BOSCH WARNS JAPAN CRISIS WILL SLOW GLOBAL GROWTH
The impact of last month’s Japanese earthquake will cut global economic growth by a quarter of a percentage point and could put a big dent in planed increase in car production this year, the head of the world’s largest car parts supplier warned. Franz Fehrenbach, chief executive of Bosch, said damage to Japan’s industrial base would slow momentum of the world economy.
SWISS JULIUS BAER PAYS BERLIN €50M TO SETTLE TAX EVASION CASE
Julius Baer became the first Swiss private bank to reach a settlement with the German authorities over its potential role in helping rich customers to evade taxation with a one-off €50m (£44m) payment. German tax authorities have gone to great lengths to track down tax evaders, including the purchase of stolen client information.
LIBERTY SELECTED AS PREFERRED QUINN BIDDER
Liberty Mutual, the US insurance company, has been selected as preferred bidder for Quinn Insurance, Ireland’s second largest general insurer, which was placed in administration by the Irish regulator last year over breaches of insolvency rules. The deal is one of several announced yesterday as creditors closed the net on founder Sean Quinn.
LISTING THREAT TO PLANS FOR NEW UBS BASE
Plans by UBS to build a new headquarters in the City of London’s Broadgate estate could be under threat from English Heritage, which is considering a historic listing for parts of the 25-year-old Arup-designed office campus. The conservation group is considering recommending a Grade II listing.
BURGER INVESTORS EAGER FOR A TASTE OF LATIN AMERICA
American investors rushed to take advantage of a rare opportunity to gain blue-chip exposure to the growing Latin American economies when the world’s biggest McDonald’s franchisee started trading in New York yesterday. Shares in Arcos Dorados rose nearly 25 per cent above their IPO price of $17 (£10.40) on the New York Stock Exchange yesterday.
DIXONS PULLS OUT OF SPAIN
Dixons Retail, the owner of Currys and PC World, confirmed that it was pulling out of the Spanish market yesterday. The company said that the decision was made “due to a continuing weak consumer environment and continuing losses of the business, together with the group’s plans to focus on combined electrical and computing stores”.
The Daily Telegraph
SIR RICHARD BRANSON TO MAKE BID TO BUY BACK FORMER VIRGIN RADIO
Sir Richard Branson is attempting to buy back the former Virgin Radio 14 years after selling the UK radio group. The Daily Telegraph understands Sir Richard's Virgin Radio International will make a bid today for Absolute Radio. The radio group is being sold by its Indian owner TIML Radio, part of Bennett Coleman.
BRICS warn over commodity prices
The roller-coaster path of commodity prices threatens the global recovery, the BRICS group of new economic powers warned. “Excessive volatility in commodity prices, particularly those for food and energy, poses new risks for the ongoing recovery of the world economy,” they said in a joint statement, released as the nations met for their third summit.
THE WALL STREET JOURNAL
ENI SEEKS TO SHIP LIBYA OIL TO ITALY
Eni, Italy’s biggest energy company by market value, said yesterday it plans to transport as much as possible of its own oil stored in a Western Libyan terminal to Venice for safety reasons. “We are trying to lift as much equity oil as possible” from the Mellitah terminal via a tanker to Venice, said Eni. “No specific time frame is available, but we hope to have one [tanker] in a few days.”
SPAIN MOVES TO CLAMP DOWN ON HIGH-INTEREST DEPOSITS
Spain’s ailing savings banks are rushing out a slew of aggressively priced products for savers ahead of an initiative by the government and the Bank of Spain to limit money-losing deposits. The Finance Ministry has outlined new draft rules aimed at limiting the interest rates that banks can pay for deposits.