TOUGH CARE HOME REGULATIONS PROPOSED
The government is considering a series of tough regulations for residential care homes following the collapse this year of Southern Cross, the UK’s biggest home operator. The measures, outlined yesterday for consultation, include requiring companies to post capital upfront as a condition of their licence, and giving councils and regulators the power to intervene in the management of homes if they come under the threat of closure.
AVERAGE HOUSEHOLD FACES FUEL POVERTY BY 2015
The average household will be in “fuel poverty” by the next election in 2015 if energy bills, which have almost doubled as a share of median income since 2004, stay on their current path.
STANDARD CHARTERED BANKER ATTACKS WESTERN REGULATORS
One of Standard Chartered’s most senior executives has sharply criticised western regulators for using the wrong mechanisms to deal with the financial crisis, granting free rein to Asian markets where there has been a bias towards growth-focused regulation. “In the west, everything seems to create more uncertainty,” said Steve Bertamini, head of retail and SME banking at Standard Chartered, which generates the bulk of its business in Asia. “In many cases, you see regulators trying to outdo each other. Where is it going to stop?”
CHINA DETAINS WALMART STORE MANAGERS
Walmart, the US retailing giant, has been ordered to close seven stores in south-western China after police detained a number of store managers following allegations that employees labelled the firm’s ordinary pork as organic.
WHO NEEDS SILICON VALLEY WHEN YOU’VE GOT THE V&A?
California may be the throbbing heart of the global technology industry but Silicon Valley’s stultifying cultural attractions mean that London is a better home for creative types, according to one of the industry’s most influential players. Jimmy Wales, who founded Wikipedia a decade ago, now spends half the year in London.
JONGLEURS HEADS FOR CITY AND NEXT STAGE OF COMEDY REVIVAL
Have you heard the one about the psychotherapist daughter of Polish refugees who wants to float her comedy club business on the stock market? Maria Kempinska, the founder of Jongleurs, will today unveil plans to raise at least £500,000 through a private placing before an expected AIM listing in the next 12 to 18 months.
The Daily Telegraph
DOCUMENTS FROM RUSSIAN BP OFFICE RAID CANNOT BE USED IN TNK-BP LAWSUIT, RULES COURT
Documents seized from BP’s offices during a series of raids by masked bailiffs cannot be used as evidence, a Russian court has decided. The ruling is a rare victory for BP in Russia, after a tumultuous year that has seen the collapse of its £10bn deal with state oil company Rosneft.
INVESTORS UNAWARE THAT MANY CAUTIOUS BRANDED FUNDS ARE RISKY, SAY NINE IN 10 FINANCIAL ADVISERS
Many so-called cautious managed funds do not live up to their name. Research by Skandia revealed that most investors would score “cautious” funds as a two or a three out of 10 for risk. But most cautious funds actually carry a risk score of five or six, with some scoring even higher.
THE WALL STREET JOURNAL
TATA COFFEE AND STARBUCKS NEAR DEAL FOR STORES
Indians could soon be sipping cups of coffee and chatting at Starbucks outlets, as the US chain sets out to perk up global sales by making a long-awaited entry into one of the world's fastest-growing economies. Starbucks could over the next three weeks announce an alliance with Tata Coffee to open stores in India, a person familiar with the matter said yesterday.
CHRYSLER AND UAW RESUME TALKS
Contract negotiations between Chrysler Group and the United Auto Workers union will resume today after a short break Monday following late night bargaining sessions over the past three days. Negotiators for the auto maker and the union are scheduled to resume their talks in Michigan today.