BUSINESS PLEADS FOR A STRATEGY
Business leaders urged David Cameron to turn his pro-enterprise rhetoric into a detailed strategy that would deliver better infrastructure and remove obstacles to growth. David Frost, director-general of the British Chambers of Commerce said corporate Britain was strongly behind the government’s effort to shrink the budget deficit but nervous about the impact that cuts could have.
BUY-OUT GROUPS EYE BT’S TECH MAHINDRA STAKE
Private equity groups are in talks with BT about buying the UK telecoms group’s 31 per cent stake in Tech Mahindra, one of India’s largest software services providers, in a deal worth up to $800m (£506m). Apax Partners, Providence Equity and Goldman Sachs Private Equity are among the buy-out groups in talks with BT about buying the stake in Tech Mahindra.
HEDGE FUNDS REPORT BIGGEST GAINS OF YEAR
Rising markets through September and a revived appetite for risk have propelled some of the world’s most prominent hedge funds to post their biggest monthly gains this year. Big-name hedge fund managers such as Renaissance Technologies, Paulson & Co and Lansdowne Partners have all reported large gains to investors in the past few days.
SKYPE AND TWITTER NAME NEW CHIEF EXECUTIVES
Twitter and Skype, two of the fastest-growing private internet companies, have appointed new chief executives. Skype has hired Tony Bates, formerly a rising star at Cisco Systems, as its new chief executive. Meanwhile, Dick Costolo who joined Twitter last year as chief operating officer was named chief executive on Monday.
SFO SWOOPS IN BANKNOTE BRIBERY INQUIRY
The British offices of a banknote manufacturer half-owned by Australia’s central bank were raided by police yesterday as part of an international investigation into suspected bribery. Over 100 police from the Serious Fraud Office carried out searches at nine properties connected to Securency International, a joint venture between the Reserve Bank of Australia and Innovia Films, a British chemicals manufacturer.
SABMILLER LOOKS TO ROLL OUT £6BN BARREL IN AFRICA
SABMiller is in talks to swallow one of Africa’s biggest brewers in a deal worth more than £6 billion.The Times understands that the owner of Grolsch and Peroni Nastro Azzurro is running the rule over the African beer operations of Groupe Castel.
The Daily Telegraph
IOD URGES BANK OF ENGLAND TO INJECT EXTRA £50BN INTO UK ECO
The “time has now come” for the Bank of England to pump more money into the UK economy, according to the Institute of Directors. The organisation wants a further £50bn in quantitative easing (QE), on top of the £200bn already injected into the economy to boost the money supply. Despite better than expected services sector data yesterday, industry surveys have been pointing to a slowdown in the UK recovery.
SAINSBURY'S SALES RISE DESPITE 'DIFFICULT CONDITIONS'
Sainsbury's sales rose 2.9pc in the second quarter, helped by online sales and demand for premium and non-food products, the group said in a trading update Sales rose slightly in the second quarter, but it warned that the outlook remained challenging.
WALL STREET JOURNAL
CURRENCY CONCERNS PUSH GOLD HIGHER
Gold hit yet another record on its spurt higher on broad concerns that aggressive monetary easing is destabilizing currency markets. The most actively traded gold contract for December delivery finished $7.40 higher at $1,347.70 an ounce on the Comex division of the New York Mercantile Exchange. Gold hit a high of $1,351 during the day.
GERMAN MANUFACTURING ORDERS JUMP
German manufacturing orders rose in August, sharply exceeding expectations, due to strong demand from euro-zone countries, the Economics Ministry said Wednesday. The rise marks a rebound from the previous month’s decline and signals rising industrial production for the coming months.