WSJ City: Ofcom Demands Better BT Services; Global IPO Drought

Good morning from London. Here's the e ssential reading today from WSJ City:

Ofcom has laid out fresh demands for BT, including a significant reduction in business prices.

Those behind the UK campaign to leave the EU face a big hurdle: disunity within their own ranks...

...while Moody's said Brexit would be a 'credit challenge' for UK companies, mainly due to uncertainty.

Fewer companies listed during the first three months of 2016 than during any first quarter since 2009.

City Talk: Anglo ends debt buy-back, Thomas Cook sticks to guidance, Spotify hits subscriber milestone.

European banks are playing a game of hide and seek with regulators over their balance sheets.

Commentary: The $13 billion tie-up between IHS and Markit seems to offer more benefits to IHS investors.

Robey Warshaw, the successful M&A advisory boutique, has hired a former banker from JP Morgan.

Economic uncertainty and the falling pound are stifling the UK M&A market. Dealflow has fallen sharply.

Plans have been submitted for a new 32-story tower to replace UBS's current offices in London's Broadgate.

European investors are turning their backs on active fund managers in bleak news for high fee-earners.

The side effects of the ECB's bond-buying plan might be just as important as the direct impact.

The former CEO of Intel, Andy Grove, has died at 79. No cause of death was immediately disclosed.

Regulators may bring civil enforcement action against US hedge fund Omega, its manager said.

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In the Papers

BREAKING: An explosion has taken place at the Brussels Airport on Tuesday, injuring people at the facility which has been closed to flights, according to authorities. Latest on WSJ.com.

Work and pensions Secretary Stephen Crabb said there could be an end to welfare cuts, as the government tries to control damage following criticism on disability cuts. FT (£)

Moody’s said late Monday it is reviewing Deutsche Bank’s credit rating for possible downgrade, citing risks to the lender’s profitability and cost-cutting plans in worsening markets. WSJ

Hargreave Lansdown’s Peter Hargreaves has sent a letter to around 15 million households in the UK urging them to vote for the UK to leave the EU in what is thought to be the biggest such mailshot by anti-EU supporters. The Telegraph

A US federal magistrate judge postponed a highly anticipated Tuesday hearing over the Justice Department’s request for Apple to help unlock a terrorist’s iPhone, after the government said it may have found another way to view the phone’s contents. WSJ

Sports Direct’s Mike Ashley expressed concerns over the company’s future, saying he would refuse to appear before a Commons select committee slated in June. The Times (£)

Broadband companies may not be able to charge households for landlines that they don’t use when signing up for broadband packages, as Culture minister Ed Vaizey writes to major providers urging them to attend a meeting. The Telegraph

What to Expect From the Markets

London's FTSE 100 is broadly expected to open little changed on Tuesday, ahead of a data-driven day in the UK.

The spotlight will be on inflation figures for both the UK and the eurozone, just a week after George Osborne presented his latest budget.

Craig Erlam, senior market analyst at Oanda, said that he expects inflation data in the UK to "show price pressures remaining very subdued."

Elsewhere, a tepid session in Asia on Tuesday mirrored quiet trading in US stocks.

Stocks to Watch: Ofcom demands better business services from BT; Anglo American completes bond buybacks; Wolseley 1H pretax profit £367 million and raises dividend to 33.28p; United Utilities FY reported operating profit to be impacted by more costs; Thomas Cook says market conditions remain challenging

Coming Up: UK inflation data is set to dominate the economic agenda on Tuesday, with the latest ZEW survey coming out in Germany later in the morning.

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