Swedes hit Juncker’s EU hopes
Jean-Claude Juncker’s ambitions to be the next European Commission president have been dealt a further blow after Sweden’s prime minister Fredrik Reinfeldt raised questions about the credibility of the process for filling the top job in Brussels.
Russian companies to trade renminbi
Russian companies are preparing to switch contracts to renminbi and other Asian currencies amid fears that western sanctions may freeze them out of the US dollar market, according to two top bankers. “Over the last few weeks there has been a significant interest in the market from large Russian corporations to start using various products in renminbi and other Asian currencies and to set up accounts in Asian locations,” Pavel Teplukhin, head of Deutsche Bank in Russia, told the Financial Times.
Credit Suisse set for Alibaba bonanza
Credit Suisse is set to score a big bonus from Alibaba’s potential $20bn listing that will probably exceed the fees it receives from being one of the six banks underwriting the Chinese ecommerce group’s New York initial public offering. The Swiss bank would make a paper profit of $68m if Alibaba lists at a valuation of $121bn later this year, because it bought $50m worth of convertible bonds in the group in 2012, according to sources.
EDF in £10bn talks over Hinkley
EDF Energy is locked in secret negotiations with the Treasury over the fee to secure a crucial £10bn government guarantee for the French group’s Hinkley Point nuclear reactor project.
Owners have a digital blind spot
The overwhelming majority of small and medium-sized businesses have a technology “blind spot”, according to new research. Three quarters of small businesses and charities surveyed for the UK Business Digital Index, created by Lloyds Bank, are not investing in digital skills and only half have a website, the study reveals.
The Daily Telegraph
Primark to turn £60m mall into store
Primark is close to completing an extraordinary to deal to buy an entire shopping centre in Birmingham for £60m. The discount retailer plans to buy the Pavilions shopping centre in Birmingham and convert it into one of the country’s biggest Primark stores.
UK needs bigger cybersecurity effort
Britain’s entire financial system is vulnerable to a cyber attack unless there is a greater co-operation between the leading banks and law enforcement agencies, senior industry figures have warned, ahead of a meeting between security leaders.
THE WALL STREET JOURNAL
US debt holds broad appeal
Investors across the globe are scooping up Treasurys, an asset whose main selling point until recently was safety.Overseas buyers, led by China, are buying US debt to gather dollars and help weaken their currencies as a way to boost exports. Financial institutions are stocking up in response to regulations that require them to hold extra capital.
Fault in Our Stars eclipses Tom Cruise
Teen love story “The Fault in Our Stars” became an unlikely star of the summer-movie season by collecting an estimated $48.2m, outdrawing crowds over Tom Cruise’s “Edge of Tomorrow”.