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Newspaper Briefing, including ‘ France will back Athens in bid to halt Euro crisis’ – Daily Mail

1309885542 76 Newspaper Briefing, including  France will back Athens in bid to halt Euro crisis   Daily Mail28th Jun 2011, 7:15 am

The TimesBet of the Day: Spread-traders were selling Betfairs share price of 726p before annual results. The worlds biggest betting exchange is looking for a new Chief Executive after David Yu said six years in the job was long enough. Floated at 13 each in October, the shares have been rattled by problems in Europe.Deal of the Day: ServicePower Technologies jumped 16.1% to 8p, after winning three new contracts worth a total of 2.9 million, including its first in the food safety industry. ServicePower, whose software helps companies to manage jobs and claim payments, unveiled a maiden profit in March after a three-year turnaround plan.Gilts: U.K. government bonds eased as investors were cautiously optimistic that Greece would accept the severe austerity measures conditional on another bailout. The September gilt future settled 12 ticks lower at 122.26, tracking German bunds. in the cash market, ten-year gilt yields rose three basis points to 3.16%, rallying from their lowest this year.Log jam over London sparks airport capacity crisis: Tens of thousands of passengers are kept circling over London every day waiting to land at the worlds busiest international airport, according to data seen by The Times. Sixty per cent of arrivals at Heathrow are delayed in holding patterns above the capital, to the frustration of passengers and great cost to the economy. Jets circle for a cumulative 55 hours every day, burning 190 tonnes of fuel and discharging 600 tonnes of CO2 into the skies above London, figures compiled by NATS, the air traffic control service, show.Bankers discuss rollover gamble to prevent Lehman-style crisis: Bankers and European officials gathered in Rome in a desperate attempt to resolve the Greek crisis as the debt-stricken country gears up for a make-or-break vote on swinging austerity measures. The meeting, organised by the Institute of International Finance, is being held to discuss President Sarkozys plans for a rollover of Greek bonds.Asda fires another shot in petrol war: The petrol price war intensified after Asda cut another 2p off the cost of a litre of petrol and diesel, offering more respite for motorists. Sainsburys immediately responded by announcing that it would cut the price at its forecourts by as much as 2p from midnight.Italian banker stands firm against Sarkozy: President Sarkozy is facing a problem as he presses for continued French representation on the board of the European Central Bank: Lorenzo Bini Smaghi, the Italian who Mr. Sarkozy wants to replace with a French economist, is apparently refusing to budge.Poll strengthens Lagardes case to lead the IMF: a straw poll of voting countries has revealed that Christine Lagarde would easily achieve the majority consensus to become the next Managing Director of the International Monetary Fund. Despite a strong challenge to Europes traditional hold on the job, the French Finance Minister would get more than enough countries to back her bid to beat Agustin Carstens, the Governor of Mexicos central bank, the poll by Reuters indicated. Extra stores add sheen to LOccitane profits: LOccitane Internationals full year profits have risen by 22%. The maker of upmarket skincare products and the first French company to list its shares in Hong Kong is tapping rising demand in emerging markets while continuing to expand in developed countries. It added 24 locations in China last year.American stalker handed takeover offer deadline: The American raider stalking Laird has been given five weeks to put or shut up. The Takeover Panels intervention comes before it publishes a new rulebook to prevent indicative bids dragging on for several months without a smoking out a formal offer.The Independent World economy set to face more frequent shocks: in an updated and expanded version of the four horsemen of the apocalypse, the Organisation for Economic Co-operation and Development (OECD) has identified five global shocks that will destabilise the world economy with increasing frequency in coming years.U.K.s carbon floor price could waste 1 billion a year: Government plans for a carbon floor price could waste 1 billion a year and drag another 90,000 households into fuel poverty, the Institute for Public Policy Research (IPPR) will warn. The Government hopes the Carbon Price Support (CPS) scheme will establish a predictable investment climate for low-carbon energy projects such as wind farms and nuclear power stations.Watchdog warns banks not to repeat PPI failings: The regulator overseeing the new financial watchdog warned that banks were working on new products to replace discredited personal protection insurance (PPI) and vowed to step in to stop customers being ripped off.Rockhopper test results boost hopes for commercial oil in the Falklands: The oil explorer Rockhopper moved a step closer to demonstrating the commerciality of its Sea Lion oil find off the coast of the Falkland Islands after it said