WHAT THE OTHER PAPERS SAY THIS MORNING May 10, 2011 FINANCIAL TIMES PACE OF UK GROWTH UNDER THREAT Britain’s economy is unlikely to grow as fast as before the financial crisis because its most productive sectors have been hardest hit, jeopardising government plans to cut the deficit. A Financial Times analysis of the sectorial performance of the economy before and after the crash highlights how [...]
Tube walkouts called off May 10, 2011 A RUN of crippling Tube strikes due to start next Monday have been called off following secret talks between Transport for London boss Mike Brown and union officials. He told RMT Union leader Bob Crow that a driver at the centre of the dispute would be re-instated in order to avoid “significant disruption for London”. [...]
Lord Marland new trade envoy May 10, 2011 Lord Marland of Odstock is to be the new face of British business trade delegations abroad, leading British bosses to meet foreign ministers and counterparts. The businessman and politician, who was founding director of the insurer Jardine Lloyd Thomson, has been hired as the chairman of the British Business Ambassadors by UK Trade & Investment [...]
US mulls easing cash raising rules May 10, 2011 US regulators are considering whether to relax rules around capital raising amid concerns that regulations could stifle start-up firms. The chair of the US Securities and Exchange Commission, Mary Schapiro, has instigated a review of the regulators rules. She told a US house of representatives committee yesterday: “I instructed our staff to take a fresh [...]
Greece denies fresh loan call May 10, 2011 GREECE last night denied that it was seeking a new bailout before its current rescue loans expire as unions prepared to strike today in protest against plans to sell stakes in utility companies. The general strike has fanned fears that Greece’s ambitious privatisation programme, aimed at raising €50bn (£44bn) by 2015 from selling assets ranging [...]
Goldman faces fraud charge over trade clearing activities May 10, 2011 US REGULATORS are investigating Goldman Sachs’s clearing and execution division over possible fraudulent activity, the Wall Street bank revealed last night. The Commodity Futures Trading Commission (CFTC) is investigating the role Goldman played as a clearing house for a broker-dealer client, and could bring charges against the bank. The regulator is said to be planning [...]
APOLLO’S $509M SCREEN GRAB May 10, 2011 THE OWNER of the So You Think You Can Dance TV format, which is hosted in the UK by Cat Deeley (top left) alongside judges Nigel Lythgoe and Arlene Phillips, is to be bought by US private equity firm Apollo Global Management. Entertainment rights group CKx, which also owns the rights to the American Idol [...]
Energy firm hit by guilty verdict May 10, 2011 SCOTTISH and Southern Energy has been found guilty of misleading customers on door-to-door sales calls. The energy firm’s sales agents were found to have used “misleading selling practices” when talking to people on their doorsteps between September 2008 and July 2009. The agents used a fabricated printout that allegedly showed customers they were paying too [...]
Laxey Partners gain support May 10, 2011 ACTIVIST investor Laxey Partners has received support from two shareholder advisory groups in its bid to force reform at Alliance Trust. US advisory Shareholder Services and pensions consultant Pirc have come out in favour of Laxey’s plans for a formal mechanism to help increase Alliance Trust’s share price. The investment firm’s shares currently trade at [...]
Microsoft in shock Skype acquisition May 10, 2011 MICROSOFT stunned the market yesterday with the announcement it will buy online video-calling service Skype for an eye-watering $8.5bn (£5.2bn). Chief executive Steve Ballmer smashed the software giant’s acquisition record, which had stood at $6.3bn for digital marketing firm aQuantive. Ballmer has been sitting on a vast war chest, with investors calling for a marquee [...]
