UK AND FRANCE IN TALKS ON TRIDENT MAINTENANCE
An agreement being negotiated by the UK and France would see British nuclear warheads serviced by French scientists and break with half a century in which neither country has collaborated on its independent deterrent. Ahead of a summit in three weeks, the governments are close to agreeing that Britain would use a French laboratory to help maintain and service its 160 warheads.
INVESTORS SEEK $12BN TO GRAB PRIVATE EQUITY ASSETS
Three of Europe’s biggest investors in second-hand buy-out and venture capital assets are raising almost $12bn to scoop up a flood of private equity interests being sold at a discount by banks and financial institutions. Coller Capital has kicked off a $5bn fundraising, while Axa Private Equity wants to raise $3.5bn and Pantheon Ventures this week raised a new $3bn fund.
ALCOA SEES FALL IN NET INCOME
Alcoa, the US’s biggest aluminium producer, kicked off the third-quarter earnings season by reporting a fall in net income as an uptick in demand for industrial goods failed to offset a decline in prices over the quarter. The company said that a series of facility shutdowns resulted in a spike in one-time charges, but forecast faster growth in the developing world.
FIRST PERUVIAN TO WIN NOBEL LITERATURE AWARD
The Swedish Academy has awarded the 2010 Nobel Prize in literature to novelist and essayist Mario Vargas Llosa. He is the first Peruvian – and the sixth Latin American – to win the prestigious literary accolade. Vargas Llosa, 74, is the author of 16 novels, three short-story volumes, seven plays and over 20 works of non-fiction.
MULTIPLIER HELPS TO DOUBLE DYSON PROFITS
A hand dryer that costs in the region of £700 and a desk fan that sells for about £200 has helped Dyson nearly to double its pre-tax profits to £163.8m last year. The Air Multiplier, which was launched in Britain, Japan and the United States this summer after going on sale in Australia late last year, has proved a hit despite its hefty price tag.
FORGET ASSET BUBBLES, KRAFT OPENS £9M CHEWING GUM LAB
Kraft has set up a new gum and candy research centre in Europe to ensure that changes in chewing gum taste, texture and packaging have the right appeal in each market. The US food giant hopes that the new €10.4m (£9m) facility at Eysins, Switzerland, will help it to cash in on the growing global demand for chewing gum.
The Daily Telegraph
RECESSION SEES RISE OF THE SILVER APPRENTICE
The number of over-50s taking up apprenticeships has more than doubled in two years, official statistics have revealed. The figures show that older workers have been forced to retrain and learn new skills following the recession to find jobs, according to age charities. The statistics show the number of 50-plus apprentices leapt from 2,605 in 2007-08 to 5,376 the following year.
AUSTRALIAN DOLLAR HITS 27-YEAR-HIGH
The Australia dollar has hit an historic 27-year-high after stronger than expected employment figures boosted the currency's value. This afternoon the dollar hit 98.74 US cents, the highest level since January 1983, when the currency was first floated and valued at 97.65 US cents.
WALL STREET JOURNAL
RUSSIAN OIL GIANTS COMPLAIN OVER FIELD ACCESS
Russia’s decision to restrict access to the first major oil-and gas-field tender in five years has caused outrage among the country’s industry titans, who say the Kremlin's claimed push for transparency and fair access to the country's energy reserves is going nowhere. Russia has tightened its control of the oil and gas sector in recent years.
SPAIN’S BANESTO SEES PROFITS DECLINE 52 PER CENT
Banco Español de Crédito SA reported a 52 per cent drop in third-quarter net profit, as it set aside more cash to cover souring loans and as its lending business weakened. The bank, better known as Banesto, said net profit was €68.9m (£60.4m)?in the three months ended 30 September, down from €144.1m a year earlier.