an appraisal well flowed at a strong rate.Consumer spending in U.S. slips by 0.1%: U.S. consumer spending was flat in May, breaking a string of 10 straight months of gains, as households struggled with rising prices and carmakers failed to deliver the models Americans wanted. When adjusted for inflation, spending slipped 0.1%, the Commerce Department said, falling for a second straight month.Charter Chief quits after profits alert: The Chief Executive of Charter International, Michael Foster, quit with immediate effect, just days after the tool and equipment maker warned on profits. The engineer, which also promoted Brendan Colgan to head its struggling welding tools business ESAB, said the Chairman, Lars Emilson, would assume the helm until a replacement is found.Financial TimesDealmaker steps up at SABMiller: The promotion for Mr. Lorenzo, Director of corporate finance and development, overseeing M&a, corporate strategy and development, comes as SABMiller Chief Graham Mackay is pushing ahead with the companys pursuit of Australias Fosters.Facelift for the FT30 share index: The FT30 share index is having a facelift. From Tuesday the oldest surviving U.K. stock market index, launched in 1935 to test the feel and changing moods of the equity market, will be available through an interactive graphic on of 2014 Glasgow games organisers resigns: John Scott, the Chief Executive of the organising committee for the Glasgow 2014 Commonwealth Games, has resigned after admitting breaking rules over accepting gifts and gratuities from a potential supplier.Business praises increase in trade: Britain can meet its stretching targets to boost trade with China but more steps are needed to improve market access for exports and to enforce intellectual property protection, business leaders said.China family swoops on RAB funds: one of Chinas wealthiest families has swooped to acquire funds from the wreckage of London-based RAB Capital in a move that will create one of the biggest new hedge fund startups this year.LSE plan for TMX wins key backing: Eleven Canadian financial services executives have thrown their weight behind the London Stock Exchanges proposed merger with Canadas TMX Group, saying a rival offer from a consortium led by Canadas big banks would create a monopoly riddled with conflicts of interest.TalkTalk struggles see Chiefs bonus cut: The Chief Executive of TalkTalk forfeited most of her bonus for 2010-11 following acute customer service problems, in stark contrast to her counterpart at the telecoms groups former sister company.Rank shifts position on Guoco: The board of Rank Group again altered its position on the bid from Guoco Group, saying shareholders should reject the offer if they are not worried about the Hong Kong-based investment company cancelling its listing status.Fox launches attack on Ministry of Defence: Liam Fox attacked the Ministry of Defence for being overly bureaucratic and indecisive as he set out plans for a shake-up at the top of his department.U.K. logistics lures foreign Owners: Two-thirds of the biggest logistics operators in the U.K. are owned by foreign groups, according to research that will fuel the debate surrounding the increase in overseas ownership of British companies.Lex:Minding its own BISness: diagnosis easier than cure: Diagnosis is much easier than cure. The 2010 annual report of the Bank for International Settlements excels at the former, but is pretty much stumped when it comes to the latter. The BIS points out that none of the problems which contributed to the financial crisis has been resolved. The list is daunting: sovereign debt is up (from 73 to 105% of gross domestic product for the entire OECD between 2007 and 2012), the financial sector has not shrunk, trade imbalances are once again rising, and monetary policy is looser than ever. The BISs proposed solutions come with their own reasons for not working. More fiscal austerity could prove counter-productive, choking off economic growth. Central bankers who want to tighten are well aware that the financial system has been building up significant interest rate risk as rock-bottom policy rates have persisted. And without another crisis, it is hard to imagine governments finding enough international co-operation and co-ordination to reduce the risk caused by the vast gross financial flows coursing through the system.Oil insiders: did poacher get ammo from the gamekeeper?: Drive by an exploding refinery or hear about a major petroleum discovery from a mate and you can trade energy futures to your hearts content. After all, everyone knows there is no such thing as insider trading in commodities. News that Americas Commodity Futures Trading Commission is investigating a suspicious trading rise just before the International Energy Agencys shock inventory release raises the issue of malfeasance. given the magnitude of the oil price fall, the unusually large trading volume during the hours in question and the leverage inherent to futures contracts, traders could have made quite a haul. Volume rose and prices fell a cumulative 3% during U.S. electronic trading late Wednesday and early Thursday. then a major announcement sent prices down nearly 