LAW FIRM STOPS WORK ON INQUIRY INTO PHONE HACKING
BCL Burton Copeland, the law firm, is no longer advising News International about an investigation into phone hacking. The firm stopped working for NI, which publishes Rupert Murdoch’s UK newspapers, last week, insiders familiar with the situation said, after it was called in at the beginning of the year.
INTERBANK LOAN PROBE FOCUSES ON YEN RATES
Regulators probing alleged manipulation of interbank lending rates have expanded their investigation into yen rates in London and a separate rate-setting process in Tokyo. Led by the US Department of Justice, regulators from the European Union, the UK, the US and Japan have been examining whether the London interbank offered rate, the reference point for $350,000bn (£213,000bn) in contracts, was rigged at the height of the financial crisis.
DISNEY LOOKS TO EXPAND IN INDIA
Walt Disney has bid $454m for the stake in India’s UTV Software Communications, one of Bollywood’s largest entertainment groups, that it does not already own, as it seeks to strengthen its position in one of the world’s fastest growing media markets. Disney said on Tuesday that it would delist the company from Indian exchanges.
VODAFONE CELEBRATES VERIZON STAKE
Vodafone used its annual meeting to claim vindication of its strategy of refusing to sell its minority stake in Verizon Wireless. Sir John Bond used his last speech as Vodafone’s chairman to highlight how Verizon Communications, Verizon Wireless’ controlling shareholder, has said the mobile operator is due to resume making dividend payments in 2012.
ENTIRE US TOWNS PUT UP FOR SALE
An estate agency in South Dakota is offering a once-in-a-lifetime deal. For roughly the price of a terraced house in Tooting, you can become the proud owner of an entire town on the edge of the Badlands, complete with homes, outbuildings, a saloon, a post office, a petrol station and convenience store, two shops, two jails, a museum, a dance hall, a hostel and an historic railway depot.
ZYNGA PREPARES CHINA LAUNCH
The online gaming company behind hits such as FarmVille plans to go where internet firms have failed before by launching its first game in China. Zynga, which has made a multimillion-dollar business from selling virtual goods for imaginary farms and homes, is creating a Chinese version of CityVille, its most popular game.
The Daily Telegraph
TALKTALK PLANS PRICING APPEAL
TalkTalk is considering an appeal against Ofcom’s decision to slash the cost of connecting to BT’s network in rural areas because it has already spent millions installing kit in less populated regions. Britain’s second-largest broadband provider said that it was actively contemplating an appeal over Ofcom’s decision to lower regulated prices in regions where BT is the sole supplier.
WHOLE FOODS TAKES ON GLASGOW
Whole Foods Market, the US “natural foods” giant is headed for Glasgow, home of the deep fried Mars Bar. The 23,000 sq ft outlet in Gifnock, an upmarket suburb south of the Scottish city, will be the chain’s first store outside London and the first to open since the launch of Whole Foods' huge outlet in High Street Kensington in 2007.
THE WALL STREET JOURNAL
SAAB DELAYS PAYING ITS WORKERS
Swedish Automobile NV, the Netherlands-listed owner of troubled car maker Saab Automobile AB, said Tuesday it had delayed salary payments to its approximately 1,600 white-collar employees due to a shortage of cash. We’re still waiting for some of the funds that were committed by investors to show up on our account,” said Saab Automobile spokeswoman Gunilla Gustavs.
SAP GUIDANCE LIFTS SHARES
SAP yesterday reported a 20 per cent jump in second-quarter profit and said it plans to reach the top end of its revenue and profit guidance in 2011 amid strong demand. SAP said that its closely watched software and software-related service revenue, which includes new licenses and maintenance, is now expected to be at the upper end of its forecast for growth.