GOLD SALES AT EUROPEAN CENTRAL BANKS DRAW TO HALT
Europe’s central banks have all but halted sales of their gold reserves, ending a run of large disposals each year for more than a decade. The central banks of the eurozone plus Sweden and Switzerland are bound by the Central Bank Gold Agreement, which caps their collective sales.
LOCAL TV NEEDS FINANCIAL LIFELINE
A government-backed plan to set up a network of local television stations will probably fail unless it secures funding beyond advertising revenue, an expert panel studying the idea has warned ministers. The panel, headed by the investment banker Nicholas Shott, said the network is likely to have to be rolled out in two phases – the first in about a dozen urban areas and the second in the rest of the country.
LLOYD’S INSURERS TURNED DOWN GAMES
Insurers in the Lloyd’s of London market said they would not provide cover to ticket sellers, broadcasters or merchandise producers for cancellation or disruption of the Commonwealth Games in New Delhi due to a lack of information about infrastructure and security threats, according to underwriters.
MILIBAND HINTS AT TAX FOR GRADUATES
Graduates could face having to pay up to 2 per cent of their income to fund degrees under a future government led by Ed Miliband, it has emerged, in spite of Alan Johnson, the former home secretary, condemning the idea. The new Labour leader said on Sunday he could envisage a system in which graduates paid 0.3-2 per cent of their income for 15-20 years in return for a university education, insisting that this was a “fairer” system of funding than simply increasing fees.
HANDS AND CITIGROUP PREPARE FOR BATTLE
Citigroup will seek to portray Guy Hands as a corporate raider when the two sides meet in what promises to be a bitter fight in a New York courtroom. The chairman of Terra Firma filed a claim alleging that the American bank had committed fraud when it bankrolled a £4.2bn buyout of EMI by Terra Firma in 2007.
CROSSRAIL WILL SAVE ON EVERYTHING, FROM STATIONS TO LIGHTS
Crossrail has identified potential savings worth hundreds of millions of pounds, The Times has learnt. The company building a new line across London will reveal today that it can point to significant possible savings over the construction of stations in the West End and the City as well as the main tunnels, due to be built from late next year.
The Daily Telegraph
DAYLESFORD ORGANIC SIGNS HARRODS DEAL
Daylesford Organic, the upmarket food retailer owned by the family of Sir Anthony Bamford, the JCB entrepreneur, will open a shop-in-shop in Harrods and a franchise store in Tokyo in the coming weeks as it embarks on an expansion drive. The retailer is also in talks with major supermarkets about supplying them with organic ready meals.
JOHN LEWIS AD AIMS TO COVER THE CHRISTMAS NO. 1 SLOT
The reformed Take That face some stiff competition for the Christmas number one slot in the shape of John Lewis, the department store retailer. The chain is hoping the song used on its Christmas television advertisement, which has just been filmed, will make it to the festive number one slot.
WALL STREET JOURNAL
UNICREDIT CONSIDERS SPLITTING CEO ROLE
The board of UniCredit SpA is expected to discuss the fundamental outlines of the bank's future this week, including the structure of its corporate leadership and a new chief executive—or a duo of top executives. The discussions follow the resignation last week of CEO Alessandro Profumo amid concerns by shareholders that he wielded too much power.
AIG LAYS OUT PROFIT FORECAST FOR AIA UNIT
American International Group Inc. said it expects its AIA Group Ltd. life-insurance business will likely have an operating profit of at least $2bn in the fiscal year ending 30 November. Premium income at AIA, which AIG plans to list on the Hong Kong stock exchange in October, increased by 11 per cent in the first nine months.