5% over two sessions. The investigation may be a chance for the beleaguered CFTC, which has been given a 2012 budget by Congress 44% below that requested, to redeem itself. that may be a stretch though, since its authority is solely civil while oil trading is completely global.Akzo Nobel/Philips: Over the past week, two of Europes large industrial companies warned they would make less profit this quarter than the market expected. Conglomerate Philips blamed weakness in consumer demand and construction activity in developed markets. Paint and chemicals company Akzo Nobel also blamed the construction market for its less severe warning, along with rising raw materials costs that it has not yet passed on through higher prices. Investors already knew consumer spending and construction were weak in Western Europe and the U.S. do the latest warnings add anything more? If they indicate a deepening malaise in developed countries, they cast a harsh light on the recent spate of deals in the industrial and chemical sectors. Last month, Ashland bought speciality chemicals company International Specialty Products for $3.2 billion in cash about 9 times earnings before interest, tax, depreciation and amortisation. DuPont paid 13 times ebitda for Danish food ingredients company Danisco.Lombard: City questions Ocados raison detre: No one appears to enjoy French peasant food more than middle class Brits, given that French peasants themselves generally prefer frozen pizza from Super U. Nothing evokes gite holidays in La France profonde better than a sturdy hunk of pain de Pardieu washed down with Manon des Sources mineral water. It therefore makes sense for Ocado to offer British customers artisan-made produce from ranges carried in France by Carrefour. The logic of the business model of the online grocer is shakier. City scepticism was reflected in a 9% drop in the shares to below their 180p float price on Monday. The sell-off was a funny way to greet Ocados first modest, unadjusted pretax profits of 174,000, made in the year to 15 May. Pretexts within the numbers, such as a decline in the percentage of orders delivered early or on time, looked flimsy.Rank unfairness: Shareholders in Rank have been put on the spot by Guoco, the Hong Kong vehicle of Malaysian billionaire Quek Leng Chan. Guoco has lifted its stake in the gambling business to more than 56% at a price of 150p a share. Minority investors must decide whether to sell out to Guoco at the same measly price via a 586 million offer that closes on Friday. those that hold on in the hope of a share price rebound face a regulatory risk. If Guocos stake rises above 75%, Ranks stock market listing would lapse. Guoco would lobby the Financial Services Authority to waive the rule, but the watchdog is already under pressure for its leniency on free floats. without a quote, minority stakes would become illiquid. Ranks advice essentially boils down to suit yourself. Having previously rejected Guocos 150p offer, then accepted it, the Independent Directors have now opted to sit on the fence.The Daily TelegraphTraders were dumping oil before IEA release of reserves: Traders were dumping oil even before last weeks release of strategic reserves by the International Energy Agency (IEA), new figures suggest. Brent crude fell a further 18 cents to $104.94 on Monday as the IEA said it may consider releasing more oil. The Paris-based agency said it will decide in 30 days whether to tap additional stockpiles.Bank of England urged to raise rates soon to avoid repeat crisis: The Bank of England has been urged to raise rates sooner and faster than expected by the worlds central bank to retain its inflation-fighting credibility and ward off another financial crisis.former Citigroup banker charged with stealing $19 million from bank: a former executive at Citigroup has been charged with stealing more than $19 million (12 million) from the U.S. bank in the ultimate inside job, according to government prosecutors.Hong Kongs Cheung Kong lines up Northumbrian Water bid: Northumbrian Water shares surged 8% on Monday after a Hong Kong-based property developer said it was interested in buying the group. Cheung Kong Infrastructure Holdings (CKI) revealed it was considering making an offer for the utility company, but said the process was at an early stage.Saab thrown lifeline by Chinese order for 600 cars: a Chinese company has provided a lifeline for Saab Automobile with a cut-price order for almost 600 cars and enough cash to pay the wages of its 3,800 workers this month and make some payment to suppliers.The Guardian Bank Chief warns of wave of home repossessions if rates rise: Britain is facing a tsunami of house repossessions as soon as interest rates start to rise, one of the countrys leading bankers has warned. Richard Banks the body that runs the 80 billion of mortgages bailed out by the taxpayer during the banking crisis, also said in an interview with the Guardian that the Labour governments pleas at the start of the crisis for lenders to keep families in their homes was forcing some homeowners further into debt.Government weighs into blackmail row over 3M and MRSA test: The government has attacked a Private Equity Boss