Scrap free current accounts, says departing RBS retail head
Regulators and polititicans should forcibly bring an end to popular free current accounts, the outgoing head of retail at Royal Bank of Scotland said in a parting shot to the industry. In comments that put him at odds with other senior banking executives, Brian Hartzer, who left RBS on Friday to take up a post in Australia, said “regulatory intervention might be helpful in forcing banks to the table.”
Heathrow banks on software to reduce delays
BAA, Heathrow’s operator is seeking to get back on the frontfoot following this spring’s immigration queues fiasco by installing a computer software system that should reduce delays to arriving and departing flights.
Wind farm alert
Ed Davey, energy secretary, has warned Conservative colleagues not to play “fast and loose” with investors in Britain’s onshore wind farms, as a cabinet row looms over subsidy levels.
Drugs boss gets good feeling about treatment for gout
An experimental drug for gout that AstraZeneca is acquiring could reap sales of nearly $25bn, according to bullish forecasts circulated by the pill’s American developer. The second-largest British pharmaceuticals company expects completion this week of a $1.26bn (£800m) buyout of Ardea Biosciences, a San Diego-based company that is tackling the inflammatory disease often suffered by older men.
The Daily Telegraph
Secret EU summit document shows first step to banking union
A classified draft of next week’s EU summit conclusions is the first step on an emerging “roadmap” to a banking union, pooling debt via eurobonds and political union via EU treaty change over the next 10 years. Most of the text, the annexed “Compact for Growth and Jobs”, are deals on project bonds and other small scale EU initiatives that Francois Hollande is trumpeting as a €120bn (£76bn) “growth pact”.
THE WALL STREET JOURNAL
Hyundai heavy wins orders for oil and gas rigs
Hyundai Heavy Industries, the world’s largest shipbuilder, said yesterday it has won three orders valued at a combined $600m to build oil and gas rigs.
Bolloré set to join Vivendi board
Vincent Bolloré, a French industrialist known for financial flair and tough takeovers, intends to accept a seat on Vivendi’s board in the fall, sources say.