Nine bidders for Parlophone records
Warner Music and a joint venture led by industry impresario Simon Fuller are among nine groups to have registered interest in buying Parlophone from Universal Music Group. The label, home to Kylie Minogue and the Pet Shop Boys, is being sold to satisfy regulators’ concerns about Universal’s £1.2bn takeover of EMI.
US clarifies key anti-bribery law
US authorities have formally defined key elements of a foreign bribery law in an unusual move to help companies avoid violations. Under the guidance, paying for a foreign government official’s taxi fare does not constitute a bribe, while a paid “trip to Italy for eight Iraqi government officials that consisted primarily of sightseeing and included $1,000 in ‘pocket money’ for each official” would be deemed improper.
Santander boss calls for bank union
Emilio Botín, chairman of banking giant Santander, has made an impassioned plea for Europe to adopt a so-called union of its eurozone banks as an “essential” route out of the region’s crisis.
Beckwith back with Soho scheme
Peter Beckwith, the veteran developer, has sealed a deal to redevelop one of the shabbier areas of Soho. Westminster City Council has appointed his firm as its preferred partner on a £25m scheme to spruce up Berwick Street Market.
Elephant & Castle investor sought
The owner of Europe’s first covered retail precinct launched a search for a venture partner to revive it. St Modwen is looking for an investor willing to back the redevelopment of Elephant & Castle shopping centre.
The Daily Telegraph
YouView could have to change name
Lord Alan Sugar’s online television service, YouView, has already taken years longer than expected to launch. And now, just as it was finally getting off the ground, it could be forced to change its name following a dispute over the trademark “YourView” owned by another company.
RBS could quit independent Scotland
Royal Bank of Scotland’s chairman has suggested the lender could consider moving from its Edinburgh headquarters if Scottish independence brought “extra difficulties”.
THE WALL STREET JOURNAL
Sandy may cost insurers $25bn
Hurricane Sandy may cost the insurance industry up to $25bn, according to a new estimate that provides the largest potential price tag for the storm so far. Disaster modelling company Risk Management Solutions told clients total insured losses could hit $20bn-25bn.
Russia expands treason law
A new law took effect in Russia expanding the definition of treason so broadly that critics say it could be used to call anyone who bucks the government a traitor.