The 6am Cut London | FT Alphaville

The 6am Cut London

Repsol had tried to sell a controlling stake in YPF to a Chinese energy group before it was nationalised by Buenos Aires, according to two people familiar with the talks. One person identified the Chinese company as Sinopec, says the FT.

Pfizer is close to selling its infant nutrition business to Nestlé for at least $9bn, people familiar with the matter told the Wall Street Journal.

Mark Carney, the governor of Canada’s central bank, has been informally approached as a potential candidate to replace Sir Mervyn King as head of the Bank of England in June next year,” the FT reports.

Panmure Gordon will on Wednesday announce the appointment of Philip Wale, currently head of rival Seymour Pierce, as its new chief executive, reports the FT.

Paulson is shorting Bunds: the hedge fund manager told investors he saw eurozone problems worsening significantly, says the FT.

The IMF is inching towards a deal on increasing its firepower; Japan, Sweden and Denmark have committed a combined $77bn, reports Reuters.

The City of London wants more yuan trade and has formed a working group with Bank of China, Barclays, Deutsche Bank, HSBC and Standard Chartered. London “is competing against Singapore, Tokyo and a handful of other financial capitals to capture growing demand for the yuan,” says the Wall Street Journal.

Buffett is not going anywhere; the prostrate cancer diagnosis “is not remotely life-threatening or even debilitating in any meaningful way”, says the Berkshire Hathaway founder. Reuters.

Chinese home prices in March fell in a record 37 of 70 cities surveyed for an official report. Wenzhou was the biggest faller, down 9% year-on-year. Among the bigger cities, Shenzhen and Guanzhou had the biggest declines with 0.6% and 0.3% respectively, reports Bloomberg.

The chief executives of Apple and Samsung have been ordered to attend a settlement conference over the companies’ patent disputes, reports Bloomberg.

Louis Freeh, trustee for MF Global’s bankrupt parent firm, will make his first appearance on the matter before a Senate committee next week. He will join James Giddens, the trustee in charge of MF’s broker-dealer unit, and a handful of regulators as witnesses, says Reuters.


The eurozone may yet survive, says Martin Wolf. (Financial Times)

Chief executives across the US might have caused to be worried at the rejection of Citi’s executive pay scheme, which took place without any organised campaign. (Financial Times)

Zuckerberg didn’t tell Facebook’s board about the Instagram deal until the day it was sealed. (Wall Street Journal)

– 17 bathrooms and a 17-car garage: Unsold luxury Californian homes, built at the height of the housing bubble, go up for auction. (Reuters)

The auto industry’s predicament after a shortage of a crucial resin highlights the negligible margin for error right now in the global automotive supply chain. (Financial Times)


Asian stocks rose as the IMF raised its global growth forecast and a Spanish debt auction went better than expected. [More]