KILL THE COMPETITION
Welcome to today's round-up of business news from The Times: what we're saying, what they're saying, from Michael Beh
Monday, August 17, 0730 GMT
Top stories
The Times: The chief executive of Barclaycard, Antony Jenkins, was paid a million pounds in compensation by the bank after a promised promotion did not eventuate.
Daily Telegraph: Senior financiers argue the Government's plan to curb City bonuses will damage London's reputation as a financial centre.
Reuters: UBS, the Swiss banking giant, will hand over the names of about 5,000 account holders to US authorities investigating alleged tax evasion.
Comment
Gerard Lyons in The Times: Of the G20 nations meeting in the US next month, the US and the UK face the biggest challenges as recovery beckons.
Stephen King in The Independent: High government debt is fine if growth is strong, but that is looking less likely for the developed world.
Sandy Chen in the Daily Telegraph: There is a path out of this recession that might help address the widening gap between the rich and the poor.
Upside
The Times: Private-label grocery products increased their market share to 41 per cent of all grocery sales as the recession took a bite from branded rivals.
Daily Telegraph: Housing is now more affordable than at any point in the past 13 years, stirring hopes that the property slump could soon come to an end.
The Times: Retailers are seeking a project similar to the "cash for bangers" scheme for cars to increase sales of domestic appliances such as fridges.
Downside
The Times: A seasonal lull has prompted house sellers to reduce their asking prices by 2.2 per cent to a median price of £222,762 ($366,460).
Daily Telegraph: ITV's share of commercial television viewing has fallen below the broadcaster's self-imposed target for the last two months.
The Times: High street sales in London rose by just 2.2 per cent in July as the wet weather deterred shoppers and stores cut prices significantly.
Mergers and shakers
The Times: UK technology heavyweights Brent Hoberman and Michael Birch invested in TweetDeck, which aims to improve access to Twitter, the microblogging site.
The Independent: Xstrata stepped up its charm offensive to get Anglo American shareholders and analysts to support its merger proposal for the mining rivals.
The Times: Sir Fred Goodwin, the disgraced former chief executive of Royal Bank of Scotland, returned from his self-imposed exile on the French Riviera.
Around Asia
The Times: China Investment Corporation, the $200 billion (£120 billion) sovereign wealth fund, will invest in a number of Western and Asian media funds.
New York Times: Japan's economy grew 0.9 per cent in the three months to June, as exports picked up after the nation's worst recession since World War II.
Bloomberg: Baosteel, China's largest steelmaker, and other Chinese mills won a 35 per cent reduction in iron ore prices from Australia's Fortescue Metals.
Look ahead
The Times: Global billionaires, pension funds and firms are expected to bid when EDF sells the UK's biggest electricity distribution network next month.
Financial Times: Foster's could demerge its beer and wine operations within 12 months, paving the way for a takeover of the Australian group's beer business.
Financial Times: An $850 million (£515 million) fund raising scheme by a Hong Kong private equity firm will make it easier for foreign firms to raise capital in China.
Unfinished business - last week wrapped up
Last Monday
Facebook, the networking site, paid $50 million (£30 million) for FriendFeed, the new real-time messaging site.
Standard & Poor's, the credit-rating agency, downgraded the sovereign debt of Latvia and Estonia.
Tuesday
The City regulator abandoned some of its more draconian proposals suggested in March on bankers' bonuses.
Frank DiPascali, the former chief financial officer for Bernard Madoff, pleaded guilty to conspiracy.
Wednesday
The Federal Reserve gave its most upbeat assessment of the US economy in more than a year and will soon end its programme to buy back Treasury bonds.
Chinese authorities backed down on espionage charges against four Rio Tinto executives but maintained they stole commercial secrets.
Thursday
Germany and France broke out of recession with figures showing their economies expanded for the first time in a year.
German carmakers sealed a merger in which Volkswagen will buy a 42 per cent stake in Porsche for €3.3 billion (£2.8 billion, $4.6 billion).
Friday
Lord Mandelson, the Business Secretary, promised a £340 million ($530 million) loan to Airbus to help it develop wings for its extra-wide bodied A350 XWB aircraft.
Spain reported its economy shrank 1 per cent in the three months to June, the fastest decline ever recorded.
MARKETS
FTSE 100 4,713.97 down 0.9% (Friday close)
Dow 9,321.40 down 0.8% (close)
S&P 500 1,004.09 down 0.9% (close)
Nasdaq 1,985.52 down 1.2% (close)
Nikkei 10,355.37 down 2.3% (latest)
Hang Seng 20,320.35 down 2.7% (latest)
Currencies
Sterling $1.6448 /1.1622 euros (latest)
Euro $1.4152 (latest)
Commodities
Brent crude $70.98 down 46 cents (latest)
West Texas crude $66.96 down 55 cents (latest)
Gold $945.30 down $3.40 (latest)
New York
Reuters: US stocks fell broadly on Friday as the major indexes snapped a four-week streak of gains on weak consumer sentiment data. Aircraft maker Boeing fell 3.8 per cent on fears of structural flaws in its long-delayed 787 Dreamliner. Retailer JC Penney fell 6.2 per cent on a poor outlook. Abercrombie & Fitch rose 3.9 per cent and was a bright spot among retailers.
Asia
Bloomberg: Asian stocks dropped in morning trade, sending the MSCI Asia Pacific Index to its biggest drop in a month. Electronics and entertainment conglomerate Sony fell 3.9 per cent, carmaker Nissan fell 3.2 per cent and bigger rival Honda Motor fell 3.2 per cent on disappointing US consumer confidence. BHP, the world's biggest miner, fell 2.1 per cent and rival Rio Tinto fell 3.2 per cent. BlueScope Steel, Australia's largest steelmaker, fell 4.2 per cent after posting a second-half loss. Ping An Insurance fell 4.5 per cent in Hong Kong on worse-than-estimated profit. The MSCI Asia Pacific Index fell 2.4 per cent to 111.54 in morning trade.
Michael Beh
michaelwbeh@gmail.com
AGENDA
00.50 BST Japan: GDP (Q2 prelim)
10.00 BST EMU: Trade balance (Jun)
13.30 BST US: Empire manufacturing (Aug)
14.00 BST US: Net long-term TIC flows (Jun)
18.00 BST US: NAHB housing market index (Aug)
DRAGON OIL PLC H1
HILL & SMITH HOLDINGS PLC H1
MICHAEL PAGE INTERNATIONAL PLC H1
WITAN INVESTMENT TRUST PLC H1
Allen Stanford and associates accused of fraud - status conference. Texas billionaire appears charged with one count of conspiracy to commit mail, wire and securities fraud; seven counts of wire fraud; ten counts of mail fraud; and one count of conspiracy to commit money laundering; and count of conspiracy to obstruct an SEC proceeding. Stanford had originally been scheduled to go on trial August 25. Four of Stanford's associates - Laura Pendergest-Holt, Gilberto Lopez, Mark Kuhrt, Leroy King - are also scheduled to appear, having been indicted on similar charges relating to the alleged running of a $7bn fraud. Case number: 09cr00342.
