Sabic in talks to invest in US shale gas
Saudi Basic Industries, the world’s largest petrochemical maker by market capitalisation, is in talks over a possible investment in the US to take advantage of cheap shale gas, said Mohamed al-Mady, its chief executive.
Oakland plans Goldman boycott
The city of Oakland plans to boycott Goldman Sachs after the investment bank refused to unwind a $16m (£10m) interest rate swap struck more than a decade ago.
Balls warns Osborne over Vickers
Ed Balls has fired a warning shot against George Osborne over bank reform by warning there is no “consensus” over the issue and a Labour government could still carry out a Glass-Steagall-style separation if the industry does not change its culture voluntarily. The shadow chancellor’s warning comes as the Treasury prepares the ground for legislation forcing internal ring-fences on banks in a bid to limit the impact of a future financial crash. Balls also urged banks to “lead the change” that was needed in the structure and culture of the UK’s banking sector.
Oil baron encourages Scottish no vote
Ian Taylor, the chief executive of Vitol, and one of Scotland’s richest businessman has urged his countrymen to vote “No” to independence in 2014.
Film tracks breakout from big screen
Making money from film soundtracks is back on the cards after British company The Cutting Edge Group launched a website to help license film scores to advertisers, broadcasters and video games companies.
The Daily Telegraph
Moody’s downgrades HP
Hewlett-Packard, the technology giant in dispute with Autonomy founder Mike Lynch, has had its credit rating cut by Moody’s amid concerns over its ability to keep up with rivals.
E.on’s €38m tampering fine upheld
The European Union’s highest court confirmed on Thursday that E.on must pay a €38m (£30.7bn) fine for tampering with a seal EU investigators had put on a door during an antitrust raid.
THE WALL STREET JOURNAL
Sterling braces for UK downgrade
Worries that the UK could lose its Aaa credit rating next year are putting pressure on sterling, but investors are divided on how lasting the impact could be.
Fiat plans to expand its line in US
Fiat, majority owner of Chrysler Group, plans to expand its line in the US well beyond the 500 nameplate by adding larger cars and crossovers, Olivier Francois, chief executive for the brand worldwide, said yesterday.