Morning papers: Retail investors help drive Twitter demand

Top hedge funds, retail investors and relationship managers at private banks were all disappointed with the amount of Twitter shares they were allocated in the initial public offering, reports the Financial Times.

Twitter’s shares closed 73 per cent higher on their first day of trading on Thursday, but many who had applied for shares complained that they did not receive large allocations of the heavily oversubscribed IPO that priced at $26 (£16.2) a share and closed at $44.90.

S&P downgrades France

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Rating agency Standard & Poor’s has cut France’s sovereign credit rating by one notch to “AA”, citing high unemployment and recent reforms to the tax system, reports the Financial Times.

“The downgrade reflects our view that the French government’s current approach to budgetary and structural reforms to taxation, as well as to product, services, and labour markets, is unlikely to substantially raise France’s medium-term growth prospects,” S&P said in a statement on Friday.

ECB slashes interest rates to record low as inflation drops

The European Central Bank (ECB) made the shock decision to cut its benchmark interest rate to 0.25 per cent yesterday, the lowest level in the currency union’s history.

In spite of widespread predictions that the ECB would hold policy stable, president Mario Draghi offered up the first rate cut for the Eurozone in over a year.

CEO warns Nissan may quit UK if country leaves EU

Nissan boss Carlos Ghosn has said the Japanese car maker would “reconsider” its future in the UK if it left the European Union, reports The Independent.

The chief executive was speaking at the launch of Nissan’s new Qashqai model, which will be built at Nissan’s Sunderland site, where the motoring company employs 6,500 workers.

City worker wins case against ‘bunga-bunga’ bank

A City banker whose bosses at a company dubbed “Bunga-Bunga Securities” slashed her £95,000-a-year salary to the £6.08-an-hour minimum wage is set for a substantial payout after winning a sex discrimination case, reports The Times

When Isabel Sitz complained that she was only being given the £80,000 pay cut because she was a woman, she was fired from her job at the investment bank Oppenheimer Europe.