Gold price fall as Asian demand dips
Global demand for gold is seeing a significant slowdown as top consumers in India and China pare purchases amid weak economic growth, abruptly halting a consumption boom that started five years ago with the onset of the financial crisis.
The World Gold Council, a lobby group for the gold miners, said yesterday that demand for the yellow precious metal fell to 990 tonnes during the second quarter of the year, the lowest since the first quarter of 2010 and down seven per cent from last year.
Nestlé loses bid to stop rival capsules
Nestlé has lost a bid in Germany to stop two rivals from selling coffee capsules that were marketed as fitting Nespresso coffee machines, in the latest round of legal wrangling over the lucrative premium coffee market.
Pressure on Best Buy takeover bid
Best Buy’s founder yesterday warned the company’s board that “I am not going away” as he sought to raise the pressure on directors to take his near $9bn takeover bid seriously. Richard Schulze sent a letter to the board repeating a request for access to the company’s books.
Indian tycoon wants a piece of BP
BP is in talks to sell one of its petrochemical plants in Malaysia to Reliance, the industrial conglomerate owned by India’s wealthiest man – Mukesh Ambani.
Rents hit a high as buyers frozen out
Rents in England and Wales reached a new high last month as demand from would-be buyers blocked out of the property market continued to outstrip supply.
The Daily Telegraph
Finland prepares for euro break-up
Finland is preparing for the break-up of the Eurozone, the country’s foreign minister warned yesterday. The Nordic state is battening down the hatches for a full-blown currency crisis and has said it will not tolerate further bail-out creep or fiscal union by stealth.
China blames crisis for trade fall
China has blamed the “unexpected” deepening of the debt crisis in Europe for the worst decline of foreign investment and trade since the financial crisis.
THE WALL STREET JOURNAL
New details on Apple’s TV vision
Apple vision for a new television set-top box includes features designed to simplify accessing and viewing programming and erase the distinction between live and on-demand content, people briefed on Apple’s plans said. The Cupertino-based company proposes giving viewers the ability to start any show at any time through a digital-video recorder that would store TV shows on the internet. Viewers even could start a show minutes after it has begun. Time Warner Cable offers a limited version of this feature.