PRESS DIGEST - Financial Times - Dec 12

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UK'S CAMERON WARNED ON EU TRIUMPHALISM

British deputy prime minister Nick Clegg has warned David Cameron to show no signs of triumphalism when the prime minister reports back to MPs on Monday on his decision to veto a European Union treaty change, as the row escalated into the most serious threat yet to the stability of the coalition.

GSK LOOKING TO BOOST EARNINGS BY CUTTING INVENTORIES

GlaxoSmithKline is launching aggressive fresh steps to boost earnings by cutting inventories, centralising back office functions and lowering global tax payments, under plans drawn up by the new finance director.

TNK-BP WARNED OVER TAKING LEGAL ACTION

Two of the independent directors in TNK-BP, the Russian joint venture of BP, warned the board that legal action by the company against either set of shareholders could destabilise the group, according to a letter seen by the Financial Times.

COGNETAS CALLS HALT TO COGNETAS AUCTION

Cognetas has pulled the sales process for French petrol station equipment provider Tokheim, highlighting the way that Europe's sovereign debt crisis has seriously hampered private equity groups' ability to do deals.

GOLDMAN SACHS TO RUN EON GAS NETWORK SALE

Germany's largest utility E.On has recruited Goldman Sachs to run a sale of its gas distribution network in a move that could raise up to 2.5 billion euros to help pay down its debts.

FSA CRACKDOWN ON UNDERSTATED PROPERTY RISKS

Britain's financial regulator, the FSA, is tightening its oversight of commercial property lending and has ordered banks to improve the way their internal models measure risk.

U.S. GROUPS TOLD TO REVEAL SYRIA,IRAN LINKS

At least a dozen U.S.-listed companies have been told by securities regulators to disclose business activity in and with Syria, Iran and others deemed "state sponsors" of terror by the state department.

OECD WARNS ON GLOBAL FUNDING STRUGGLE

Markets and governments face an uphill struggle to fund themselves next year amid extreme uncertainty over the eurozone and the global economy, as new figures reveal that the borrowing of industrialised governments has surged beyond $10 trillion this year and is forecast to grow further in 2012.

BOE SAID TO HAVE OVERESTIMATED QE BOOST

The Bank of England has overestimated the boost to the economy from quantitative easing and further asset purchases will have less of an effect than the Monetary Policy Committee expects, according to research by the Bank for International Settlements.

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