LENDERS SHUNNED ON STRESS TESTS DOUBTS
Leading UK and continental European companies are increasingly shunning banks from Spain, Italy and even Germany because they do not believe the Europe-wide stress testing of banks gave a true picture of their financial health. Corporate treasurers from groups with revenues of more than $240bn told the Financial Times they were conducting their own tests to gauge for themselves banks’ robustness.
SHINHAN BANK IN COMPLAINT ON PARENT’S HEAD
Shinhan Bank has filed a complaint with Seoul authorities against the chief executive of Shinhan Financial Group, its parent and South Korea’s largest financial company by market value, alleging embezzlement and breach of trust.
COULSON AFFAIR ESCALATES MEDIA WAR
When senior aides to the royal family noticed strange things happening to their mobile telephones in late 2005, they could not know their suspicions would trigger a scandal that would involve the country’s best-selling newspaper, its biggest police force and the prime minister himself. Their hunch that their mobiles, as well as those of princes William and Harry, were being hacked into by reporters proved correct, and Clive Goodman, a journalist, and Glenn Mulcaire, a private investigator, were both jailed for the offences.
FEARS GROW OVER GLOBAL FOOD SUPPLY
Russia announced a 12-month extension of its grain export ban, raising fears about a return to the food shortages and riots of 2007-08 which spread through developing countries dependent on imports.
SECOND LOOK AT FLOTATION FOR SCOTTISH RESOURCES
Scottish Resources is considering returning to the City after a lack of investor support forced it to shelve a flotation in the summer. The miner, which owns the remnants of Scotland’s coal industry, is understood to be keen to try its luck again. If it does so, its original target of £250 million might well have to be trimmed.
STAMP DEALERS SELL UP TO STANLEY GIBBONS
A husband-and-wife team of specialist stamp dealers was £300,000 better off yesterday after their business was bought by Stanley Gibbons, the collectibles company. Stanley Gibbons bought the business, which traded as M&N Haworth, for cash — comprising a payment of £150,000 on completion, plus £150,000 next April.
The Daily Telegraph
RUPERT MURDOCH TAKES HOME $17M AFTER 6PC PAY CUT
Rupert Murdoch, the media mogul owner of The Times, The Sun and the News of The World, took a 6pc pay cut to $16.8m (£10.9m) last year, his smallest pay packet since 2003. Although his salary was unchanged at $8.1m, his bonus dropped 20pc to $4.4m. The 79-year-old billionaire chairman and chief executive of News Corporation was also granted $4.1m of stock and share options.
'WORK WITH US CHINA, NOT AGAINST US', URGE EUROPEAN BUSINESSES
0pc European business leaders have issued a cri de coeur for greater market access to China, calling on the world’s largest emerging economy to level the playing field for foreign investors. Jacques de Boisseson made his plea for a fairer deal from China as he launched a 650-page report.
WALL STREET JOURNAL
ABBOTT SCRAPS AUCTION OF VACCINES BUSINESS
Abbott Laboratories pulled the plug on the sale of its European flu-vaccine business when initial bids came in below the company's expectations.
The auction, which Abbott started in June, drew interest from four or five bidders, but the offers, which came in at less than €500m ($640n), proved too low for the company’s liking.
VIMPELCOM IN DEAL TALKS AS PROFIT DROPS
Russian telecommunications operator Vimpel Communications Ltd. said it is in talks to buy Egyptian and Italian telecommunications assets, as it reported a 52% decline in net profit. Chief Executive Alexander Izosimov said VimpelCom is in talks to buy Italian mobile operator Wind Telecomunicazioni and a stake in Egypt's Orascom Telecom Holding.