Kuwait plans $5bn UK investment
The Kuwait Investment Authority is seeking to invest as much as $5bn directly over the next three to five years in infrastructure assets mostly in the UK, echoing a similar move by Qatar, as sovereign wealth funds look for ways to boost returns amid low interest rates. The pledge, which highlights the fund’s positive view on UK investment conditions, comes just weeks after a failed £5.3bn takeover offer for British water utility Severn Trent by the KIA and partners Borealis of Canada and Britain’s Universities Superannuation Scheme.
Minister moves to quell power fears
Utilities will be paid to bring mothballed power stations back into commission as part of the government plans to bridge a looming power supply gap,accord to Ed Davey, energy secretary. Davey dismissed suggestions that Britain could face 1970s-style blackouts, following warnings from energy regulator Ofgem that the risk of power cuts was increasing.
Firms lack vigilance over cyber crime
Four in five of the UK’s largest quoted companies are not prepared for cyber attacks, intensifying concerns that business is not taking the threat of technology security seriously enough.
Britain most developed for e-tailing
Britain has the most developed online retail market in the world. Consumers’ growing taste for buying goods on the internet, coupled with an advanced infrastructure, put the British market ahead of those in the US, Germany and France, according to Cushman & Wakefield.
Puma given more time at the inn
Fears over the future of Puma Hotels have been allayed – for now – after its £323m debt facility was extended until May next year.
The Daily Telegraph
Taylor Wimpey boss warns on scheme
The boss of Taylor Wimpey, one of Britain’s biggest housebuilders, has warned that the government’s Help to Buy scheme could be a “genuine hazard” to the economy unless a time limit is imposed on the scheme immediately.
Pete Redfern said experts were “quite right to worry” about the scheme’s distorting impact.
UBS in drive for $100m New York race
Swiss investment bank UBS has been appointed by the organisers of the planned 2014 New York Grand Prix to secure $100m (£65.7m) funding.
THE WALL STREET JOURNAL
Onyx rebuffs Amgen approach
Onyx Pharmaceuticals said it is now seeking potential buyers after rejecting an unsolicited acquisition proposal from Amgen Inc. that valued the cancer-drug maker at around $8.7bn, based on shares outstanding.
Monsters top of class at box office
The Walt Disney Pixar animated prequel Monsters University remained the box office’s big man on campus in its second weekend, earning $46.1m (£30.3m) in first place.