US overseas cash pile rises to $947bn
American companies have stockpiled nearly a trillion dollars of cash offshore to avoid paying higher tax bills at home, according to an analysis released yesterday. The growing overseas cash pile has also become the most visible sign of corporate America’s unwillingness to place bigger bets on business expansion, despite unparalleled financial conditions. Total cash reserves of US companies climbed to $1.64tn last year, according to the report by Moody’s Investors Service.
Triple A sovereign ratings deposed
The global pool of government bonds given a top “risk free” rating by all three main credit rating agencies has contracted by 6 per cent over the past year and by more than 60 per cent since 2007, according to FT analysis. If ratings from the three agencies are averaged, the pool of government bonds in the double A rated band has this year overtaken the triple As to become the largest category in sovereign debt markets.
Darling disowned over sterling vote
Downing Street was forced to disown comments from Alistair Darling after he suggested there could be a second vote on sharing the pound. His comments undermine a central argument of the anti-independence campaign – that Scotland would not be allowed to enter into a currency union with the rest of the UK if it votes for independence.
Weir Group mulls £8.5m merger
Engineering firm Weir Group could be on the verge of a blockbuster £8.5bn merger with a Finnish rival. It is understood the Scottish firm is in talks with Metso, a Helsinki-listed company in the same market, producing pumps and valves for the global oil and gas and mining markets.
Reckitt hires M&S exec Darrell Stein
Darrell Stein, an outgoing key executive of Marks & Spencer, is to join Reckitt Benckiser, the consumer goods giant, as its senior vice-president for information services. Mr Stein will have responsibility for managing Reckitt’s global IT, sales and supply chain systems.
The Daily Telegraph
GM recalls 1.3m cars for steering fault
General Motors has recalled another 1.3m cars, this time for a power steering issue, as the company faces probes over mishandling a deadly faulty ignition problem. GM said that in a number of models from 2004-2010 drivers could experience a loss of electric power steering assistance, raising the risk of a crash.
Pets at Home to launch store for dogs
Pets at Home has launched a new retail chain for dogs offering grooming services and a range of accessories. The dogs-only store is called Barkers and the first shop has opened in Wilmslow in Cheshire.
THE WALL STREET JOURNAL
Zuckerberg’s total pay fell 67 per cent
Total pay for Facebook chief and founder Mark Zuckerberg tumbled 67 per cent to $653,165 in 2013, as he declined to participate in the bonus plan for the year and took only a salary of $1.
FBI investigating high-speed trading
The FBI has launched a wide-ranging probe into high-speed trading with an eye on whether some firms are acting on fast-moving market information that isn’t available to other traders.
The investigation is still in its early stages, according to a senior FBI official.