Wednesday's newspaper round-up: IMF, Thomas Cook, Nomura

19th Aug 2009 06:49

It's official: the recovery has begun - although recovery will be unpredictable and protracted, according to the International Monetary Fund's chief economist, writes the Telegraph. "The recovery has started," claims Olivier Blanchard in a paper to be published by the IMF on Wednesday.A large part of Arcandor's 53 per cent stake in Thomas Cook, the UK travel group, could be sold to institutional investors as early as next month as creditor banks of the insolvent German retailer try to claw back their loans, reports the FT.The London division of Nomura is being sued for up to £90 million by a City headhunting firm for allegedly failing to pay fees associated with attracting star talent from Lehman Brothers, the US bank, amid its collapse last year, writes the Times.Turquoise, the pan-European share trading system set up to rival the London Stock Exchange, has effectively put itself up for sale, with Nasdaq OMX the favourite to buy it, says the Independent. The exchange has appointed UBS to "review its options" but it is understood that sale details have been supplied to 18 potential bidders.Grocery shoppers' "recession panic" is receding as Waitrose, famed for its emphasis on quality, powers ahead, while the growth of the discounters falters, according to TNS Worldpanel, reports the FT.Also in the survey Tesco, the UK's biggest retailer, saw its market share of the grocery sector fall over the 12 weeks to August 9 as competition among the supermarkets intensified, adds the Telegraph.Blackstone is in exclusive talks with British Land to take a 50 per cent stake in Broadgate, the landmark £2.5bn office development in the heart of the City of London, says the FT.The Big Four accounting firms stand to reap millions of pounds in fees since the Financial Services Authority (FSA) turned to outside advisers to investigate the management of banks and other financial institutions, according to the Times.Corporate bonds have seen the most explosive rally in nearly a hundred years since the markets touched bottom last winter, but, according to a report by Morgan Stanley, they look increasing vulnerable as they pull far ahead of equities, reports the Telegraph.Germany's economics ministry is drawing up a raft of special measures with the Bundesbank to head off a fresh financial crisis, fearing that a loan squeeze by struggling banks will set off a serious credit crunch early next year, writes the Telegraph.Devotees of the BlackBerry talk of their addiction to the device - many refer to it as a CrackBerry - and its rise and rise saw its Canadian parent, Research in Motion (RIM), named the fastest growing company in the world yesterday, reports the Independent.Star TV, the Asian broadcaster owned by Rupert Murdoch, has begun slashing staff numbers at its Hong Kong headquarters, reflecting how the media mogul's ambitions in China have been eclipsed by the business opportunities in emerging rival India, writes the Independent.China and Australia have signed their biggest ever trade deal with PetroChina agreeing to buy A$50bn (£25bn) of natural gas produced by ExxonMobil, says the Telegraph.Companies are cracking down on employees' use of social networks and increasingly are tracking their e-mails in an attempt to stop secrets leaking out, according to the Times.