LSE TO RING CHANGES WITH OPENING BELL REVIVAL
The London Stock Exchange , whose trading pits disappeared 25 years ago, is reviving the buzz of the opening bell by recreating the ritual in its lobby. Construction starts today on a facility at LSE headquarters, next to St Paul’s Cathedral, that will probably feature an electronic bell and flashing ticker screens.
ROLLS-ROYCE TEAMS UP WITH AREVA
Rolls-Royce is to become a strategic partner on France’s new third generation nuclear reactor under an agreement set to be signed on Friday between the aero-engine maker and Areva, the French nuclear group. The deal will allow Rolls-Royce to take part in France’s push to dominate the global nuclear market with its new heavy-duty, 1600MW EPR reactor. Areva’s ambition is to have one third of the global market for new reactors by 2020.
TSE LOOKS AT JOINING FORCES WITH OSAKA EXCHANGE
The Tokyo and Osaka stock exchanges, Japan’s two largest exchange groups, plan to meet this month to discuss a merger, amid a heated climate of global consolidation in the industry.
VW OFF TO A SLOW START WITH SUZUKI
Volkswagen has admitted that its year-old partnership with Suzuki has so far yielded no results, and blamed cultural differences and slow decision making at the Japanese carmaker for the delays. The revelation, made by VW’s chief executive Martin Winterkorn yesterday, exposed how Europe’s top-selling carmaker has hit snags in its aim to gain a foothold in the fast-growing Asian small-car segment – the main reason for buying around 20 per cent of Suzuki.
GSK SET TO LAUNCH FIRST LUPUS DRUG FOR 50 YEARS
GlaxoSmithKline will launch its first blockbuster drug for more than a decade after a new medicine for lupus was approved by US authorities. Benlysta, the first treatment for the auto-immune disease to become available for more than 50 years, has the potential to bring in more than $3bn in annual sales by 2015 for GSK and its partner Human Genome Sciences, analysts said.
IN AN AGE OF AUSTERITY, WHAT PRICE THE CORPORATE JOLLY?
Corporate entertainment is back and the most profligate spenders are once again those who work in finance. A new survey on expenses last year shows entertainment is the only category in which we are spending more. An average entertainment claim rose from £85 in 2009 to £93.86 in 2010.
The Daily Telegraph
ROVIO RAISES $42M FROM FACEBOOK BACKERS TO MAKE MORE “ANGRY BIRDS”
The creators of Angry Birds, the phenomenally successful iPhone game in which players catapult animated birds into hard hat-wearing pigs, has raised $42m (£26m) to expand overseas and create new games. Rovio has secured cash from Accel Partners.
ICAEW: DON'T RUSH GROWTH MEASURES
Accountants fear that the Chancellor will propose headline grabbing growth policies in the forthcoming Budget with “no consideration” for their long term affect on the economy. In a letter to George Osborne, the Institute of Chartered Accountants in England and Wales (ICAEW) called for “concrete proposals for long-term growth in the forthcoming Budget – but not at any cost”.
THE STREET JOURNAL
GM FINANCE CHIEF LIDDELL RESIGNS
General Motors finance chief Chris Liddell, who often clashed with other executives at the auto maker but won plaudits for rebuilding its troubled finance department, is leaving after just 14 months on the job. Liddell’s departure clears the way for Chief Executive Daniel Akerson and other executives to pursue strategies, such as an effort to rebuild an in-house finance arm, undeterred by Liddell’s dissention.
YOUTUBE TO BOOST STAFF BY 30PC THIS YEAR
YouTube plans to increase staffing by more than 30 per cent this year as the Google video-sharing service rapidly expands around the world. In a blog post, YouTube said the hiring plans are the biggest in its six-year history. YouTube said it is looking for “top talent from around the world.”