IMF pushes for rapid start to banking union October 14, 2012 THE EUROZONE’S banking union should be implemented promptly to help the economies move on from the financial crisis, the International Monetary Fund (IMF) said over the weekend, in the run up to this week’s EU summit. The call from the top finance body came just days after Spanish prime minister Mariano Rajoy and French president [...]
Sweden finance minister: Grexit may come before next summer October 14, 2012 GREECE could leave the euro within the next six months, Swedish finance minister Anders Borg warned yesterday from Tokyo, where he was attending the International Monetary Fund’s annual meeting. Borg said it was probable that the debt-laden nation would leave the Eurozone at some point and added that an imminent exit could not be ruled [...]
Softbank nears deal for Sprint Nextel stake October 14, 2012 JAPAN’S Softbank Corp is nearing a deal to buy a 70 per cent stake in Sprint Nextel Corp for about $20bn (£12.4bn), a source familiar with the matter said yesterday. The deal, which could come as soon as today, is expected to be structured in two parts: Softbank will provide about $8bn of new capital [...]
Minister to pick an interim West Coast operator October 14, 2012 TRANSPORT secretary Patrick McLoughlin will today reveal who will run the West Coast Main Line while the government gets to the bottom of the failed franchise competition. McLoughlin is due in front of parliament this afternoon to outline the plans for the route once Virgin Trains’ current franchising agreement ends on 9 December. Both Virgin [...]
BAE looks abroad after failure of mega-merger with EADS October 14, 2012 BRITISH industrial giant BAE will concentrate on winning new overseas business to boost growth, following the collapse of its £28bn merger with EADS. Chief executive Ian King has also made it clear that he would be happy to revive the deal if national governments were willing to let it proceed. King has issued an open [...]
FTSE 100 chairmen cheer third runway for Heathrow Airport October 14, 2012 POLITICIANS might remain divided over the thorny problem of expanding Heathrow, but a survey of FTSE 100 chairmen suggests that big businesses would welcome a third runway. A survey of around 30 of Britain’s most powerful chairmen showed that more than two thirds would support an extra runway, though there was also support for a [...]
St Paul’s briefly re-occupied October 14, 2012 AHEAD of today’s anniversary of the Occupy London Stock Exchange protests that led to a tent city of anti-capitalists around St Paul’s, protesters took their grievances into the cathedral itself yesterday, unfurling a banner on the steps while others chained themselves to the pulpit during evensong. They left later last night.
Nuclear group Urenco attracts potential buyer October 14, 2012 FRENCH nuclear company Areva is thought to be examining a bid for British atomic fuel producer Urenco. Areva, which failed to make a bid for the Horizon nuclear new-build project by last month’s deadline, is now weighing up Urenco, according to the Sunday Times. The firm, which denied in January that it was interested in [...]
BP gets ready to field offers for Russian joint venture TNK-BP October 14, 2012 THE FUTURE of BP’s lucrative but fraught Russian joint venture could be decided this week, with the firm’s obligation to conduct good faith sale talks with partner AAR ending on Wednesday. After this date, BP is free to sell its stake in TNK-BP to another buyer, most likely to be Rosneft. AAR, controlled by a [...]
Tax breaks help UK lead way in European oil exploration efforts October 14, 2012 THE UK is leading a minor resurgence in European oil and gas exploration, according to figures out yesterday. A stable oil price and new tax breaks to offset exploration charges imposed in 2010 have encouraged explorers in British waters to drill more in the third quarter of the year, Deloitte said in its survey of [...]