Huawei dismisses tie claims
Huawei has denied that the telecoms group has taken subsidies from the Chinese state as Guo Ping, chief executive and longstanding confidant of founder Ren Zhengfei, stressed independence in his first interview with foreign media. Addressing allegations that Beijing had supported Chinese telecoms groups through illegal export subsidies, Guo said that “even if there are subsidies given, it would not be to Huawei”. He said in China, Huawei was “very famous for being a private company”
Sears chief heralds retail upheaval
Eddie Lampert, the hedge fund manager who controls Sears Holdings, predicts upheaval in US retail as chief executives are ousted in a sector where companies – including his own – are searching for new ideas in the face of weak sales.
PAI leads way to buy R&R Ice Cream
PAI Partners is in pole position to buy R&R Ice Cream, in a likely deal that could value Europe’s biggest private label manufacturer of ice creams at up to €1bn. A deal may yet prove elusive as the company grapples over terms.
Former Tesco boss lines up new role
The Tesco executive who led its ill-fated American venture is to return to Europe by joining a private equity group. Tim Mason is in talks to move to Sun European Partners as a managing director.
Manchester Airports sees profit
The new owner of Stansted has held out the prospect of flying directly from Essex to the US, the Middle East and Asia in a long-term plan to diversify away from budget holiday flights. It intends to spend £50m reconfiguring the airport.
The Daily Telegraph
Domino’s Pizza directors make £39m
Domino’s Pizza directors have cashed in on the delivery company’s success by selling £39m of shares. Nigel Wray, a non-executive director, and Stephen Hemsley, chairman, revealed the share sales.
Apple is most admired company
Apple has topped Fortune’s most admired companies list for the sixth consecutive year, with Google second and Amazon third. Apple, which first appeared in the top 50 in 2006, scored 8.24 on Fortune’s rating system, ahead of Google with 8.01.
THE WALL STREET JOURNAL
AOL chief operating officer to exit
AOL executive Artie Minson plans to leave the company by year-end amid a restructuring that brings in media veteran Susan Lyne to oversee some of AOL’s content properties.
Student-loan delinquencies soar
The number of young borrowers who have fallen behind on their student loan payments has soared over the past four years, a report from the Federal Reserve Bank of New York says. 35 per cent of people under 30 were late on loans.