Commodity traders’ $250bn harvest
The world’s top commodities traders have pocketed nearly $250bn over the last decade, making the individuals and families that control the largely privately-owned sector big beneficiaries of the rise of China and other emerging countries.
Top fund managers take home less
The 25 highest paid hedge fund managers collected $14bn in pay and paper profits on their own investments last year, down from $22bn in 2010, in a sign of the industry’s struggle to improve client portfolios. It was the lowest total since 2008, when most large hedge funds lost money.
Tomato prices soar in Brazil
President Dilma Rousseff may be among the world’s most popular presidents but her re-election next year is being jeopardised by a formidable opponent: the humble tomato. The price of tomatoes is partly seasonal, but is also symptomatic of rising inflation. It is as sensitive in Brazil as onions in India because of the foodstuff’s status as a staple in a region whose Italian roots run deep.
Royal Mail set for float this autumn
Royal Mail is heading for a stock market flotation in the autumn, but at a knockdown price of less than £2.5bn. The sell-off of the state postal network will give access to shares for all, while 130,000 Royal Mail workers will receive average stakes of up to £2,000 each.
Rush to beat unfair dismissal date
Employers have been hit with a deluge of unfair dismissal cases as sacked staff rush to bring claims before new rules come in.
The Daily Telegraph
French rebrand Calais for trade
Fresh from a failed bid to seize control of the historic Port of Dover, the French authorities are now trying a new tack to dominate cross-Channel trade: by marketing Calais as “Britain’s New Gateway”.
Selfridges demands extra fees
Selfridges has been criticised for placing its suppliers between “a rock and a hard place” by forcing them to pay a fee simply to have their invoices settled.
THE WALL STREET JOURNAL EUROPE
Oil-tanker operators struggle
After several years of losses, some oil-tanker operators are struggling to survive. Encouraged by high charter rates, ship owners ordered tankers before the onset of the financial crisis. But now demand is drying up because of the weaker global economy and fewer shipments to the US.
Union proposal would hit retirees
A coalition of unions and employers is proposing changes to the federal law that governs the pension plans of about 10m people, including cutting retiree benefits.