SCHÄUBLE CALLS FOR EU LEAD ON TOBIN TAX
Wolfgang Schäuble, Germany’s finance minister, wants the European Union to take the global lead in introducing a financial transaction tax to curb speculative trading, along with tougher regulation of big banks and the “shadow” banking sector, such as hedge funds. If the UK blocked agreement on such a tax in the full EU, he said in an interview with the Financial Times, the Eurozone should press ahead on its own.
CAMERON UPBEAT OVER ECONOMY IN BID TO SILENCE THE DOOMSAYERS
David Cameron has urged political colleagues to stop talking down the UK’s economy as he attempts to drown out a growing chorus of doomsayers with a resolutely upbeat assessment of the nation’s economic prospects.
BLAVATNIK WALKS AWAY FROM EMI AUCTION
Len Blavatnik, whose Access Industries group bought Warner Music earlier this year, has walked away from the $3bn-$4bn auction for EMI, turning Citigroup’s attempt to sell the UK music company into a tense game of brinkmanship, people close to the negotiations said. Blavatnik’s offer of about $1.5bn for EMI’s recorded music division remained below the price at which the US bank was prepared to sell the asset it seized in February from Guy Hands’ Terra Firma private equity group, these people said.
URALKALI CONSIDERS LISTING ON LSE
UralKali, the world’s largest potash producer by volume, is considering a premium listing on the London Stock Exchange (LSE) – in part to banish lingering concerns about its standards of corporate governance, according to its chief executive Vladislav Baumgertner.
BIDDERS LINE UP TO TURN THE LIGHTS BACK ON AT LUMINAR
Hugh Osmond is weighing up an approach to the administrators of Luminar with a view to bidding for most of its nightclubs. Mr Osmond’s Sun Capital investment vehicle is thought to be interested in at least 50 of the 75 clubs, although an offer would be contingent on keeping the group’s operational infrastructure.
THE WINTER CHILL THAT STRETCHES FROM STANSTED TO AGADIR
Stansted will be squeezed increasingly tightly this winter as Britain’s taste for the short-term break wanes amid the downturn. Winter is always tough for airlines because people travel less, but bookings this year are expected to be even worse than normal because of the weak economy. Stansted is reliant on low-cost carriers and charter airlines.
The Daily Telegraph
COALITION PLEDGES £1BN ON 100 PROJECTS TO KICKSTART ECONOMY
Tens of thousands of new jobs will be announced today as David Cameron “strains every sinew” to get the sluggish economy moving. The Prime Minister says the government is on an “all-out mission” to kick-start industry. Nick Clegg, the Deputy Prime Minister, will announce that 35,000 jobs will be created using nearly £1 billion of public money. He will unveil new investment in more than 100 projects that should trigger billions of pounds investment from private enterprise.
BILLIONAIRES PLEDGE 10 PER CENT OF RICHES TO CHARITY
Three of Britain’s richest men have pledged to give 10 per cent of their fortunes to charity in their wills as part of the Legacy 10 project. They are Sir Richard Branson, Charles Dunstone, and Jacob Rothschild.
THE WALL STREET JOURNAL
JAPAN CLOSER TO EXPORTING NUCLEAR TECHNOLOGY TO INDIA, VIETNAM
Nearly eight months after the Fukushima Daiichi nuclear accident, Japan is resuming steps it hopes will lead to exports of commercial nuclear technology to India and Vietnam, even as Japan itself is scaling back the use of nuclear energy at home. Foreign Minister Koichiro Gemba and his Indian counterpart, S.M. Krishna agreed to move ahead with talks toward a civilian nuclear power agreement.
MF GLOBAL HIRES RESTRUCTURING COUNSEL
MF Global Holdings, the troubled securities firm, has hired bankruptcy and restructuring lawyers, said people familiar with the matter, as it races to sell all or part of its broker-dealer in an effort to survive.