SOUTH AFRICA STILL A DRAG ON ANGLO AMERICAN
Anglo American, the mining company, is finding it hard to escape its South African roots despite its efforts to become a cosmopolitan corporate citizen. An array of risks in South Africa, the source of 41 per cent of operating profits last year, is having an effect on the share price. Since July Anglo has underperformed the FTSE All-Share mining index, as well as peers Rio Tinto, BHP Billiton and Xstrata.
RAF JETS MAY FLY FROM FRENCH CARRIER
Britain’s next generation of fast jets could be permitted to fly off France’s flagship Charles de Gaulle aircraft carrier under a defence treaty that will deepen military co-operation between the two nations. Thecountries are set to embark on an unprecedented level of co-ordination over the operation of aircraft carriers
ANGLO IRISH BONDHOLDERS TO DEFY DEBT EXCHANGE
Anglo Irish Bank faces a battle to impose a punitive settlement on its junior creditors after a group of bondholders formed in a bid to block attempts to force a €2bn (£1.74bn) debt exchange on creditors. The ad hoc group of investors said they held enough bonds in each of the bank’s so-called lower tier two notes to block moves by the bank to force bondholders to accept a tender offer.
FEARS FOR TOOTHLES’ ENTERPRISE BODIES
Vince Cable’s first tranche of regional enterprise bodies is set to be revealed amid concerns from business that the groups will be little more than a fragmented network of “toothless talking shops”. Business groups and unions are concerned that Leps are an attempt to paper over the gap left by the coalition’s axing of regional development agencies in June.
MYSPACE REVAMP TO FOCUS ON ENTERTAINMENT
MySpace, the online social network, is overhauling its image in an attempt to stay relevant in a market dominated by Facebook. The social-networking pioneer, founded in 2003, was re-launched in America today as an “entertainment destination” for 13 to 35-year-olds.
HMRC TO FACE MPS
HM Revenue & Customs will be formally investigated by MPs after the PAYE tax fiasco, in which it charged 5.9 million people the wrong amount. The Commons Treasury Select Committee will begin an inquiry into HMRC, assessing its performance and considering whether it needs to be reformed. The tax collectors were forced into a belated apology after admitting that 4.5m people had paid too much tax.
The Daily Telegraph
BG PROJECT HIT WITH $1.2BN TAX CLAIM IN KAZAKHSTAN TUSSLE
Kazakhstan is preparing to hit one of BG Group’s biggest gas projects with $1.2bn (£760m) in back taxes, as the nation’s government tries to wrestle itself a stake in the key field. Karachaganak, the prize gas project owned by BG Group, Italy’s ENI and America's Chevron, is the only major field in the Eurasian country where the state has no influence.
KARL ROVE QUESTIONS SARAH PALIN
Karl Rove, the former senior adviser to George W Bush, has cast doubt on Sarah Palin’s viability as a White House candidate, questioning if the American people thought she had the “gravitas” for the “most demanding job in the world”. Rove said it was unlikely that voters would regard someone starring in a reality show as presidential material.
WALL STREET JOURNAL
UNICREDIT COMMITTED TO EAST EUROPE
UniCredit SpA plans to expand its retail and investment-banking operations in Central and Eastern Europe, Chief Executive Federico Ghizzoni said in an interview, brushing aside pressure from top Italian shareholders to make retail banking in Italy the lender’s priority. Ghizzoni’s comments follow months of scrutiny over the bank’s strategy.
EU INVESTIGATES AVIATION PACT
The European Commission plans to launch legal proceedings against Germany, France, Finland and Austria on to force revisions to bilateral aviation treaties with Russia. Similar deals between the 23 other EU countries and Russia are also under investigation, said a spokeswoman for EU Transport Commissioner Siim Kallas.