WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
FINES CALL FOR AIRBUS AND EADS EXECUTIVES
Seven current and former executives of Airbus and its parent company EADS, including Noel Forgeard, former EADS co-chief executive, should be fined for alleged insider share dealing offences according to a provisional report prepared for the French financial markets regulator. The 381-page report has recommended a total of €12.3m (£10.6m) in fines.
JAPANESE DUO SET DOWNBEAT OUTLOOK
Canon and Hitachi, two of Japan’s largest electronics companies, yesterday reported weak results and warned that they expected economic recovery to be slow. Hitachi, the electrical conglomerate known as the “GE of Japan”, reported a first-quarter net loss of Y82.7bn and said that “extremely low levels of consumption and production” continued to hurt.
ONE-MAN ARMY TO BOOST GAMES WORKSHOP
Price increases, cost cuts and royalties helped Games Workshop bounce back from a “disappointing” third quarter as it prepares to open more shops in smaller towns. The company, which makes and sells figurines for its war game products from 355 “hobby centres” in the UK, North America and the Asia Pacific region, reported pre-tax profit for the year to May 31 up from £1.06m to £7.54m.
ARM EXPECTS IMPROVEMENT IN THE SECOND HALF
Arm, the chip designer, expects a better performance in the second half after the microchip industry recovers from the sudden drop in demand that hit first-half figures. Warren East, chief executive, said: “With recent signs of increasing industry activity we expect that Arm’s trading performance will be on an improving trend in the second half of the year.”
THE TIMES
SHOE LOVERS GIVE HIGH STREET HOPE
High street sales fell in July with only shoe shops and grocers reporting a pick up in business. Nearly half of retailers said that sales volumes were lower than a year ago, against 32 per cent which said they were higher. The latest figures, published yesterday by the CBI, show the balance of those calling higher sales increased to -15 from June’s -17.
TAXMAN BEGINS NEW ASSAULT ON SAVERS WITH OVERSEAS INCOME
UK tax authorities launched a fresh crackdown on savers with offshore accounts yesterday in an attempt to recoup hundreds of millions of pounds in unpaid revenue. HM Revenue and Customs (HMRC) began its first assault two years ago when it raised £400m by chasing savers who had failed to pay tax on offshore accounts with five leading UK banks.
The Daily Telegraph
HSS HIRE BRINGS IN PWC OVER COVENANT
HSS Hire, the tool-hire group, has brought in PricewaterhouseCoopers to help it renegotiate lending terms amid fears that it could breach banking covenants within months. The company, which has 230 branches and employs just over 2,000 people, is chaired by Archie Norman after a £310m buyout by the former Asda boss’s investment company, Aurigo, and hedge fund Och-Ziff.
DAY TRADING: SPREAD BETTING SEES 134 PER CENT SURGE
The popularity of spread betting surged last year, with the number of trades growing by 134 per cent. There was also a dramatic increase in the number of spread betting accounts opened according to the UK Wealth Management Industry Report produced by ComPeer,
WALL STREET JOURNAL
EU PENALISES CHINA STEEL
European Union trade officials approved pre-emptive penalties on imports of steel pipe from China, a precedent-setting move that suggests the trading bloc is growing more protectionist. Yesterday’s vote by trade officials from the EU’s 27 member states is significant, say trade experts, because they accepted an argument from steel producers that punitive tariffs are needed to protect them from the threat of cheap China imports.
MICROSOFT, YAHOO NEAR SEARCH DEAL
Yahoo and Microsoft are moving toward sealing a search partnership, say people familiar with the matter — a deal that ends a protracted dance and unites the pair against Google. Microsoft, which had made a failed $47.5bn takeover bid for Yahoo, appears to have finally won a piece of what it wanted from Yahoo.