TWO BANKS IN DANGER AS DEADLINE APPROACHES
European regulators are convinced that two of the continent’s banks will fail to produce credible plans to plug capital deficits by Friday’s deadline, exposing both to the risk of full or partial nationalisation. Officials said that it looked “almost inevitable” that a fresh injection of state funds would be needed at Italy’s Monte dei Paschi di Siena and Germany’s Commerzbank. “These are the big cases,” said one.
MILIBAND WANTS STRICTER TAKEOVER RULES
Ed Miliband has floated plans for a radical overhaul of takeover rules aimed at preventing the fate of British companies being decided by short termist hedge funds. Writing in the Financial Times, the Labour leader said changes were needed to defend the long-term interests of British business against “fund managers chasing the fast buck”.
INDIA UNVEILS INVESTMENT PUSH
India is to launch a $35bn wave of public sector investment to reverse a decline in the fast-growing economy’s growth rate and return it closer to double digits, according to the prime minister’s office. The emergency stimulus measures are in response to widespread criticism of policy paralysis in New Delhi and a dramatic fall in economic growth to 7 per cent from an earlier 9 per cent.
TESCO STARTS SALES FIGHTBACK WITH NEW VOUCHER CAMPAIGN
Tesco is fighting back with a new voucher campaign to kick-start its performance, just days after its chief executive admitted its £500m flagship price cutting programme had been undermined by rivals’ coupon promotions. Tesco last week reported its worst sales performance in its domestic market for decades.
PRISON SERVICE MAKES LATE BID TO RUN PRIVATE JAILS
The controversial £2bn privatisation of nine English prisons took a surprise turn last night after the Prison Service put in a late bid to run the jails in a joint venture with the private sector. The Prison Service is to team up with Mitie Group, the facilities management company, to bid to operate each of the nine prisons.
OXFAM SHEDS TWEED TO SHINE AT CHRISTMAS
After a brutally competitive Christmas on the high street, a surprise winner has stepped forward: Oxfam. The charity said yesterday that riffling through second-hand jumpers and paperbacks no longer carried a stigma. Like-for-like sales were up by 11 per cent in the last five weeks of the year, which it said was a result of it shedding its once dowdy reputation.
The Daily Telegraph
CAMERON AND MILITARY CHIEFS REVIEW FALKLANDS SECURIT
David Cameron has accused Argentina of “colonialism” over its claim on the Falklands, as Britain’s top military council met to discuss how to defend the islands. The Prime Minister called a meeting of senior Cabinet members, army officers and intelligence chiefs, amid growing tensions with Argentina over the sovereignty of the islands.
PUBLIC SECTOR STRIKE WAS TOP ONLINE SHOPPING DAY
The biggest day for retail websites is traditionally the first Monday in December. However, an analysis by BT, which supplies payment technology to retailers, has concluded the busiest day was November 30 – when public sector workers took to the streets to protest about cuts to their pension schemes.
THE WALL STREET JOURNAL
KODAK CONSIDERS RESTRUCTURING CHIEF
Eastman Kodak is preparing to appoint a chief restructuring officer, a move that could help the company secure financing needed to stay afloat during bankruptcy proceedings, people familiar with the matter said. The new executive would report to the board and could have broad powers to manage Kodak’s finances and operations.
LE HUFFINGTON POST TO LAUNCH IN FRANCE
The Huffington Post’s French-language edition is set to launch next week under the editorial directorship of Anne Sinclair, wife of former International Monetary Fund chief Dominique Strauss-Kahn, as part of an ambitious drive by the online news and commentary website to expand its international offering.