for threatening to use his political muscle to blackmail the head of one of Americas biggest companies. The Ministry of Defence hit out at Harvey Boulter, Chief Executive of Porton Capital, for allegedly claiming he would use his government influence to interfere with a knighthood awarded to the British-born chief executive of Post-it note maker 3M.Philip Morris to sue if Australia puts all cigarettes in plain green wrappers: Marlboro manufacturer Philip Morris International is threatening to sue the Australian government for billions of dollars over its plan to be the first country to introduce plain, brand-free packaging for cigarettes.Financial Conduct Authority promises courageous approach: FCA Interim Boss Margaret Cole says new financial regulator will need can do attitude to protect consumers from mis-selling and wrongdoing. The new financial regulator being set up to look after consumers will adopt a courageous approach to intervene earlier and prevent large-scale mis-selling scandals, its Interim Boss said on Monday.Daily MailBetfairs Boss David Yu fails to reach final furlong: Investors who took a punt on Betfair were unimpressed with the news that Boss David Yu has fallen on his sword after a torrid nine months which has seen shares almost halve in value. The chief executive, who has been at the helm for six years, announced yesterday he did not intend to renew his contract when it expires in October 2012.France will back Athens in bid to halt Euro crisis: French banks agreed to help bail out debt-ridden Greece amid fears that Europe faces a bigger crisis than the collapse of Lehman Brothers. Nicolas Sarkozy, the French president, said his countrys banks would give Greece 30 years to repay its debts by extending loans.Full steam ahead for BAE Systems 46 million deal: BAE Systems has been awarded a six-year 46 million contract from the Royal Navy to maintain and repair radar systems on board six warships. The deal will see BAE provide technical support, repairs and maintenance for 45 Sampson radars used on the Navys Type 45 destroyers.Broker Views:Vedanta Resources: HSBC upgraded the stock to Overweight and increased the target price to 2460.00pICAP: Singer Capital Markets upgraded the stock to Buy and increased the target price to 535.00pAfferro Mining inc: Evolution Securities maintained a Buy rating on the stock, with a target price of 350.00pAltona Energy: Evolution Securities maintained a Buy rating on the stock, with a target price of 35.00pCoal of Africa Ltd: Evolution Securities maintained a Buy rating on the stock, with a target price of 205.00pBerkeley Group Holdings: Numis Securities Ltd downgraded the stock to Add and decreased the target price to 1500.00pDaily ExpressJane Norman is latest High Street victim: Womenswear chain Jane Norman collapsed into administration as a desperate search to find a buyer for the business continued. Jane Norman, which employs 1,600 staff, closed its 90 stores on Saturday after running into financial difficulties but it also has 100 department store concessions, most within Debenhams shops.Investors fear that Ocado cant deliver: Shoppers bought more goods from Ocado to help the online grocer move into the black in the first half of the year but its shares dived as investors fretted about competition. Ocado said strong demand helped it to post a pre-tax profit of 200,000 in the 24 weeks to May 15, versus a 6.7 million loss the same time a year ago. It has struggled to meet demand and is boosting capacity by expanding its warehouse at Hatfield in Hertfordshire and building another in Warwickshire, which it said was on time and on budget.HMV sell-off goes on: Struggling entertainment retailer HMV has offloaded its Canadian arm for 2 million as part of efforts to cut its 170 million debt and stay in business. HMV sold the 121-store firm to restructuring specialist Hilco U.K. which last week sold part of furnisher Habitat to Argos and Homebase Owner Home Retail. HMV sold the 121-store firm to restructuring specialist Hilco UK which last week sold part of furnisher Habitat to Argos and Homebase owner Home Retail.The Scottish Herald72 million is wiped off chip makers worth: City traders wiped almost 72 million off the stock market worth of Wolfson Microelectronics after the Scottish technology darling scaled back growth expectations, signalling that the global recovery in consumer electronics spending may be waning.ICB member launches scathing attack on sales practices for PPI products: Independent Commission on Banking member Clare Spottiswoode has launched a blistering attack on the sales practices of high street banks. Ms Spottiswoode, who used to be the gas regulator, criticised the level of compensation banks are having to pay out to those mis-sold payment protection insurance.Germanys Siemens secures 500 million windfarm contract: Scottish Power Renewables and Denmarks DONG Energy have contracted a German firm to supply and maintain turbines for the giant windfarm they are developing in the Irish Sea. The firms have signed agreements with Siemens worth more than 500 million under which it will supply 108 turbines for the West of Duddon Sands windfarm.Financial stability Chief