Dubai’s property merger June 28, 2009 DUBAI-BASED property giant Emaar has outlined plans to merge with three real-estate units controlled by the emirate’s ruler, Sheikh Mohammed bin Rashid Al Maktoum. Shares of Emaar Property, the largest listed Arab developer, fell 10 per cent on the statement by chairman Mohammed Alabbar yesterday, amid fears about the value of the assets owned by [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 28, 2009 THE SUNDAYSThe Sunday TelegraphCAMELOT LAUNCHES CONSULTANCYCamelot, the national lottery group, has launched a consultancy business to lotteries globally and is close to winning its first piece of business advising the California operator. Camelot Global Services, an independent company, is expected to be appointed as a consultant to the California State Lottery and advise the US [...]
Queen feels financial pinch June 28, 2009 The Queen is chasing a rise in her expenses because the £7.9m-a-year grant is no longer enough. She has asked for a substantial increase to pay for banquets, furniture and the upkeep of palaces. The grant covers the cost of the Royal household, from official entertaining to housemaids and footmen.
Swiss fighting tax clampdown June 28, 2009 The Swiss government is in an economic war with major economies over plans to clamp down on the secrecy of its banking sector, which is blamed for allowing tax evasion that costs governments billions in lost revenues each year. Geneva bankers believe Switzerland is being picked on by economic powers like the US and UK [...]
Police failings on G20 protests June 28, 2009 Police relied too heavily on untrained and inexperienced officers to maintain control of protesters during the April G20 summit in which one man died, a parliamentary committee will say today. The Commons Home Affairs Committee repoerts that while City disruption was minimal, this was partly due to chance.
White Paper won’t beef up role of Bank June 28, 2009 CHANCELLOR Alistair Darling’s White Paper on reform of the regulatory authorities, which has been delayed until next week, will not see a change in the structure of the tripartite authorities. Business minister Lord Mandelson will tonight confirm that financial regulation will remain in the hands of a beefed-up Financial Services Authority (FSA) rather than transferring [...]
YES, HE COULD June 28, 2009 PRESIDENT Barack Obama could discuss a second stimulus package to boost the economy if needed, but at the moment no more new money looks necessary, a top White House official said yesterday. David Axelrod said: “Much of the stimulus is yet to come, and let’s see how this works before talking about next steps.”
Tata to sell Jaguar cars in India June 28, 2009 Tata Motors, India’s largest carmaker, last night said it will start selling luxury Jaguar and Land Rover vehicles in India. Tata chairman Ratan Tata described the launch of the brands, which it bought from Ford Motors last year, as a “momentous occasion”. Jaguars’ XF and XK cars are to be rolled out, starting at a [...]
Honduras coup against Zelaya June 28, 2009 Honduras President Manuel Zelaya was arrested and removed from power in a raid yesterday by soldiers, after refusing to obey a Supreme Court ruling against holding a constitutional referendum. The leftist called the coup a kidnapping and insisted he was still president. US president Barack Obama expressed deep concern about the Central American state.
City’s Goldfinger vaults for sale June 28, 2009 The former City headquarters of Midland bank, whose vaults featured in the 1964 James Bond film Goldfinger, has been put up for sale by administrators. This comes just two-and-a-half years after it was bought by former Russian deputy finance minister Vladimir Chernukhin, who acquired the listed plot, next to the Bank of England, for £72m. [...]