EU pushes single market in telecoms
Brussels’ top competition authority has called for 28 national telecoms regulators to be replaced by a single pan-European watchdog. The report from commissioner Joaquin Almunia criticises EU telecoms chief Neelie Kroes for lacking ambition in her plan to create a single telecoms market. Kroes hopes her proposals will bolster the industry by cutting costs and red tape at a time when money is needed for investment in new technology.
Crop producers shake off drought
The US drought of 2012, the worst since the dustbowl years of the 1930s, if finally releasing its grip on the world agricultural markets. Propitious growing conditions from Brazil to Ukraine to the US have raised hopes of a sharp rebound in world cereal stocks, easing pressures and pushing food security down the policy agenda. The US Department of Agriculture expects record corn, rice and wheat production.
Oil groups greet Mexico energy reform
Oil groups backed Mexico’s planned energy reforms but said the government must offer competitive terms if it wants to attract the foreign investment needed. President Enrique Pena Nieto wants to allow foreign investors into the sector for the first time in 75 years in a radical break from past protectionism. But a planned profit-sharing agreement may bring uncertainty.
Ofcom under attack over 0800 plans
Plans to make calls to 0800 numbers free from mobile phones could be derailed after an industry backlash against proposals made by the regulator to abolish rip-off charges. Ofcom wants to push ahead with proposals to make calling non-geographic numbers free from mobiles.
Asos owner takes stake in German rival
The biggest investor in Asos has taken a significant stake in a German rival, sparking speculation about his intentions for the online fashion retailers. Anders Holch Povlsen, the owner of Bestseller, the Danish fashion group that owns 28 per cent of Asos, has acquired a 10 per cent stake in Zalando.
The Daily Telegraph
Piccadilly Lights in London to expand
A new LED screen is to be added to the West End site, marking the first time since the lights were created in 1908 that the advertising space has been expanded, according to its owners.
Since launching more than 100 years ago, the Piccadilly Lights have turned into one of the world’s most exclusive advertising hoardings.
Spain stands by Gibraltar controls
Spain has refused to back down over punitive controls at its border with Gibraltar after Downing Street announced it was drawing up plans to take “unprecedented” legal action against its European ally.
THE WALL STREET JOURNAL
Heinz to cut 600 jobs in North America
The ketchup maker is eliminating 600 office positions in the US and Canada, including 350 in Pittsburgh. That represents nine per cent of headcount in the continent and includes 350 in Pittsburgh where the firm is based.
Citi steps up private equity exits
Citigroup is winding down a chunk of its private-equity holdings, part of a broader effort to exit alternative investments that have caused regulatory and financial headaches for the bank.
The nation's third-largest bank by assets said it won't be investing in new infrastructure deals for a $3.4bn (£2.2bn) fund.