UK and US slam Iran’s atomic plan November 29, 2009 IRAN defied heads of state and governing bodies worldwide last night, as it announced plans to build 10 new nuclear plants. The Iranian nuclear agency will start work on five uranium enrichment sites over the next two months, Tehran said, with five more to be set up at a later date, with the aim of [...]
UBS may quit Switzerland November 29, 2009 UBS last night moved to play down reports that it would consider moving its headquarters out of Switzerland in response to the prospect of tighter regulation. Oswald Grübel, chief executive of the global banking giant, is said to have made the threat to a meeting of industry figures at the Zurich Business Club on Thursday. [...]
Forget Dubai’s woes: Iran is the real risk November 29, 2009 BANKS have written down $3 trillion or so over the past couple of years. We should therefore keep the crisis that is engulfing Dubai in some sort of perspective. The total debts of the Dubai government are around $80bn and nobody is suggesting that more than a small proportion will need to be written off. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 29, 2009 THE SUNDAYSThe Sunday TelegraphRATE HIKE THREATENS EXISTENCE OF RURAL PETROL STATIONSHundreds of rural petrol stations face closure if an “outrageous” increase in business rates is pushed through next April, forecourt owners have warned. Owners of the UK’s 6,000 independent petrol stations will this week launch a major MP-backed campaign to urge a government body to [...]
Spending down for Xmas November 29, 2009 SPENDING was down over the Black Friday weekend in the US, data out yesterday showed, although more people turned out to peruse the shops than last year. In the post-Thanksgiving period, which traditionally kicks off the holiday shopping rush, average spending was down 7.9 per cent a person as shoppers reined in their spending and [...]
Candy brothers hit out at Qatar November 29, 2009 The Candy brothers – the pair who build luxury apartments for the super-rich – have filed a writ accusing the ruling family in Qatar of breaking a £119m contract. Nick and Christian Candy claim the family owes them £81m because of a joint contract to develop the Chelsea Barracks site. They claim the Qataris scrapped [...]
Venezuelan banks threatened November 29, 2009 Venezuelan President Hugo Chavez said yesterday he would nationalise private banks unless they complied with the law. In a broadcast he said: “I have no problem with that because the banks don’t want to extend credit to the poor.” He added: “To all the country’s private bankers… I’m saying he who slips up loses; I’ll [...]
France goads Britain over EU jobs win November 29, 2009 FRENCH president Nicolas Sarkozy fired a salvo at the City of London yesterday, describing Britain as the “big losers” in the appointment of Frenchman Michel Barnier to the EU’s finance brief. Sarkozy’s remarks, which were instantly condemned by City figures, underline the difficulties London can expect in dealing with Barnier. France is seen as favouring [...]
Cadbury keen on Hershey as a bid battle with Kraft looms November 29, 2009 A BID battle looks set to break out for takeover target Cadbury after it emerged Hershey had lined up £4bn for a possible approach and Cadbury’s boss said the UK firm may fit well with the US chocolate giant. Hershey, known for its Hershey bars and Kisses in the US, is understood to have lined [...]
Bank of America salaries cut November 29, 2009 Bank of America has been forced to cut the salaries of two senior executives after a review by the White House pay czar Kenneth Feinberg. Chief financial officer Joe Price and mortgage unit president Barbara Desoer will both earn salaries of $500,000 in 2009, compared to $800,000 last year. The bank is under review after [...]