SONY COMMITMENT BOOSTS GAMES SECTOR
Sony, one of the largest computer games developers in the UK, has committed to remaining in the country in a boost to a sector hit by an exodus to lower-cost countries. The Japanese maker of PlayStation, which has its European game design headquarters in Liverpool, is to receive £2m in public money to safeguard 700 jobs there.
AUDITORS PRESSED TO BROADEN ROLE
Auditors must expand their role beyond a narrow focus on financial statements, according to the head of KPMG, who will warn today the current “fort by fort” fixing of the regulatory “Maginot line” that failed during the crisis risks producing a system not fit for modern purposes. John Griffith-Jones, co-head of KPMG Europe, will call on auditors to work more closely with other parties.
JADWA TO INVEST £500M IN UK
Jadwa Investment, a company part-owned by the Saudi royal family, and CIT, a European property investor, have acquired the King’s Reach Tower on London’s south bank for £60m and plan to invest a further £500m in the UK real estate market. Jadwa has invested £140m in UK property -- including Hull’s largest shopping centre in March -- and King’s Reach Tower is the fourth joint Jadwa-CIT deal.
STADIUM SELLS PLASTIC BUSINESS
Satdium Group, the Aim-listed provider of electronic manufacturing services, has sold its Branded Plastics business, which makes babycare and building products, to Flambeau Europlast for £2.5m. The deal means Stadium is now focused solely on its electronics business, which operates from sites in the UK and China. In a trading update, Stadium also reported strong trading in its core electronics business in the first half of the year.
BRAZIL ADDS TO BP’S WOES WITH REVIEW OF $7BN DRILLING DEAL
BP’s credibility as an international oil company was under further threat last night after the Brazilian Government raised doubts over its $7bn deal to buy deepwater assets in Brazil. The Times has learnt that the Brazilian oil industry regulator is reviewing the BP deal with Devon Energy announced six weeks before the Deepwater Horizon blast.
IT’S GAME ON AS CONSOLE MAKERS HARNESS THE POWER OF MOTION
Every year tens of thousands of people descend on Los Angeles in search of the next big thing. This year, they will come seeking answers. The gaming industry, a sector that for a decade has outshone traditional branches of the entertainment industry to become a $20bn global business, is suddenly ill at ease.
The Daily Telegraph
UK TAXPAYERS SHOULD BRACE THEMSELVES FOR A £10BN TAX RISE
Taxpayers should poise themselves for as much as an extra £10bn of tax increases in next week’s emergency budget as the coalition government takes drastic action to bring the public finances back into order, economists said. This week’s Office for Budget Responsibility report has paved the way for £20bn of extra fiscal tightening next Tuesday, according to Morgan Stanley.
BANK OF ENGLAND TO CAP MORTGAGES
House buyers could be refused mortgages under new Bank of England powers to be unveiled by George Osborne. The chancellor will announce that he will hand a host of new controls to the Bank to prevent another financial crisis. The powers will mean that the Bank could impose restrictions on mortgage lending.
WALL STREET JOURNAL
AT&T RETHINKS U-VERSE SPENDING AFTER FCC MOVE
AT&T could cut back spending on its U-Verse home television and internet service if the Federal Communications Commission goes forward with its plan to tighten regulation on broadband internet providers. The service is now available to 24m homes, and the telecom giant has a target of making it available to 30m by the end of 2011.
US AIRLINE RECOVERY QUICKENS
US airline executives said recovery in business travel has accelerated alongside gains in international and domestic passenger revenue, bucking lingering concerns about higher fuel prices. The improvement in sector fortunes also is seen as more sustainable than after previous downturns, as even low-cost carriers like Southwest Airlines have slowed expansion plans.