THE SUNDAY TELEGRAPH
TORIES’ ENERGY PAPER MONTHS LATE
The Conservatives’ flagship energy paper may not appear until April – six months after its original planned publication – leading to industry fears of policy disagreements in the run-up to the election. One senior figure who has seen a draft of the paper said that an internal row over how to raise more tax revenue from North Sea oil and gas had held up agreement on the energy policy
BAA PROFITS EXPECTED TO RISE
Airports operator BAA is expected to reveal a strong increase in full-year profits and revenues today. Earnings for London and Stansted airports would be around £863m compared with £756m, which is the figure for its airports adjusted after the loss of Gatwick that Ferrovial was forced to sell last year.
THE SUNDAY TIMES
STV SUES FOR LOST VIEWERS
STV will this week raise the stakes in its dispute with ITV by launching another multi-million-pound lawsuit against the maker of Dancing on Ice and Emmerdale.
The company — which holds the ITV licence in Scotland — is to sue for prejudicial behaviour, alleging that it is suffering because audience-pulling spin-off shows from The X Factor and Britain’s Got Talent are aired on ITV2, in which it has no economic interest. STV believes it is due £5m-£15m in compensation.
MANDELSON NEARS NUCLEAR DEAL
Business secretary Lord Mandelson is close to sealing a £170m government-backed deal for a nuclear manufacturing facility just days after Corus mothballed its steel plant based on Teesside.
KUWAIT’S INVESTMENT TURMOIL
Most of Kuwait’s multibillion-dollar investment company industry could be wiped out by debt repayments on the finance houses’ leveraged investments made before the recession. Kuwaitis have set up scores of investment houses to bet on international and regional real estate, private equity and stocks. At its peak, the industry had assets of more than $50bn.
US BUY LESS SAUDI OIL THAN CHINA
Saudi Arabia’s oil exports to the US last year sank below 1m barrels a day for the first time in two decades just as China’s purchases climbed above that level. The drop in US demand for oil from the kingdom is the result of overall lower energy consumption and greater reliance on imports from Canada and Africa.
THE DAILY TELEGRAPH
DIAGEO TARGETS SUPERMARKETS
Diageo, the world’s biggest spirits maker, is focusing its marketing efforts on wooing British drinkers to spend their money in supermarkets rather than at the pub, as the recession continues to squeeze discretionary spending. As the downturn has accelerated the trend for drinking at home, the company is strengthening its relationships with the UK’s biggest retailers.
GREEN ENERGY PLANT UNDER FIRE
A landmark £2bn green energy plant will be scrapped and moved abroad unless the government reverses its decision to limit subsidies, Dorothy Thompson, chief executive of Drax, has warned. Last year the energy group announced a plan to build three power plants that would run not on coal but “biomass” such as wood chips and peanut husks.
JP MORGAN MAY YET DITCH CANARY WHARF HEADQUARTERS
Canary Wharf’s hopes of taking the crown as London’s main financial centre have suffered a new blow as it emerged that JP Morgan is scouting for office locations back in the City.
The US investment bank is considering backing out of its £1.5bn European headquarters development in Canary Wharf and is understood to be looking at other development sites and existing office buildings, as it reviews its plans for its HQ.
GLENCORE LOOKS AT MINE DEAL
Glencore, the Swiss commodities trader, is sounding out partners as it prepares to buy back the $2.5bn Prodeco coalmine owned by Xstrata. The Swiss trading group is understood to be discussing a possible deal with Vale, the Brazilian miner, and GIC, the Singaporean wealth fund.