Banks to get cheap money to lift UK lending
The government’s new “funding for lending” programme, designed to boost credit for British business, will cut banks’ costs to as little as 1.2 per cent, according to people briefed on the scheme. The supply of such cheap money to the banks is supposed to encourage them to lend to companies and stimulate the sluggish economy.
Cern seeking big bang for its bucks
The Cern particle physics research laboratory is set to become a major hedge fund investor, as it seeks bigger returns for its $4bn pension scheme. Geneva-based Cern will allocate over $500m to hedge fund managers in the coming months.
Burger King steps up war with rival
Burger King has said that it is ready to take a more aggressive approach to the company’s long-running “burger battle” with rival McDonald’s. “We believe we’re in early innings and the value of our brand is very much greater than the value of our business,” Daniel Schwartz, Burger King’s chief financial officer, told the FT.
Oligarchs move to cut off BP’s escape
BP may be forced to sell a stake in its Russian joint venture to partners at a knockdown price. It is understood that the AAR group of oligarchs has threatened to prevent the British company from selling its stake in their TNK-BP joint venture to oil majors such as Shell and Exxon Mobil.
Pension row as doctors set to strike
Taxpayers are subsidising 80 per cent of doctors’ gold-plated pensions, the government claimed yesterday, on the eve of the first doctors’ strike in 40 years., health secretary Andrew Lansley challenged their claims that their current pension arrangements are affordable.
The Daily Telegraph
BC and Blackstone team up for Iglo
A joint bid for Iglo Group from BC Partners and Blackstone valued at less than €2.6bn (£2bn) is likely to face rejection from owners Permira. The two firms will today bid below Permira’s €2.8bn asking price and could be declined – at least initially.
No end in sight for spending cuts
Britain could be facing a decade of spending cuts, the country’s most senior civil servant said last night. Sir Jeremy Heywood, the cabinet secretary, said that work to balance the public finances was only a quarter of the way to completion.
THE STREET JOURNAL
Samsung wins case against
Apple Apple must pay damages to Samsung Electronics for breaching one of its patents, a Dutch court ruled. The amount of damages Apple must pay hasn't been determined, but he products themselves can continue to be sold in stores.
Coca Cola takes a swig of shake
Coca-Cola is moving into dairy products in the US through a distribution pact for a high-protein workout-recovery shake for athletes and fitness buffs – Core Power.
The beverage giant will deliver
Core Power, a small drink brand owned by a cooperative of nearly 90 family-owned dairies, to stores in a handful of states on its trucks starting in July.