HOLLYWOOD TOP GUNS TAKE SHOT AT REVIVING DEBT-RIDDEN MGM
Tony and Sir Ridley Scott have emerged as surprise contenders to steer Metro-Goldwyn-Mayer back to solvency after submitting a restructuring plan to the Hollywood studio’s lenders. The brothers, who between them are responsible for Alien, Top Gun and Gladiator, have expressed interest in running MGM, according to people familiar with the situation.
NOKIA IN CHINESE DOWNLOAD BATTLE
Nokia on Thursday stepped up its battle for a share of the online music market when it launched a new service that will allow Chinese customers to download unlimited amounts of music on to their mobile phones. The service will involve fewer restrictions on downloads than elsewhere in the world, signalling an attempt to lure Chinese consumers, who have grown used to receiving pirated music for free.
UK MAIL RIDES RECESSION TO MAINTAIN REVENUE
UK Mail, one of two main competitors to Royal Mail in the sorting and delivery of letters across Britain, forecast that it would match last year’s revenues in spite of falling demand prompted by the recession.
SURPRISE MEETING SPURS RENMINBI RUMOURS
A surprise meeting between the Chinese vice-premier and the US Treasury secretary yesterday ended with no immediate change in policy but increased speculation about a shift in China’s currency regime. The meeting between Wang Qishan, vice-premier of the State Council, and Tim Geithner produced only a bland statement saying that the two had discussed a range of issues. “The two exchanged views on US-China economic relations,” the statement said.
FUND MANAGERS JOIN MULTIMILLION-POUND PAY CLUB
The chief executive of F&C Asset Management collected a £1 million cash-and-shares bonus last year as the spotlight turns on fund manager pay in the wake of the financial crisis. Alain Grisay received £700,000 in cash and £300,000 in shares deferred for three years, according to F&C’s annual report, published yesterday.
FULHAM HOUSE PRICES RISE ABOVE 2007 PEAK
Homes in one London suburb are changing hands at record prices as bankers leave the property sidelines and invest their bonuses in family houses. Prices in Fulham in February were up 45 per cent over a year, performing more strongly than neighbouring Chelsea, which is traditionally considered smarter, according to the John D Wood.
The Daily Telegraph
DENALI SAYS 1,750-MILE GAS PIPELINE ACROSS CANADA AND ALASKA COULD COST $35BN
The estimate was included in a filing to US regulators on plans to gauge customer interest in the project. Denali is seeking approval to begin a 90-day open season – the period in which potential shippers are invited to commit natural gas to the project – on July 6.
RAFFLES HOTEL TO BE SOLD TO QATAR FOR $275M
Singapore's famous Raffles Hotel is to be acquired by Qatar Diar, an arm of state-controlled sovereign wealth fund Qatar Investment Authority, for $275m, it was reported on Thursday. The 123-year-old luxury hotel, renowned for its Singapore Sling cocktails, is set to be sold as part of a $847m deal for a stake in Fairmont Raffles Hotels International.
WALL STREET JOURNAL
FCC TO PRESS ON WITH BROADBAND STRATEGY
Federal Communications Commission officials said they will push ahead to implement their recently released National Broadband Plan despite an appeals-court decision earlier this week that struck down some of the agency's authority over Internet regulation. In a statement, FCC Chairman Julius Genachowski said the court's decision “does not change our broadband policy goals, or the ultimate authority of the FCC to act to achieve those goals.” He added, “The court did not question the FCC's goals.”
BOEING ORDERS SLIP
Boeing, the aircraft giant, said it delivered 108 commercial aircraft during the first quarter, fewer than the number it delivered in the fourth quarter and a year.