Obama in nuclear loan deal February 15, 2010 President Barack Obama will announce an $8.3bn (£5.3m) loan guarantee next week for Southern Co to build and operate the first new US nuclear power plant in nearly three decades, an administration official said on Friday. The financial backing, meant to show Obama’s commitment to nuclear energy as he fights to pass a climate change [...]
Osborne on the offensive over Ashcroft tax status February 15, 2010 SHADOW chancellor George Osborne yesterday went on the offensive after being quizzed over the tax status of Conservative deputy chairman Lord Ashcroft in a TV interview, hitting back by calling into question the tax position of Labour donor Lord Paul. Speaking on Sky News, Osborne appeared visibly rattled at questions regarding Ashcroft, snapping: “You have [...]
GOING BANANAS February 15, 2010 SUPERMARKET giant J Sainsbury has become the world’s largest stockist of Fairtrade products, raking in almost one in every four pounds spent in the UK on the social enterprise goods. Annual sales from 800 Fairtrade products stocked in the group’s stores rose around 10 per cent this year, up to £218m. The total included a [...]
Virgin could appeal BA and AA tie-up February 15, 2010 VIRGIN Atlantic could appeal against a controversial decision by US transport regulators to allow a tie-up between British Airways (BA) and American Airlines (AA). Virgin said it would await final approval by the US Department of Transportation (DoT) and the European Union of the plan to allow BA and AA to work together on ticketing and [...]
BP pushes ahead with oil sands deal February 15, 2010 BRITISH oil major BP is understood to be in talks to pay around $1.2bn (£765m) for a majority stake in a privately-held Canadian group with large oil-rich sand deposits. A deal to take a stake in Alberta-based Value Creation could anger environmentalists who say the oil sands business is expensive and environmentally damaging. “We don’t comment [...]
Dubai shares take a hit on debt repayment fears February 15, 2010 DUBAI’S handling of the debt crisis at flagship Dubai World will affect its ability to attract future investment, business secretary Peter Mandelson said yesterday, amid a report the firm may offer creditors just 60 cents in the dollar. Mandelson said the Gulf Arab emirate, which shocked global markets in November with plans to delay repayment [...]
CHINESE CHIEF IN BRIBERY CHARGE February 15, 2010 HUANG Guangyu, the ex-chairman of Chinese electronics retailer Gome, has been charged with insider trading and offering bribes after a 15-month detention. Guangyu, who resigned from his post at Gome two months after being detained by the Chinese authorities in November 2008, was previously listed as one of the richest people in China, with Forbes [...]
Ocado denies problem with upcoming IPO February 15, 2010 ONLINE groceries firm Ocado hit back last night at reports its £1.2bn initial public offering (IPO) was under threat. The shadow of doubt was cast after reports emerged Waitrose is planning to launch a rival delivery service in central London. But Ocado chief financial officer Andrew Bracey told City A.M. the firms are not in [...]
Hands proposed break up of EMI February 15, 2010 TERRA Firma boss Guy Hands submitted a proposal to Citigroup to break up music giant EMI three months ago, according to court papers filed at the end of last week. Hands made the proposal in a letter to Chad Leat, head of the alternative asset group at Citi, Terra Firma’s lender for the EMI deal, [...]
Anglo on track with cost cutting February 15, 2010 Mining giant Anglo American is set to deliver on its $2bn (£1.28bn) cost-cutting pledge by next year, according to its chairman Sir John Parker. Parker said progress continues apace on the group’s cost-cutting strategy, after the company recently pumped billions of capital into diamond mining firm De Beers, in which it owns a 45 per [...]