16   Treasury linkers hit nine-month low The easing of inflation pressures leaves Treasury Inflation Protected Securities looking expensive and is set to increase pressure on investors who bought insurance against the risk of higher consumer prices http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/XBYDOZ/36/h?a1=2013&a2=5&a3=16   QE debate risky for US Treasury market The yield on 10-year bonds has climbed nearly 40 basis points on better labour data and concern the Federal Reserve may reduce its bond buying http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/EKBHE3/36/h?a1=2013&a2=5&a3=16   Financial Times - Comment   Britain is hurtling to the exit from Europe The UK prime minister's strategy to deal with pressure for a departure is being torn to shreds by sceptics who have learnt from past mistakes http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/20S9AV/36/h?a1=2013&a2=5&a3=16   Britons want more work – let's help them There is very substantial spare capacity in the economy – a great many people would like to work for more hours each week http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/20S9AA/36/h?a1=2013&a2=5&a3=16   US needs a better kind of scandal The Benghazi and IRS stories are not sufficiently serious or backed by enough real evidence to really damage the Obama administration http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/XBYDOL/36/h?a1=2013&a2=5&a3=16   Only one voter matters in Iran Even if allowed to run, Rafsanjani and Mashaei are unlikely to offer much of a challenge to the eventual choice of Ayatollah Khamenei http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/K9C0RY/36/h?a1=2013&a2=5&a3=16   Watch out, DC – the sea is rising Who cares about climate change and other real threats to life and limb when there's a plague of scandals to ponder http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/52FR78/36/h?a1=2013&a2=5&a3=16   Financial Times - Management   Design therapy for retailers A shop stylist and designer who has worked with clients including Lady Gaga wishes all his clients were as trusting, confident and daring as she is http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/VTKX87/36/h?a1=2013&a2=5&a3=16   Publishing industry plots a survival story As the digital revolution takes shape, it need not be a threat. Indeed, book lovers may find that ebooks reinvigorate the novel format http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/EKBHIV/36/h?a1=2013&a2=5&a3=16   Gadgets not required at Google jamboree This year's Google I/O focused on software this year, with updates to its search, map and social functions, as well as its new music subscription service http://link.ft.com/r/3JFELL/XB56N0/40S17Y/4CGGSD/PN7Z13/36/h?a1=2013&a2=5&a3=16   Special Reports - FT.com Brazil & the US Top 50 Business Ideas Energy in the Americas Executive Education Video Lex Luxury lull Luxury goods group Richemont has seen sales improve in the US but not enough to counter a clampdown on gift giving in China. Lex's Nikki Tait and Julia Grindell on the tougher trading environment for luxury. 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