Pellegrini blasts Moscow pitch October 22, 2013 FOOTBALL: Manchester City manager Manuel Pellegrini has labelled CSKA Moscow’s pitch “unbelievable” ahead of tonight’s Champions League match. The Russians have not played there since August due to bad weather but it has been passed fit for use by European chiefs Uefa.
Nuclear deal to cost £1bn a year October 21, 2013 EXPERTS have warned that consumers could be faced with an annual bill of £1bn to subsidise Hinkley nuclear plant if wholesale electricity prices fall below the price the government has guaranteed EDF. The UK government and the French energy firm yesterday unveiled the terms of a long-awaited deal to build Hinkley Point C in Somerset, [...]
UK construction bounces back from doldrums October 21, 2013 AFTER years in the doldrums, the construction sector recorded rising workloads in every part of the UK during the third quarter, according to upbeat figures released today. The Royal Institution of Chartered Surveyors’ (RICS) construction market survey shows the most widespread increase in workloads in nearly ten years, since the middle of 2004. Business activity [...]
Libor probe investigators have contacted 22 people October 21, 2013 THE SERIOUS Fraud Office is in touch with 22 people as part of the investigation into Libor-rigging, a court heard yesterday. The watchdog wrote to the individuals last month, following Tom Hayes’ arrest last December. The former UBS and Citigroup trader appeared at Southwark Crown Court yesterday alongside James Gilmour and Terry Farr, both former [...]
Corporatism, rigged markets and a new ideological showdown October 21, 2013 FORGET the old politics of left versus right. Britain faces a choice between three philosophies – capitalism, corporatism and social democracy – with adherents scattered across all political parties, as the nuclear energy fiasco has demonstrated yet again. Capitalism involves a genuinely private sector that competes for customers: if companies make a profit, they expand, [...]
Top Goldman exec Michael Evans retires October 21, 2013 GOLDMAN Sachs’ vice-chairman Michael Evans yesterday revealed he is retiring from the bank after more than 20 years. He is stepping down at the end of the year and will take up a position as senior director, an advisory role. Evans is currently global head of the bank’s Growth Markets business. “We particularly appreciate the [...]
What the other papers say this morning – 22 October 2013 October 21, 2013 FINANCIAL TIMES Bundesbank warns on apartments The Bundesbank has warned that apartment prices in Germany’s biggest cities could be overvalued by as much as 20 per cent, stepping up its concern about a real estate boom there. Obama admits botched health launch Barack Obama, who forged his political career by harnessing the power of the [...]
Dimon defies JP Morgan critics October 21, 2013 JP Morgan’s boss Jamie Dimon yesterday insisted he is “damn proud” of the bank, despite the $13bn (£8bn) mortgage-related settlement which it is believed to have agreed with US regulators. “I am so damn proud of this company,” the bank’s chairman and chief executive told CNBC. “That’s what I think about when I wake up every [...]
Warren Buffett slashes Tesco stake October 21, 2013 Investment guru Warren Buffett has sold more than £300m of his stake in Tesco, a stock market filing showed yesterday. That amounts to around one-fifth of his investment group Berkshire Hathaway’s holding in the supermarket chain. It comes just two weeks after Tesco reported a 68 per cent fall in mainland Europe profits in the [...]
Shell wins Brazilian oil bidding October 21, 2013 A group of firms including Shell, Brazil’s Petrobras, Total, and China’s CNPC and CNOOC yesterday won a 35-year production contract to develop the Libra discovery off Brazil. But the bidding round was marred by protests as around 300 protesters clashed with security forces. Some of those opposed to the deal include oil workers who have been [...]
