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WHAT THE OTHER PAPERS SAY THIS MORNING
[October 07, 2014]

WHAT THE OTHER PAPERS SAY THIS MORNING


(City A.M. (UK) Via Acquire Media NewsEdge) Chinese investors surged into EU As investors fled Europe in the worst days of its sovereign debt crisis, China-based companies moved in the other direction and surged in, with cash flowing from China into some of the hardest-hit countries of the Eurozone periphery. In 2010, the total stock of Chinese direct investment in the EU was just over €6.1bn - less than that held by India, Iceland or Nigeria. By the end of 2012, Chinese investment stock had quadrupled to nearly €27bn, according to figures compiled by Deutsche Bank. The buying spree, analysts say, was nothing short of a transformation of the model of Chinese outbound investment.



Brussels targets Amazon tax deal Brussels is confronting Luxembourg over an unorthodox Amazon tax deal, alleging it allowed the online retail giant to reap potentially illegal state subsidies for its European operations for almost a decade. The European Commission is poised to launch a formal in-depth probe into its serious concerns over improper state aid, dragging Amazon into a multi-pronged clampdown on sweetheart tax deals that has already ensnared Apple in Ireland and Starbucks in the Netherlands. The two Luxembourg cases over Amazon and Fiat are particularly sensitive because Jean-Claude Juncker, the incoming President of the European Commission, was the Grand Duchy's longtime premier at the time of the deals.

CNN cuts 10 per cent of workforce CNN is cutting 1,400 jobs, ten per cent of its staff, around the world in an attempt to adapt to the competitive pressures of the digital age. The firm said the cuts were part of a "comprehensive initiative and company reorganisation to focus resources and prioritise investment in programming, monetisation and innovation." Truphone puts money into roaming A small British telecoms company backed by Roman Abramovich lost almost £100m last year, twice the amount Chelsea FC paid for Fernando Torres, as it continued to pour money into its global roaming network.


Pensions to rise six months per year Older people will be encouraged to work longer under a government plan to increase the average retirement age by six months every year.

Ministers believe that the retirement age needs to increase dramatically to reflect Britain's ageing population and to avoid a health care crisis. Steve Webb, the Liberal Democrat pensions minister, admitted that the target was "ambitious" but said the retirement age had already been rising for women. The average age of retirement is 64.7 for men and 63.1 for women. The Department for Work and Pensions said in its business plan that it would like the average to rise by as much as six months every year.

Women rise to top of two law firms This past week brought notable firsts at two major law firms. Litigator Jami Wintz McKeon officially became the first female chair at Morgan, Lewis & Bockius LLP, and white-collar litigator Therese Pritchard became the first at Bryan Cave LLP. They join a small but significant group of female leaders at large US law firms.

NBA cashes in on new rights deals The National Basketball Association announced long-term media deals with Walt Disney and Time Warner, nearly tripling the league's annual payments for rights deals.

(c) 2014 City A.M.

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