WHAT THE OTHER PAPERS SAY THIS MORNING
GENERAL ELECTRIC CHIEF VENTS FRUSTRATION OVER CHINA
The GE chief executive Jeff Immelt told Italian industrialists at a dinner on Wednesday that he was worried about the way Beijing was treating foreign companies. “I am not sure that in the end they want any of us to win or any of us to be successful” said the man who runs the largest manufacturing company.
BEST FOOT FORWARD AS OFFICE SEEKS A BUYER
Office, the fashion-forward high street shoe retailer owned by Sir Tom Hunter, has put itself up for sale with a price tag of £170m. It has appointed Hawkpoint, the boutique investment bank, and Financo, from the US, to find a buyer. The chain was bought by West Coast Capital in 2003 for about £16m, and has since expanded from 21 stores to 125.
ICELANDIC LENDERS FACE FRESH LOSSES AFTER CAR LOANS RULING
Iceland’s banking sector is facing a fresh wave of losses after a court ruling raised doubts over the legality of billions of dollars of loans. Financial authorities in Reykjavik have been scrambling for the past two weeks to work out the implications of a landmark Supreme Court judgment outlawing car loans indexed to foreign exchange rates.
SEX.COM DOMAIN NAME BACK ON THE MARKET
One of the world’s most famous and fought-over internet domain names is up for sale again after the company that bought it for a record $14m four years ago faces bankruptcy. Owner Escom LLC, a Los Angeles-based company, has been unable to repay the loan it took out to purchase the name in 2006. It is now being sold by Sedo, the German domain name marketplace, which said it had already been contacted by several parties.
SECOND CREDIT CRUNCH LOOMS… BUT SOME PEOPLE DON’T NEED TO WORRY
Russians like Kensington, Mayfair and Knightsbridge but are also quite fond of Hampstead. The Americans opt for Notting Hill – can it be the influence of that film starring Hugh Grant? The French head to Fulham and Chelsea. Each of the 51 nationalities now has its own preferences, according to reseach out today from Knight Frank, the estate agents.
WILLS CUSTOMERS MAY BE COMPENSATED
The industry-funded body that represents customers of failed financial companies has stepped in at Wills & Co to consider compensation claims against the stricken stockbroker. The Financial Services Compensation Scheme, which has declared Wills “in default”, will consider individual claims up to £50,000.
The Daily Telegraph
UNITE UNION URGES INQUIRY INTO DEATH AT TOTAL’S LINDSEY OIL REFINERY
Unite, Britain’s biggest union, has called for an independent investigation into the death of a worker in an explosion at Total’s Lindsey oil refinery. The French energy major has shut its Lincolnshire facility processing 200,000-223,000 barrels of crude oil per day after the fire that also injured two people. Tom Hardacre, Unite’s national officer for construction, urged the oil giant to allow “an immediate, independent and comprehensive inquiry” into the death.
UGE PLAYS DOWN REPORT THAT CHIEF JEFFREY IMMELT IS “WORRIED ABOUT CHINA AND PRESIDENT OBAMA
General Electric, the US conglomerate, last night sought to play down critical comments reportedly made by its chief executive Jeffrey Immelt.
WALL STREET JOURNAL
US CAR SALES SLOWED IN JUNE
Auto makers saw their US sales rise in June from the depressed level of a year earlier, but sales fell from May as jittery consumers slowed the pace of recovery in the car market. General Motors said its sales of cars and light trucks rose 11 per cent from a year ago, while Ford Motor Co. reported a 13 per cent increase Chrysler Group had a rise of 35 per cent. Toyota’s sales rose 6.8 per cent.
MCDONALD’S CUTS AGGRESSIVE SMOOTHIE PROMOS AHEAD OF US LAUNCH
McDonald’s is warning restaurants to chill out on Smoothie promotions so the chain has adequate supply when the product is launched nationally this month. Smoothies, the latest in an expanding beverage line at McDonald’s, will be backed by a national marketing campaign.