WATCHDOG HITS OUT AT BANKS OVER GREEK DEBT
Some European financial institutions should have taken bigger losses on their Greek government bond holdings in recent results announcements, according to the body that sets their accounting rules. the International Accounting Standards Board criticised the inconsistent way in which banks and insurers have been writing down the value of their Greek sovereign debt in a private letter sent to the European Securities and Markets Authority, the European union’s market regulator.
CHINESE TYCOON’S PLANS FOR $100M TOURISM PROJECT IN ICELAND RAISES SECURITY CONCERNS
A Chinese tycoon plans to buy a vast tract of Icelandic land for a $100m tourism project which critics fear could give Beijing a strategic foothold in the North Atlantic. Huang Nubo, a real estate investor, has struck a provisional deal to acquire 300 square kilometres of wilderness.
BUSINESS FEARS LACK OF SKILLED MANAGERS
Britain is facing a potentially serious shortage of managers and business leaders with the right skills during the next six years as baby boomers born after the second world war retire.
INVESTORS QUEUE UP TO QUESTION CVC OVER F1 BRIBERY ALLEGATIONS
Investors in CVC Capital Partners are planning to increase the pressure on the UK private equity group over bribery allegations surrounding the sale of the Formula One racing series almost six years ago. One large European investor into CVC’s funds told the Financial Times he would grill the buy-out group’s partners over the contentious deal at an advisory board meeting.
COUPON-CRAZY FAMILIES “BEING SOLD SHORT”
Recession-hit Britons are latching on to online discount vouchers despite mounting evidence that consumers are being misled. In less than six months, the advertising watchdog has banned 60 voucher adverts by the burgeoning industry of websites offering alluring discounts on goods and services.
SUPER-SLOW BROADBAND COULD WASTE £1BN, WARNS BT
Millions of internet users face being left in the digital slow lane as a result of red tape and badly managed local projects, with the risk of almost £1 billion of public funds being sunk into expensive and low-speed networks. The government plans to allot half a billion pounds to fund fibre-optic network investment in rural areas.
The Daily Telegraph
BUYING A HOUSE IS CHEAPER THAN RENTING FOR FIRST-TIME BUYERS
Low interest rates and falling property prices mean that buying a house or flat is over £100 a month cheaper for first-time buyers than renting a property is. New research shows that the average monthly cost associated with buying a two-bedroom flat for a first-time buyer is around £567. This is £110 lower than the typical rent paid on an equivalent property, according to Halifax, which conducted the research.
JONNY WILKINSON TO LAUNCH CLOTHES RANGE FINESIDE
England fly-half Jonny Wilkinson has teamed up with his brother Mark to launch a fashion clothing brand that he hopes will play a major part in his life after rugby. He joins a growing line of rugby players who have turned to tailoring.
THE WALL STREET JOURNAL
JUDGE SAYS BOOKS-A-MILLION CAN TAKE OVER 14 BORDERS LEASES
A judge yesterday cleared Books-A-Million to take over the leases on 14 Borders Group stores, meaning at least some Borders stores will carry on as the rest of the chain winds down through liquidations. Judge Martin Glenn of US Bankruptcy Court in Manhattan approved the deal after Borders settled some objections prior to the hearing, including ones over money that Books-A-Million must pay landlords for the leases.
CONSUMER GROUP URGES DRUG-SAFETY CHANGE
A consumers group is calling on the Food and Drug Administration to give generic drug companies more ability to warn patients about safety risks linked to their drugs. Public Citizen is calling for new FDA regulations on the topic.