The 6am Cut London | FT Alphaville

The 6am Cut London

Oil remains at its lowest price in a week after talk of a reserves release, and higher US inventories. (Bloomberg)

Facebook will halt private secondary market trading in its shares at the end of this week, ahead of an IPO expected in May. (Financial Times)

Agreement on a temporary €940bn eurozone firewall is nearing, and will probably be agreed on at a meeting in Copenhagen on Friday. A draft agreement shows the proposal to run the €500bn ESM alongside the 200bn committed through the EFSF, with up to another €240bn available until mid-2013. (Bloomberg) And EU officials joined Madrid in insisting Spanish banks would not need a cash injection from the funds. (Financial Times)

MF Global congressional testimonies: Three MF Global executives frustrated and stymied panel members from both sides of the House for two hours, at a hearing on Wednesday. MF Global assistant treasurer Edith O’Brien, who’s believed to have knowledge of a crucial transfer of funds, pleaded the fifth amendment. (Wall Street Journal) (NYT DealBook)

BofA’s Moynihan gets a massive jump in pay. The CEO’s overall package will be $8.1m. (Financial Times) But, no bonus! (Wall Street Journal)

China will trial financial reforms in Wenzhou, China, a city known for underground lending. The unofficial lenders will be made official, and urged to help small businesses. Overseas investments will be permitted. It will develop more bonds and allow trading of some unlisted businesses. There was no mention of interest rate liberalisation. (Wall Street Journal)(Bloomberg)

A few US banks are ‘hugely active’ in the secondary market for European RMBS, and some large Japanese banks are also interested. (Financial Times)

Balfour Beatty warned all its 12,000 staff their jobs are at risk. (Financial Times)

– UPS and DHL are among freight groups found to be running cartels. Four cartels were fined €169m by the European Commission. (Financial Times)

Japan Airlines plans to tap Qantas, British Airways’ owner IAG and other OneWorld members for its $6bn+ IPO, according to sources. (Reuters)


– US World Bank nominee Jim Yong Kim on his vision for an open, inclusive institution. (Financial Times)

– Portugal’s moment of truth is nearing as IMF ‘funding gap’ Spring deadline. (Wall Street Journal)

– The creation of the Financial Policy Committee is interventionist and blinkered, says StanChart CEO Peter Sands. (Financial Times)

– UK growth could be slower for longer than is currently forecast. (Financial Times)

– US shale oil companies are under pressure from investors to control gas flaring. (Reuters)