WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
INDIA SOLD ON GOLD
Gold surged to an all-time high after India bought 200 tonnes of the precious metal, swapping dollars for bullion as the finance minister warned the economies of the US and Europe had ‘collapsed’. India’s decision to exchange $6.7bn for gold equivalent to eight per cent of world annual mine production sent the strongest signal yet that Asian countries were moving away from the US currency.
ORACLE FACES BRUSSELS
US software company Oracle is braced for a competition objection from Brussels to its $7.4bn (£4.5bn) acquisition of US technology company Sun Microsystems. The US software company has refused to offer any concessions to European regulators to meet their concerns about the deal, according to one person close to the process.
ST JAMES’S PLACE PICKS FUND MANAGER
St James’s Place has hired its first chief investment officer after its funds under management broke through the £20bn mark as a result of the market recovery. The savings and investment company, which is 60 per cent owned by Lloyds Banking Group, said Chris Ralph – most recently a boutique fund manager who had previously worked at Fidelity – would work with the investment committee and help develop strategy.
BETONSPORTS FOUNDER GIVEN 4-YEAR JAIL TERM
The founder of Betonsports, the defunct UK online gambling company that floated in 2004, has been sentenced to more than four years in prison after pleading guilty to racketeering conspiracy and other charges.
Gary Kaplan, who was arrested in the Dominican Republic in March 2007, forfeited more than $50m in criminal and related proceeds.
THE TIMES
M&S PREPARES FOR WAITROSE WAR
Marks & Spencer will announce a plan today to sell branded food at all its stores in an attempt to close the gap with Waitrose, as the upmarket grocers moved closer to a price war. The move comes as analysts expect M&S today to report profits of £285 million for the first six months of the year, against £297.8 million last year.
SPECSAVERS WINS DAY IN COURT WITH ASDA
Specsavers, the high street optician, is heading for a court showdown with Asda in a row over copycat advertising. The Guernsey-based retailer has accused the supermarket giant of infringing its trademarks in an advertising campaign for eyeglasses launched online and in more than 80 supermarkets last month. It claims that the slogan used by Asda is designed to mislead customers.
The Daily Telegraph
MEL GIBSON SELLS FILM RIGHTS TO LEN BLAVATNIK
Hollywood movie star Mel Gibson has sold the British arm of his film distribution business to Len Blavatnik, the Russian-born billionaire.
Mr Blavatnik’s Access Industries bought the UK arm of Icon Group, which owns the rights to about 500 feature films including the Oscar-winning Western Dances with Wolves, for an undisclosed sum yesterday.
A PROPERTY IS REPOSSESSED EVERY 11 MINUTES, ACCORDING TO CREDIT ACTION
New figures from Credit Action show that a property is repossessed every 11 and half minutes as the recession begins to bite. The debt organisation also said that 9,300 people are visiting Citizens Advice every day as they struggle to cope with their personal debts.
WALL STREET JOURNAL
GAZPROM’S SALES OF NATURAL GAS TO EUROPE INCREASE
After a year in which Europe slashed its imports of Russian natural gas, OAO Gazprom says it sees signs of a turnaround, with European demand now exceeding precrisis levels. Analysts, however, said Gazprom’s customers had simply started buying bigger quantities of Russian gas late in the summer to take advantage of lower prices, not necessarily because the European economy was recovering.
NEW CASTLE CUTS FEES, WON’T PAY CEO’S BILL
New Castle Funds LLC, shaken by allegations in the Galleon Group insider-trading case, is lowering fees and restructuring its hedge funds, according to a client letter, as it tries to convince investors to keep their money in place.