WHAT THE OTHER PAPERS SAY THIS MORNING
7 March 2011 4:12am
TESCO PUSH ON MUSIC GROUPS’ CD DEALS
Tesco is pushing music companies to accept minimal upfront payments for the compact discs they ship to the Uk retailer, in a renegotiation that will test how record labels’ bargaining power has diminished in line with shoppers’ interest in CDs. Instead of paying £7 or £8 upfront for a typical album, Tesco wants to pay just 50p initially, with the remainder handed over when it sells the disc, Rob Salter, Tesco’s entertainment director, told the Financial Times.
TRADERS “SHORT” DOLLAR AS CURRENCY LOSES ATTRACTION
Hedge funds and forex dealers are betting record amounts against the dollar, reflecting a growing belief that the US currency has lost its haven appeal and that Eurozone interest rates will soon rise. As the crisis in the Middle East has worsened, the latest exchange data show that traders are selling “short” the currency. The big US fiscal deficit and concerns about the effect of rising oil prices have been blamed by some for the dollar’s slide.
BAE BRACED FOR TOUGH US CURBS
BAE Systems is braced for the imposition of strict curbs on its business by the US, as it moves closer to resolving a year-long review by the State Department of its guilty plea to a conspiracy charge last year.
RUSSIA SETS UP $10BN FUND TO ATTRACT PRIVATE EQUITY INVESTMENT
The Russian government is setting up a $10bn fund to co-invest with leading international private equity firms in an effort to attract foreign capital to the country, and has asked Goldman Sachs informally to guide the project, according to people familiar with the matter.
INVESTIGATORS STUDY CADBURY INDIA BRIBERY ALLEGATIONS
Kraft Foods has been subpoenaed by the US Securities and Exchange Commission over accusations of bribery at Cadbury’s operations in India. The world’s second-largest food company, which acquired the British confectioner last year in a controversial £11.9bn deal, said that it had received the subpoena on February 1 as part of an investigation by the SEC under the US Foreign Corrupt Practices Act, which bans the payment of bribes to foreign officials.
SPOTLIGHT FALLS ON GROCERS’ GRAND JOB CREATION CLAIMS
Britain’s leading supermarkets have been accused of misleading planning authorities by claiming to create tens of thousands of jobs when they employ fewer workers than two years ago. they did two years ago.
The Daily Telegraph
ED BALLS AND YVETTE COOPER REFERRED TO WATCHDOG OVER CHILDRENS’ EXPENSES
Ed Balls and Yvette Cooper have been referred to the parliamentary standards watchdog over £14,000 of expenses made in relation to their children. Although they have not breached the regulations, Andrew Bridgen, Tory MP for North West Leicestershire, has written to John Lyon, the standards commissioner. He has asked him to investigate the shadow chancellor and shadow work and pensions secretary.
BUFFETTOLOGY COMES TO BRITAIN
It sounds like an American cult, but later this month, UK investors can take advantage of the science of Buffettology for the first time. Buffettology is the name of a 1999 book written by Mary Buffett, who was married to Peter Buffett.
THE WALL STREET JOURNAL
HEFNER TAKES PLAYBOY PRIVATE
A partnership led by Hugh Hefner has succeeded in taking Playboy private. Playboy Enterprises Inc. said that its acquisition by Mr. Hefner’s Icon Acquisition Holdings LP has closed. The $6.15-per-share deal was funded with $195m of debt and $185m from the private investment firm Rizvi Traverse and Playboy management, including Hefner. Under the deal, Rizvi Traverse will own about 60 per cent of the company. Mr. Hefner will own about 37 per cent, and other executive management will have the remaining three per cent.
NICKELODEON GIVES NEW KICK TO NINJA TURTLES
Viacom’s Nickelodeon is betting that the Teenage Mutant Ninja Turtles still have some fight left in them. The cable channel spent $60m to acquire the global rights to the franchise.
In other news
Network Rail and RMT bosses are once again entering talks to see if the latest set of strikes, announced yesterday, [Read more]
IMF chief Christine Lagarde said this morning that a comprehensive deal with Greece is "very unlikely... in the next few days". [Read more]
Good news multiple-gun salute fans. Next week there will be not one but two such events, marking the 62nd year [Read more]
An EasyJet flight from Luton to Tel Aviv has been forced to turn back after multiple cabin crew members reported [Read more]
A vehicle has struck a bridge it was passing under in Tulse Hill, south London, causing train cancellations and [Read more]
Shares in troubled insurance claims outsourcer Quindell fell in late morning trading after the company announced [Read more]
After a number of top Fifa officials were arrested on accusations of bribery and racketeering this week, the already [Read more]
The mother of the children who died at a Thomas Cook-approved hotel in Corfu has slammed Harriet Green's decision [Read more]
The meteoric rise in London office rents is unlikely to slow down for at least another year, the chief executive [Read more]
Andy Burnham will today admit that Labour got it wrong on business and the economy, and that the party cannot [Read more]
The German Chambers of Commerce and Industry has said it is “astonished” that the UK is considering leaving [Read more]
When it comes to creating new technologies, London is a long way behind other cities in the UK, new research has [Read more]
Four FinTech startups have won $100,000 (£65,400) backing from Citi after a search for new technology and innovation [Read more]
Property types may have been worried about the looming spectre of a mansion tax during the run-up to the General [Read more]
Corruption allegations, arrests of top officials, global outrage - in most organisations such calamities would [Read more]
Are the UK's new crop of MPs actually any good at social media? [Read more]
Donmar Warehouse | ★★★★★ [Read more]
Olivier Theatre | ★★★☆☆
Kingfisher, Europe’s biggest home improvement retailer, said it has found buyers for a quarter of its stores [Read more]
Clothing retailer Abercrombie & Fitch said yesterday that its business is recovering, buoyed by the strong [Read more]
Just a handful of football clubs offer fans fast smartphone connections despite growing pressure to install the [Read more]
Business services firms are seeing a boom on a scale not experienced for almost a decade, with sales volumes rocketing [Read more]