AIRBUS CHIEF CALLS SUBSIDY ROW AN ABSURDITY
The head of Airbus has lashed out at the “absurdity” of the prolonged aircraft subsidy row between his company and Boeing, its US rival, saying both sides had taken state aid and the only winners were likely to be rivals in China and Russia. In a frank assessment of the six-year battle between the US and EU over the funding of the aircraft-makers, chief executive Tom Enders said the WTO had, unsurprisingly, found “both are guilty”.
EMERGING MARKETS DRIVE CATERPILLAR
Caterpillar, the world’s biggest maker of earthmoving equipment, reported that profits nearly doubled in the third quarter from last year, driven by emerging markets. Sales revenues in Latin America rose 95 per cent, growing much faster than the Asia-Pacific region, where sales increased 51 per cent and EMEA where sales rose 31 per cent.
CHEVRON TO DEVELOP IN GULF OF MEXICO
Chevron, the second-largest US oil group, has given the green light to the $7.5bn development of two large fields in the Gulf of Mexico. The decision to proceed with the project, represents the largest investment in the Gulf of Mexico since the BP oil rig disaster in April and is the strongest signal yet that the region’s reserves will continue to be produced.
GERMANY HITS BACK AT CRITICISM
Germany sternly rebuffed foreign critics of its economic policies yesterday, lauding the strength of its recovery while criticising its trade partners for lax finances and currency manipulation. “Growing domestic demand shows our recovery is standing on two feet,” said economics minister Rainer Brüderle.
QUEEN’S FAVOURITE SPRING WATER RUNS DRY AFTER 400 YEARS
It is enough to drive one to gin. Only a day after the Government imposed severe spending cuts on the Queen, Coca-Cola has axed the bottled water favoured by Her Majesty. More than 400 years since Queen Elizabeth I sipped Malvern’s famously pure spring waters, Coca-Cola said that its plant was too small and inefficient to compete with modern facilities.
UK GETS GAS BOOST FROM FRENCH STRIKE
The UK is set for an unexpected supply of heating fuel in time for the cold snap because liquefied natural gas tankers are being diverted from blockaded French ports. Striking workers at Montoir de Bretagne have prevented vessels from unloading LNG this week, forcing at least one ship to berth in a British port instead.
The Daily Telegraph
ONGC MAY DERAIL VEDANTA'S CAIRN INDIA DEAL
India’s state energy company has sent a warning signal that it may stop Vedanta from buying a $9.6bn (£6bn) majority stake in Cairn India. After weeks of speculation about a state counter bid, Oil & Natural Gas Corporation has written to Cairn asking it to set out details of Vedanta’s qualifications to run the fields.
GOLDMAN INVESTMENT TO MAKE WARREN BUFFETT $1.5BN
Warren Buffett’s reputation as one of the world’s canniest investors looks set to receive its latest boost as the Sage of Omaha prepares to generate a $1.5bn (£956m) profit by selling his stake in Goldman Sachs. The US investment bank is close to paying back the $5bn Buffett invested in Goldman at the height of the financial crisis in 2008.
WALL STREET JOURNAL
ANGLO IRISH ASKS BONDHOLDERS FOR BIG HAIRCUT
Anglo Irish Bank offered to swap some of its riskiest bonds for new debt at a hefty loss to investors in a bid to reduce the cost of the country’s banking-system rescue. The move by the state-owned bank could help the Irish government recoup roughly €1.7bn of the potentially €50bn cost of bailing out its troubled banks.
RUSSIA NEARS APPROVAL FOR PRIVATISATIONS
The Russian government is close to approving a $59bn privatisation programme as it seeks to cut the state’s role in the economy and business and raise money to balance the budget. The Kremlin aims to sell minority stakes of state-controlled companies, reversing a trend during the oil boom through 2008 and during the financial crisis.