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, September 21, 0730 GMT
Top stories
The Times: Royal Bank of Scotland is the second state-backed lender to try to decrease its involvement in the Government's insurance scheme for toxic assets.
The Daily Telegraph: The cash for bangers scheme is set to earn the UK Treasury at least £100 million ($163 million).
The Times: Peter Fincham, ITV's director of television, emerged as a potential compromise candidate for chief executive of the independent broadcaster.
Comment
Anatole Kaletsky in The Times: What happens in 2011 and beyond depends partly on the strength of next year's recovery, but mostly on political conditions.
Steven King in The Independent: China is now at the centre of US paranoia, and a wave of protectionism may be coming to the fore.
Ambrose Evans-Pritchard in the Daily Telegraph: Ultra-loose US monetary policy is forcing China and emerging economies to forge a new global currency order.
Upside
The Times: Firmdale Hotels, the boutique hotel operator, will develop a Soho site that was bombed in the Blitz into a £90 million ($146 million) hotel.
New York Times: A flurry of new companies has emerged to buy, sell, broker, license and auction patents, potentially creating a patent marketplace.
Financial Times: Greenhouse gas emissions fell further this year than in any year in the last 40 because of the recession.
Downside
The Times: Clampi virus, a Trojan virus that steals online banking log-in details from infected computers, is spreading rapidly across Britain and the US.
Financial Times: The world cannot be complacent and assume a solid rebound of the financial sector, warned Jaime Caruana, head of the Bank for International Settlements.
The Independent: House prices gained in only three areas of Britain and property value across much of the UK continued to fall.
Mergers and shakers
The Times: Talks between RusAl, the world's largest aluminium producer, and the Libyan Investment Authority and other sovereign wealth funds failed.
The Independent: Xstrata, the mining group, is likely to walk away from its proposed "merger of equals" deal with rival Anglo American.
The Times: Excalibur, the biotech investment company owned by Sir Christopher Evans, bought International Biosciences Managers, a biotech advisory firm.
Around Asia
Wall Street Journal: Wynn Resorts wants to raise $1.7 billion (£1 billion) in a Hong Kong listing of the casino operator's Macau assets.
Bloomberg: India's central bank will allow the rupee to strengthen in order to reduce the cost of imports and curb inflation without raising borrowing costs.
Wall Street Journal: Carlyle Group, the private-equity firm, invested in Yashili Group, one of China's biggest baby-formula companies.
Look ahead
New York Times: US newspaper advertising revenue is predicted to decrease more slowly next quarter and into 2010.
Wall Street Journal: The Group of 20 nations wants the US, Europe and China to commit to big changes in national economic policies before this week's summit.
New York Times: European viewers with specially equipped televisions may be able to watch public broadcasters' internet television services by this year.
Unfinished business - last week wrapped up
Last Monday
Andy Duncan resigned as the chief executive of broadcaster Channel 4 ending a bloody and long-running boardroom dispute.
Barack Obama, the US President, proposed sweeping reforms for the banking sector.
Tuesday
The European Commission warned Lloyds Banking Group it may have to split off Halifax as punishment for the state aid it received.
The heads of the UK and US central banks signalled that their nations' economies have emerged from recession.
Wednesday
Subpoenas were issued to five board members of Bank of America as part of the investigation into the bank's takeover of Merrill Lynch.
Next, the high street fashion chain, raised its full-year profit forecast after reporting better-than-expected interim growth.
Thursday
Lloyds Banking Group, the troubled bank, was ordered to stay in the Government's scheme for toxic assets.
The Bank of Japan kept interest rates on hold and upgraded its assessment of the nation's economy.
Friday
China's top economist said the country would achieve a growth target of 8 per cent this year, but still faced problems.
Former Morgan Stanley Hong Kong managing director Du Jun was sentenced to a maximum seven years in jail for insider trading.
MARKETS
FTSE 100 5,172.89 up 0.2% (Friday close)
Dow 9,820.20 up 0.4% (close)
S&P 500 1,068.30 up 0.3% (close)
Nasdaq 2,132.86 up 0.3% (close)
Nikkei 10,370.54 down 0.7% (Friday close, closed Monday for a holiday)
Hang Seng 21,660.88 up 0.2% (latest)
Currencies
Sterling $1.6228/1.1043 euros (latest)
Euro $1.4695 (latest)
Commodities
Brent crude $71.20 down 12 cents (latest)
West Texas crude $71.88 down 16 cents (latest)
Gold $1005.90 down $4.40 (latest)
New York
Reuters: US stocks rose as investors bet the economic recovery will be strong enough to sustain corporate profits. Procter & Gamble, maker of Tide detergent and Pampers, rose 3.2 per cent on an analyst's upgrade. Home builders Toll Brothers and KB Home both were upgraded by J.P. Morgan Securities. Toll Brothers rose 3.1 per cent and KB Home rose 2.6 per cent. Oil company Chevron rose 0.9 per cent on an analyst's upgrade. On the Nasdaq, smartphone maker Palm fell 3 per cent on reports the company plans to sell stock.
Asia
Bloomberg: Asian stocks fluctuated in morning trade amid concern a six-month rally had made shares expensive relative to earnings prospects. BHP Billiton, the world's largest miner, fell 0.9 per cent on lower metals prices. Hynix Semiconductor, the world's second-largest maker of computer-memory chips, rose 4.4 per cent on an analyst's upgrade. In Seoul, STX Pan Ocean, South Korea's biggest bulk carrier, rose 9.1 percent on reports of a new iron ore contract. The MSCI Asia Pacific excluding Japan Index fell 0.2 per cent to 390.83 in early trade. Markets in Japan, Singapore, Malaysia, Indonesia, the Philippines and India are shut for holidays.
Michael Beh
michaelwbeh@gmail.com