tells of meltdown fears: Central bankers are still scared of a financial meltdown, former Bank of England Deputy Governor Sir John Gieve has said. Sir John, who was in charge of financial stability at the Bank when the credit crunch struck, said this attitude explained continuing loose monetary policy.The ScotsmanProfit warning sends Wolfson shares sliding: Shares in Wolfson, the Edinburgh-based audio chip maker, lost more than a quarter of their value after a slow-down in orders for smart-phone and tablet PC components led to a shock profits warning. Analysts blamed delayed product launches at Research in Motion, the Canadian maker of Blackberry mobile phones, and a broader slow-down in consumer electronics, such as TVs, for Wolfson’s woes. They also suggested the firm may have lost business from Samsung.Cairn slashes price of its Indian arm in bid to ease 6 billion sale to Vedanta: Cairn Energy has slashed $600 million (376 million) from its asking price as it last night stepped closer to completing a deal to sell a controlling stake in its Indian oil business to mining giant Vedanta. The price cut is set to pave the way for a settlement with the Indian government over oil royalties that has vexed the deal for nearly a year.RBS brings in two new China experts: Royal Bank of Scotland has brought on board two further senior investment bankers for its China business as it boosts efforts to grab market share in the world’s second-largest economy. RBS named former Citigroup Executive Wei Wang as Head of its China financial institutions group (FIG) and Qing Zhu, from JP Morgan, as Head of China energy and resources.Ocado’s first profit can’t stop shares sliding 9%: Shares in online food retailer Ocado slumped more than 9%, despite the firm announcing a deal with French hypermarket chain Carrefour that will lessen its dependence on Waitrose. The drop in shares to 170p was also against the backdrop of Ocado posting its first ever half-year profit.Chinese sign 1.4 billion trade deal with UK: Britain and China unveiled trade deals worth 1.4 billion during a visit to London by Chinese premier Wen Jiabao. Gas company, BG Group has signed a co-operation agreement with Bank of China that will allow it to access up to $1.5 billion (937 million) of funding to support its growth plans. Drinks giant Diageo also announced that Chinese regulators have approved its acquisition of a further 4% stake in Chinese joint venture Sichuan Chengdu Quanxing for around 13 million, which will take its stake to 53%.EU patent deal – but Italy and Spain opt out: British companies will benefit to the tune of 20 million a year from an EU-wide single patent system to protect their ideas and innovations, the UK government said. a deal that has eluded EU ministers for decades was finally done in Luxembourg, paving the way for a cheaper, more efficient one-stop shop for patent registration in 25 of the 27 countries.Morrison wins 50 million gas plant deal: Morrison Construction has won a 50 million contract to build infrastructure around Total’s new gas processing plant on Shetland. The firm – the Scottish arm of listed construction group Galliford try will build access roads, plant, foundations, underground drainage structures and buildings at the development.Paradigm sets an example with deals: Paradigm, which makes machines for clearing blockages from oil and gas pipes, has secured 2 million-worth of contracts so far this year as the firm moves into its new 1 million head office in Aberdeen.Beating disease is top priority: The importance of work carried out by plant scientists has risen in recent years with the increased emphasis on maximizing crop yields and reducing yield losses throughout the world. Speaking at a conference in Dundee, Dr Adrian Newton, cereal pathologist at the James Hutton Institute, said plant research was now being given a higher priority in many countries.SAC’s key role in grass and soil research: Scottish dairy scientists will play a key role in a 5 million research project which will, among other aims, investigate soil compaction, the production of grass with reduced fertiliser inputs and how lucerne, a crop fed to cattle in the USA as alfalfa, might best play a role in Britain.Pinnacle makes a song and dance of fibre optic debut: a string of contract wins – including the royal wedding, Holyrood elections and BBC Radio 1’s Big Weekend concert – helped Stirlingshire-based Pinnacle Telecom to post record interim sales. Turnover jumped by 23% to 3.8 million in the six months to 31 March, contributing to a narrowing in losses from 166,000 to 132,000.Beales hit by retail slowdown: Department store chain Beales, which has 32 shops in provincial towns south of the Border, racked up half-year losses of more than 1 million as sales struggled against economic and weather-related headwinds. The slide into the red was mainly caused by 1.3 million of charges incurred buying two stores, but the company said its performance was nonetheless disappointing.

<a href=",2005:cluster=, 28 Jun 2011 06:18:39 GMT 00:00″>Newspaper Briefing, including ‘ France will back Athens in bid to halt Euro crisis’ – Daily Mail

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