WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
CHINA BANKS FEAR FALLING CONFIDENCE
Faltering confidence in the Chinese economy could threaten the plans of the country’s banks to shore up capital reserves, the head of China Construction Bank, has warned.
On top of the projected $22bn initial public offering of Agriculture Bank of China, announced last week, CCB and Industrial and Commercial Bank of China are between them raising up to $21bn in fresh capital.
ASTRAZENECA RESULTS TO COME AT 7AM
AstraZeneca may have an American chief executive but it is to revert to UK traditions when it announces its quarterly results before the opening of London markets. The pharmaceutical group, which has its head office in London, will at the end of the month release its results at 7am, rather than 11am as it has in the past.
ENEL TO RESUME FLOAT
Fulvio Conti, chief executive of Italy’s Enel, is pushing ahead with the delayed listing of the debt-heavy utility’s Green Power division despite concerns about market conditions and proposals by cash strapped governments in Spain and Italy to reduce renewable energy tariffs and incentives. Sources close to the flotation, which could become Europe’s second largest float for two years, said Enel was expected to name its advisers soon.
ONS DATA ON STOCKS DISPUTED
The amount of the UK stock market owned by overseas investors could be less than half the level suggested by official government figures, according to new data seen by the Financial Times. Share ownership by individuals and company directors is as much as twice the figure contained in the official figures, while the ownership by pension funds and insurance companies is lower.
THE TIMES
WORLD CUP SPONSORSHIP FLAWED
Companies that spent millions on World Cup sponsorship or short-term ad campaigns linked to the tournament may have wasted their money.
A study by Engage Research found that brands that had developed an ongoing relationship with football did better in terms of consumer recognition than those that sought to use the World Cup for short-term promotions.
UK SHOULD USE WASTE FOR POWER
As much as 17 per cent of Britain’s electricity needs could be met by burning rubbish and the methane produced from landfill sites. David Palmer-Jones, chief executive of Sita UK, which handled nine million tonnes of waste last year – 8 per cent of the total – said that Britain was failing to grasp a huge opportunity.
The Daily Telegraph
DOVER SHIPPING LINES IN NEW ROW
Bob Goldfield, Dover’s chief executive, said he expected the port’s three biggest customers – P&O Ferries, Norfolkline and SeaFrance – to recognise that tariffs had to rise to fund the new facilities on which both their own and Dover’s future depends. “I wouldn’t say the row is manufactured but it’s more emotionally based than factually based,” he said.
GOOGLE MAY LAUNCH SOCIAL NETWORK
Two weeks ago Eric Schmidt, Google’s chief executive, was in the UK visiting media companies. At one such meeting, over lunch, he was asked outright if Google was planning to launch its own social network to rival Facebook, niftily called “Google Me”. Schmidt, well-known for being a straight talker, failed to scotch the well-circulated rumour, simply saying he “had nothing to announce”.
WALL STREET JOURNAL
SLOVAKIA STYMIES BAILOUT PLANS
Slovakia, the euro zone’s newest and poorest country, has balked at plans for a €750 billion ($951.9 billion) bailout package for troubled members, delaying the start of the rescue plan. Slovakia’s newly appointed prime minister, Iveta Radicova, said she will fly to Brussels on Monday to meet European Commission President Jose Manuel Barroso.
CHINA’S TRADE-SURPLUS GROWTH INCREASES PRESSURE TO LET YUAN RISE
China’s trade surplus rebounded in June to its highest level in half a year, according to government economic data that could increase pressure on China to let the yuan strengthen more quickly. The data, released at the weekend, paint a picture of cooling domestic growth but so-far resilient demand for Chinese goods from the global economy.