US funds return to European banks
US money market funds have nearly doubled their allocations to European banks over the past 12 months, in a sign of improving investor sentiment towards the region. In the first half of the year, the 10 biggest US money market funds allocated about 15 per cent of their $652bn in assets to short-term deposits and debt securities with Eurozone banks, according to Fitch, the credit rating agency.
China to import gas from Myanmar
China has started importing natural gas from Myanmar, a milestone as the world’s largest energy consumer expands its strategic access to energy resources across the Indian Ocean.
PwC sued for €1bn over Quinn collapse
The liquidators of Quinn Insurance are suing PwC for €1bn, accusing it of negligent auditing. In a statement PwC Ireland described the proceedings as “unjustified and devoid of merit”.
Justice minister hints at dropping fees New fees of up to £1,200 for employees who want to bring claims of unfair dismissal or discrimination will be “looked at again” if they prove unfair, said Helen Grant, Minister for Victims and the Courts.
Angela Merkel seeks calm at Siemens
Angela Merkel yesterday called for a quick end to the turmoil at Siemens amid signs of a dramatic boardroom battle looming.
The Daily Telegraph
Apple faces accusations over workers
Apple has been accused of being “complicit” in alleged labour violations involving one of its suppliers in China, the Taiwanese firm Pegatron. Apple disputed reports of long working hours at Pegatron.
Green levies hit poor hardest: MPs
Ministers were last night criticised for funding green schemes through levies on household gas and electricity bills.
THE WALL STREET JOURNAL
BMW launches electric car
BMW chief executive Norbert Reithofer yesterday unveiled the auto maker’s first mass-production electric car. The BMW i3 is expected to go on sale in the US in the second quarter of 2014 for $41,350.
Hertz profit up 31 per cent on revenue
Hertz’s profit rose 31 per cent as the car-rental company logged double-digit percentage revenue growth.