Memo to Apple: make an electric car November 14, 2010 WHAT a tragedy Apple doesn’t make cars. We would all be better off if it did. With the price of oil spiraling again, the world needs a real alternative to traditional, petrol-powered cars – not a slightly fake, subsidised, feel-good half-solution that appeases Western consciences, but a proper, competitive, efficient and high-performance electric car that [...]
Cridland to be CBI chief November 14, 2010 JOHN Cridland is expected to be named the new director-general of the Confederation of British Industry (CBI) today, according to Sky News. The CBI confirmed it would be announcing its new director general this lunchtime but refused to say who had taken the top job. However, Cridland is the current deputy director general and has [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 14, 2010 FINANCIAL TIMES LLOYDS TO SPIN OFF BUY-OUT ARM The private equity arm of Lloyds Banking Group has for the first time outlined plans for the UK’s most prolific buy-out investor to spin off from its banking parent. Darryl Eales, chief executive of Lloyds TSB Development Capital, said it was expected to start raising money from [...]
Casino beats Tesco to Thai deal November 14, 2010 French retailer Casino has beaten supermarket giant Tesco in an auction to buy 40 Thai supermarkets from Carrefour. Casino is set to pay more than €700m for the Thai assets. Tesco, the world’s third largest supermarket by sales, had been tipped as a top contender for the purchase because it is the market leader in [...]
California to sell $14bn in bonds November 14, 2010 California is today set to begin debt sales of around $14bn (£8.7bn). The US state is the most obvious example of the financial worries facing local governments. The municipal bond market, once seen as a safe place to invest, is now seen as more risky. California’s decision to sell its debt comes after state governor [...]
Anglo sells off metals assets in $932m deal November 14, 2010 ANGLO American yesterday said it was to sell Scaw Metals assets to Australian steel product manufacturer OneSteel for $932m (£578.3m), a step in an ongoing streamlining programme for the mining group. Anglo said it was selling Chile-based Moly-Cop and Canada-based AltaSteel, its grinding media and steel products businesses in the Americas. “Following the $1.3bn divestment [...]
Gherkin owners in legal row with adviser Deutsche Bank November 14, 2010 THE GHERKIN skyscraper has been caught up in a legal battle between some of its owners and Deutsche Bank. Investors in the Euroselect 14 fund, which bought half of the tower at 30 St Mary Axe in 2007, are reportedly considering legal action against Deutsche Bank, which acted as joint distributing agent for the fund. [...]
Cameron tells the City the UK still has clout on the world stage November 14, 2010 DAVID Cameron will tonight claim that Britain is still a great economic power, as he seeks to draw a line under the spending cuts and present an optimistic vision for the future. In his first speech to the Lord Mayor’s banquet, the Prime Minister will argue that the City’s status as a centre for global [...]
Bank levy set to be reduced November 14, 2010 GEORGE Osborne is likely to make significant concessions over his plans for a banking levy, after major institutions like HSBC and Standard Chartered warned it could force them to relocate. The partial climb-down follows weeks of intense lobbying from the industry during a consultation period that will end on Friday. Although the chancellor still intends [...]
Q & A : TAXING THE BANKS November 14, 2010 Q. HOW MUCH MONEY DOES THE GOVERNMENT EXPECT TO RAISE FROM THE BANKING LEVY? A. George Osborne wants to raise £2.5bn a year from a levy on banks’ balance sheets. Aides say he thinks this is the “maximum sustainable amount of revenue” he can extract from the banks. Q. WHAT DOES THE CHANCELLOR MEAN BY “MAXIMUM SUSTAINABLE REVENUE”? A. An aide familiar with the chancellor’s thinking [...]
