EU accuses Russia of protectionism
The EU has filed its first-ever case against Russia at the World Trade Organisation, challenging vehicle recycling fees that the bloc says discriminate against imports. The Russian policy mandates a levy, beginning at €420 (£361), on vehicles to cover the cost of their recycling. EU officials say it is protectionism in environmental disguise as it applies only to imports.
NHS re-employs redundant staff
More than one in five National Health Service staff made redundant as a result of the government’s health reforms were re-employed by the health service, the government’s spending watchdog found.
Record assets under management
Animal spirits are stirring amongst asset managers as the amount of money invested globally has for the first time surpassed the highs before the 2007-08 crisis, according to the Boston Consulting Group. Assets under management rose to $62.4 trillion (£42 trillion) in 2012, a nine per cent increase compared with 2011, when assets were valued at $57 trillion. The previous record was $57.2 trillion in 2007.
Bumi battle may pull in regulator
The Takeover Panel could be forced to play a pivotal role in unwinding Bumi plc after it emerged that the mining group’s chairman is in talks to buy out its biggest Indonesian shareholders.
GSK pushes to combine cancer drugs
Britain’s biggest healthcare company has filed approval for a drug combination for the treatment of skin cancer earlier than expected, getting the green light from the US authorities. It has also made submissions for diabetes drugs.
The Daily Telegraph
HSBC economist warns of unrest
Europe’s rich Baby Boomers are behaving like the nobility in the Peasants’ Revolt, and could face an uprising by the younger generation if the situation doesn’t change, HSBC’s chief economist has warned. Stephen King warned the widening wealth gap and sense of “entitlement” between older generations and cash-strapped youths had echoes of the conditions which led to the 1381 uprising of British peasants against the aristocrats who ruled them. He said the Occupy movement and London riots were the beginnings of what could develop into more widespread protests.
THE WALL STREET JOURNAL
Apple drops suit against Amazon
Apple is dropping a suit against Amazon that claimed the online retailer’s digital-software marketplace, called “Appstore,” infringed Apple’s trademark for the iPhone and iPad “App Store.” Apple had claimed Amazon’s infringed Apple’s trademark and confused customers.
Blackberry boss open to partnerships
Blackberry’s chief executive Thorsten Heins told shareholders at the firm’s AGM that he is “100 per cent open to partnerships,” but did not give details of any potential partners.