Egypt public sector salary bill soars
Egypt’s public sector salary bill has risen by 80 per cent since the 2011 revolution, according to an international aid official and a copy of notes taken at a private briefing by the International Monetary Fund. The spike in salary outlays, which will worsen fiscal woes, surprised IMF officials analysing the economy during two weeks of talks over a possible $4.8bn loan deal, according to a source close to the talks. It shows the bill for salaries rising to E£172bn or around $25bn up approximately 80 per cent.
Chinese phone sales boost
Strong sales of smartphones and tablets, notably in China, boosted profits at TSMC and helped the Taiwanese contract chipmaker shake off the fall in PC sales that has hit other major chip producers, notably Intel, the US group.
Bosch predicts gas-powered boom
Discoveries of shale gas could lead to a surge in US demand for gas-powered vehicles, according to Bosch, the world’s biggest car parts supplier.
L&G chief walks away with £9m
Bumper deals for bosses were thrust back into the spotlight yesterday when it emerged that Legal & General’s former chief executive left with £9.4m in pay, bonus and share awards.
PA Consulting backs down
Revenue & Customs has won a significant fight in its war against corporate tax avoidance after PA Consulting raised the white flag in a long-running bonus dispute.
The Daily Telegraph
EDF prepared to let UK talks fail
EDF has warned that it is prepared to let talks over building the UK’s first new nuclear power station in almost two decades fail.
Crown Estate buys retail park
The Crown Estate, which owns property on behalf of the Queen, has bought one of the biggest retail parks in northern England as part of an effort to diversify its portfolio away from its traditional core in the West End of London.
THE WALL STREET JOURNAL
Copper evades bear terrain
Copper prices clawed out of bear-market territory for the second day in a row, bouncing off an 18-month low to finish with a slight gain. The most actively traded copper contract rose 1.7 cents.
Sprint to evaluate dish offer
The board of Sprint Nextel has set up a special committee to evaluate Dish Network Corp.'s $25.5bn bid to acquire the carrier, people familiar with the matter said.