12/05 – Today’s headlines from across the EU

EUROPEAN HEADLINES

FT – GSK chief warns of bad medicine in pharma M&A. Witty fears cheap money has “stretched” valuations in USD 460 billion drugs deal boom.

WSJE – OPEC sees no return to USD 100 oil. The Organisation of the Petroleum Exporting Countries doesn’t see oil prices consistently trading at USD 100 a barrel again in the next decade, a pessimistic assessment that has the group considering the return of production limits to influence the market, according to people familiar with its latest strategy report.

INYT – Refugees land in Malaysia. Migrants in a police van in Langkawi, Malaysia, on Monday. They were among more than 1,000 people who were rescued or swam to shore in Malaysia and Indonesia in what appears to be a sign of an accelerated exodus of Rohingya Muslims from Myanmar and Bangladesh.

FRANCE

Le Monde – Hollande’s visit in Cuba, symbol of a changing country. The opening of the Cuban market and cultural exchanges are the key issues of the French President’s historic visit.

Les Echos – Employment: France wants to support apprenticeship. The number of new apprentices decreased once again, by 13% for the first quarter of 2015. A meeting is taking place this Tuesday in Matignon to revive a weakening apparatus.

GERMANY

Frankfurter Allgemeine – Merkel says she acted out of full conscience as regards the BND affair. The Federal Chancellor rejects cheating accusations.

Sueddeutsche Zeitung – EU divided about refugee quota. Countries with a strong economy are to absorb more asylum seekers. This is one of the criteria Brussels wants to implement. However, Great Britain, Poland and Hungary say no.

ITALY

La Republlica – EU to Italy: “Yes to more flexibility, but reforms have to be implemented shortly.” The European Commission gave the green light to the Italian government’s reform plan with only one condition: avoid wasting time. Reforms must come into force this year.

Il Sole 24 Ore – Vegas: “QE causes a risk of speculative bubble.” The Consob President (national commission for societies and stock market) Giuseppe Vegas fears a financial bubble and issues a warning: “The cash flow on markets generated a rise of stock prices”. Mr Vegas added that for SMEs, a new form of financing was essential.

POLAND

Gazeta – Kukiz to play the run-off. The two main rivals in second round of Presidential elections, Bronisław Komorowski and Andrzej Duda, started the race for voters of Paweł Kukiz. Mr Komorowski announced referendum on single-mandate constituencies and Mr Duda invited Kukiz to a meeting. Kukiz turned down the invitation.

SPAIN

El Pais – The PSOE focuses on victory in regions. The party’s leaders assume that it will be difficult to keep control of big cities and regional capital cities.

Expansion – 1% wage increase. The management and trade unions came to a preliminary agreement. Wages may rise 1% in 2015 and up to 1.5% in 2016.

The Times – Cameron’s shot across the bows on the BBC. David Cameron fired a warning shot at the BBC by choosing a fierce critic to take charge of deciding its future amid Tory anger over the corporation’s election coverage.

The Guardian – PM hops on the fast-track to EU referendum in 2016. Emboldened PM plans to hold poll a year early. Tory majority a “mandate from the electorate.”