FEARS OVER RETREAT ON VOLCKER BANK RULES
The Volcker rule, which bans US banks from trading for their own account, is set to include exemptions that some officials fear will weaken its impact, people familiar with the situation have warned. In the wake of UBS’s $2.3bn (£1.4bn) loss last week, alleged to have been caused by the actions of a lone trader, proponents of a tough rule to constrain banks’ proprietary trading are concerned that dangerous activity will continue under the guise of customer-related transactions.
LOGJAM FOR LISTINGS IN US CREATES LONGEST WAITING LIST SINCE 2007
A logjam of US initial public offerings has stretched to its longest in four years while the number of companies withdrawing deals has increased. Anxiety over the Eurozone debt crisis and the economic slowdown has hit equity fundraising, dashing hopes of a revival that followed strong debuts for internet companies such as LinkedIn and Pandora.
LLOYD’S BRACED FOR RECORD £1.5BN HIT
Lloyd’s of London looks set to report losses of more than £1.5bn on Wednesday, its worst first-half loss on record, after a strong of disasters left the insurance market facing estimated claims of $3.8bn (£2.4bn). London-listed insurer with operations at Lloyd’s have already reported hefty first-half losses on the back of a six-month period that made 2010 the most expensive for natural catastrophes on record.
NAILS INC POLISHES PERFORMANCE
Nails Inc, the privately owned nail bar and nail polish brand, has tripled profits, showing that women are splashing out on brightly coloured nails despite the economic climate.
JOBS AND GROWTH STIFLED BY FAILED PLANNING LAWS
Britain’s “creaking” planning system is driving investors away and threatening economic recovery, a group of leading businessmen declare today. They have thrown their weight behind ministers’ controversial planning reform, arguing that it is vital to simplify the process in favour of new retail, technology and pharmaceutical ventures. In a letter to The Times, they say that the changes — bitterly opposed by countryside groups and environmentalists — are essential to providing jobs and growth.
LONDON HAS AN OFFICE BLOCK GLUT – BUT IS IT BOOM OR BUST?
Research by The Times shows that more than £5bn of office property is up for sale in the City and Canary Wharf. More than a fifth has come to market in the past ten days.
The Daily Telegraph
HORNBY TO USE PRINCE HARRY MODEL FOR BRITISH ARMY IN AFGHANISTAN
Hornby, the toy train and model company, is to bring out a range of tanks, helicopters and soldiers based on the British Army in Afghanistan next year, with one of the plastic soldiers modelled on Prince Harry. The range of models on a 1:48 scale include six different soldiers on patrol and will be sold under the Airfix brand.
IKEA FOUNDER PLEDGES £1BN TO CHARITY FOLLOWING NAZI PAST REVELATIONS
IKEA’s billionaire founder Ingvar Kamprad has pledged £1bn to charity in a move which follows revelations about his Nazi past. The 85-year-old businessman has instructed the IKEA foundation, which has owned the company since 1982, to more than double its charitable spending to close to £100m a year.
THE WALL STREET JOURNAL
SAMSUNG COUNTERSUES APPLE IN AUSTRALIA
Samsung Electronics widened a global patent dispute with Apple by filing a countersuit in Australia, while also appealing a key ruling in Germany. The South Korean company said it has filed a lawsuit in Australia alleging Apple’s iPhone and iPad 2 tablet violate a number of wireless-technology patents held by Samsung.
THAI AIRWAYS TO SCRAP JOINT VENTURE WITH TIGER AIRWAYS
Thai Airways International PCL Chairman Ampon Kittiampon said the carrier is scrapping its plan to establish a low-cost airline with Singapore’s Tiger Airways Holdings. But Tiger Airways Chief Executive Chin Yau Seng said Thai Airways has informed the Singapore-based low-cost carrier there is no change in the status of their joint venture.