WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
CLARKE WARNS CAMERON NOT TO CHALLENGE ‘PRO-BUSINESS’ STANCE
Ken Clarke, the outspoken former Conservative chancellor, has warned David Cameron not to translate his “standing up to big business” rhetoric into policies in government. However, the shadow business secretary said he “overwhelmingly approved” of Cameron’s transformation of the Tory party. “So long as Mr Cameron does not start challenging the pro-business stance we have to take now, I’m eager to serve him,” Mr Clarke told the Financial Times.
ALGOSAIBI SUES SAAD GROUP OWNER
One of Saudi Arabia’s most powerful family-owned companies has filed a lawsuit in which it accuses Maan Al-Sanea, the Saudi billionaire, of “massive fraud” and alleges that he “misappropriated approximately $10bn as a result of his frauds”.
DUBLIN URGED TO CUT WELFARE PAYMENTS AND STAFF LEVELS
Ireland should cut social welfare payments and public sector staff numbers to save €5.3bn (£4.6bn) in government spending, said a panel of experts appointed by Brian Lenihan, Ireland’s finance minister. If the recommendations are accepted, staff numbers in schools and hospitals would be cut, and the wage bills of the police and courts reduced from next year.
RANDGOLD LEADS MOTO COUNTERBID
Randgold and Anglogold Ashanti have launched a $488m (£298m) counterbid for Moto Goldmines, developer of a vast gold deposit in the Democratic Republic of Congo. The move could mark a large investment for two mining companies in a country whose mineral wealth has often been overshadowed by political risk. The Randgold-led cash and shares bid, valued at £296m, attempts to trump Moto’s deal.
THE TIMES
POST STRIKE DEFIES MODERNISATION
Adam Crozier, the chief executive of Royal Mail, has condemned strike action planned for today as one union’s attempt to derail crucial modernisation plans. As the row over jobs, pay and services escalates, the Communication Workers Union (CWU) said more than 12,000 members would walk out for 24 hours, threatening the worst disruption to deliveries for years.
JOBS BOOST AS TOYOTA OPTS TO PRODUCE HYBRID CAR IN BRITAIN
Toyota confirmed plans yesterday to build a hybrid version of its Auris hatchback in Britain. The world’s biggest carmaker said that production of the model would start at its factory in Burnaston, Derbyshire, in mid-2010, safeguarding 400 jobs. The engines will be made at its plant in Deeside, North Wales.
The Daily Telegraph
BANKS PAID £11.5M FEES BY STATE
Investment banks have raked in £11.5m in fees from the Government this year as they help clear up the mess they created and stabilise Britain’s financial system. The bill is already far higher than fees paid in 2008 as a whole, reflecting the complexity of the asset protection scheme (APS) under which taxpayers will insure £585bn of toxic debts at Royal Bank of Scotland and Lloyds Banking Group.
BA SEEKS BUYER FOR OPENSKIES
British Airways has appointed investment banking advisers Reynolds Partners to find a new buyer for its controversial OpenSkies carrier flying from Paris and Amsterdam to New York. Reynolds, which was appointed earlier this week, has been asked to assess all strategic options for the loss-making upmarket airline that was launched in June last year.
WALL STREET JOURNAL
CONTINENTAL CEO KELLNER TO EXIT
Continental Airlines said yesterday that President Jeff Smisek would replace Larry Kellner as chairman and chief executive officer from 1 January next year. Kellner, 50, told the Continental board today of his decision to step down after 14 years at the carrier to head Emerald Creek Group LLC, a new private equity firm focused on the real-estate sector.
SUN HOLDERS APPROVE ORACLE TAKEOVER
Sun Microsystems said yesterday its stockholders had voted in favour of Oracle’s $7.4bn (£4.5bn) takeover. Sun, the Santa Clara, California-based computer server and software maker, said in a press release that 62 per cent of holders of its common stock had voted to accept the agreement at a special meeting at its headquarters.