QPR takeover talk cooled May 22, 2011 MOTORSPORT tycoon Bernie Ecclestone yesterday played down talk of Lakshmi Mittal, Britain’s richest man, taking full control of football club Queen’s Park Rangers. Formula One boss Ecclestone, who owns 62 per cent of the west London club, compared the situation to Rupert Murdoch’s recent interest in buying CVC, which owns the commercial rights to F1. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 22, 2011 FINANCIAL TIMES BAIN PULLS OUT OF RAC AUCTION Bain Capital has pulled out of the bidding for RAC, the roadside rescue business of UK insurer Aviva. The US private equity group last week dropped out of the auction after bidding less than its rivals, people close to the situation said. That leaves Carlyle, Clayton Dubilier [...]
Iceland volcano shuts airspace May 22, 2011 A new volcanic eruption is affecting flight paths around Iceland and could spread into Europe, forecasters warned yesterday. Icelandic airspace was shut for parts of the day. European carriers including British Airways said last night they were not expecting any disruption as a result of the Grimsvotn volcano erupting, and volcanologists were hopeful that the [...]
Cabinet to volunteer a day a year May 22, 2011 Prime minister David Cameron has called on his Cabinet to volunteer their services for a day a year as part of his Big Society initiatives. In a speech today he will say he wants to make giving more of a social norm. “And when I say we – I mean literally we – the Cabinet. [...]
Editor stands by decision to break order May 22, 2011 THE editor of a newspaper that printed the identity of a footballer who took out a super injunction to hide an alleged affair yesterday said he wanted to “spark debate” over current laws which “fly in the face of logic”. In an interview with City A.M., Sunday Herald editor Richard Walker said he does not [...]
Huhne faces fresh speeding questions May 22, 2011 EMBATTLED cabinet minister Chris Huhne came under renewed pressure at the weekend over allegations he asked someone else to accept penalty points on his driving licence for a speeding offence. The energy secretary’s position appeared to worsen, after it was reported that he could be gearing up to change his version of events. He was [...]
Greece vows to continue budget cuts and avoid debt restructuring May 22, 2011 GREEK Prime Minister George Papandreou will discuss new measures with his cabinet today to cut the budget deficit, in an effort to convince lenders Greece can deal with a debt crisis without a restructuring. At stake is a €12bn (£10.4bn) aid tranche under the EU/IMF bailout agreed last year, as well as additional help as [...]
Commerzbank issues shares at big discount May 22, 2011 COMMERZBANK, Germany’s second biggest bank, yesterday announced plans to raise €5.3bn (£4.6bn) by selling new shares to repay state funding. The issue price comes at a 45 percent discount to Friday’s closing price of €3.95, and 30 per cent below the the theoretical ex-rights price (TERP). The bank stated it will sell 2.44bn new shares [...]
Strauss-Kahn getting to work on his trial defence May 22, 2011 FALLEN IMF chief Dominique Strauss-Kahn worked on his defence against sexual assault charges yesterday at a Manhattan apartment where he is under house arrest following release from jail. Under strict bail conditions, Strauss-Kahn, 62, was not allowed to step outside the apartment at 71 Broadway, in the heart of New York’s financial district. The building [...]
Lagarde tipped as frontrunner for IMF top job May 22, 2011 FRENCH economics minister Christine Lagarde is the frontrunner to take over the post of managing director of the International Monetary Fund (IMF). Chancellor George Osborne said over the weekend he will formally nominate her for the position, which became vacant after Dominique Strauss-Kahn resigned so he could fight sexual assault charges. Osborne said Lagarde was [...]
