Home Secretary criticised for red tape
Theresa May has been accused by cabinet colleagues of undermining the government’s pro-business agenda by refusing to cut red tape in the Home Office. The Home Secretary was sent a “scathing letter” late last month by Michael Fallon, the Conservative business minister, and Vince Cable, the Liberal Democrat business secretary. They warned her department’s poor record on cutting red tape was imperilling the coalition’s goal of reducing the overall burden of regulation by 2015. The letter was dispatched after a meeting between Home Office officials and Cable at a cabinet subcommittee to track the progress of deregulation across government.
Carlyle picks Madrid for Applus float
Carlyle has chosen Madrid over London for the multibillion-euro stock market listing of Applus, an industrial testing company, in a boost to the Spanish exchange as investor confidence gradually returns to the country.
Shale gas boom helps US exports
The US chemicals industry is planning a sharp increase in its exports as a result of the cost advantage created by the shale gas boom, putting pressure on competitors in Europe and Asia. The American Chemistry Council, the industry association, predicts in forecasts published this week that US chemicals exports will rise 45 per cent over the next five years, as a result of a wave of investment in new capacity.
Ryanair bows to passengers on bags
Passengers habitually stung by Ryanair’s hefty fees for overweight bags were given relief yesterday as the Irish airline halved its charges as part of an attempt to overhaul its reputation for customer service. Ryanair has cut its excess baggage fees from €20 per kg to €10 per kg.
Goodnight campers: end of the road
The Volkswagen camper van, officially known as the Kombi, has come to the end of the road.
The last vehicle to be made, after 63 years in production, rolled off the last remaining camper van assembly line in Sao Bernardo, near Sao Paulo in Brazil.
The Daily Telegraph
Central banks lose $400bn in gold rout
Central banks, fearful of repeating Gordon Brown’s mistake of selling the nation’s gold reserves at the bottom of the market, have been caught out by the slide in prices this year, with the value of the precious metal held in their vaults falling by $400bn (£244bn), according to the latest broker research.
BlackRock says rally near exhaustion
BlackRock, the world’s biggest investor, has warned that central banks are poised to tighten monetary policy in the Anglo-Saxon countries and China, advising clients to pull out of global stock markets at any sign of serious trouble.
THE WALL STREET JOURNAL
French blow to e-cigarette makers
A French court has ruled that tobacconists should have the exclusive right to sell electronic cigarettes – the smoke-free alternative to tobacco products – dealing a potential blow to the burgeoning e-cigarette industry.
Deutsche Post tests drone deliveries
Deutsche Post launched a test flight for drone delivery yesterday, just about a week after e-commerce giant Amazon stirred a media frenzy by saying it would use drones to bring packages to customers. It began a week-long pilot project in cooperation with a pharmacy in Bonn.