Huawei not interested in the US
Huawei has given up its quest to conquer the market for telecom network equipment in the US, where the Chinese company’s sales efforts have been repeatedly blocked by security fears.
“We are not interested in the US market any more,” Eric Xu, executive vice-president, said at the company’s annual analyst summit yesterday. US security officials and politicians have repeatedly identified Huawei as a threat to US national security – an allegation the Chinese company has consistently denied.
Shell warns of shale gas delays
The development of shale oil and gas reserves around the world will be much slower than in North America, a senior executive at Royal Dutch Shell has warned. Andrew Brown, Shell’s head of international oil and gas production, said the lack of equipment and skilled staff would hold back the growth of output.
Accor chief executive sacked
The chairman and chief executive of Accor was ousted from Europe’s largest hotels group by rooms late on Tuesday, a move that is likely to throw a fresh spotlight on the role of its activist minority investors.
Jockey Club bets on first sport bond
British sport’s first retail bond offering is to be launched today by the Jockey Club to help to raise funds for a £45m facelift at Cheltenham racecourse. Holders will receive a 4.75 per cent cash return and racing dicounts with the five-year bond.
Fifth of Equitable customers lose out
The government’s scheme to compensate Equitable Life policyholders was ill-prepared, inefficient and is almost certain to overshoot its timetable and budget, according to a damning report.
The Daily Telegraph
Infrastructure is not instant boost
Lord Deighton, the government’s infrastructure minister, has dashed hopes that spending on road, rail and other public projects will deliver a quick recovery by claiming “you can’t manage it like that”.
Royal Mail strike could hit bills
Tens of millions of bills and credit statements could go undelivered by Royal Mail after postal unions said they were planning their biggest programme of industrial unrest for six years.
THE WALL STREET JOURNAL
Decade to normalise Fed accounts
It may take the Federal Reserve until 2022 to bring its massive balance sheet back toward a more historically normal size, Goldman Sachs economists argue in new research.
Bayern Munich boss investigated
The longtime president of Bayern Munich, Germany’s most celebrated soccer club, is under investigation for suspected tax evasion, prosecutors said, adding fuel to a long-running debate over offshore havens.