WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
GOLDMAN SACHS EXECUTIVES SOLD $700M OF STOCK
Executives at Goldman Sachs sold almost $700m worth of stock following the collapse of Lehman Brothers last September, according to filings with the Securities and Exchange Commission. Most of the sales occurred during the period in which the investment bank enjoyed the support of $10bn from the troubled asset relief programme.
KIRIN TALK SPURS BREWER SHARES
Japanese brewery shares bounced yesterday amid reports that Kirin, the country’s second-largest brewer, was in merger talks with its smaller rival Suntory to create a food and beverage group with combined sales of Y3,820bn ($41bn). Suntory, which is privately owned, said it was “always considering various merger possibilities but it was not true that it was proceeding towards a merger with Kirin”.
HONDA THROWS DOWN GREEN GAUNTLET TO TOYOTA
Honda Motor is stepping up its “green car” challenge to Toyota, adding two petrol-electric hybrid vehicles to its line-up next year, including a hybrid version of its top-selling Fit sub-compact. Takanobu Ito, Honda’s chief executive, said the Japanese carmaker was also developing a more powerful hybrid drive for larger vehicles that will use two electric motors alongside its petrol engine, the same configuration used in Toyota’s dominant Prius hybrid.
STATE CONSTRUCTION APPROVED FOR CHINA IPO
China State Construction Engineering has been given the final go-ahead to raise up to Rmb42.6bn ($6.2bn) on the Shanghai market in what is likely to be the world’s largest listing this year.
THE TIMES
CHINA PRESIDENT ENDORSED RIO TINTO PROBE
The Chinese President, Hu Jintao, personally endorsed the investigation into Rio Tinto that led to the arrest of the mining giant’s Australian iron ore executive, according to Australian media reports. No charges have been laid against Stern Hu, who the Chinese authorities claim bribed Chinese steel companies during iron ore price negotiations this year
ASIA SOARS CLEAR OF GLOBAL CRISIS, BUT RISKS LIE AHEAD
Growth in China will be 7.5 per cent this year, economists estimate, boosted by a $585bn (£360bn) fiscal stimulus package. Beijing has splurged on everything from new railways to vouchers handed to consumers to buy Chinese-made cars and fridges.
For 2010, growth in China is being pencilled in at 8.4 per cent.
The Daily Telegraph
ROWLAND FAMILY OPEN NEW BANK FROM REMAINS OF KAUPTHING’S LUXEMBOURG ARM
The Rowland family has expanded into the banking sector with the opening of a new bank out of the remnants of failed Icelandic group Kaupthing’s Luxembourg arm. The family, estimated to be worth £600m, includes famed property developer David “Spotty” Rowland and his son, Jonathan founder of internet investment group JellyWorks during the dotcom boom.
NEW LOOK TAKES OVER BORDERS STORES
New Look, the fashion chain, is in the process of taking over five shops being disposed of by Borders UK, the book chain, including its large flagship store on London’s Oxford Street. Taking on the 39,000 sq ft, four-floor store will mean it will have two stores on London’s main shopping street.
WALL STREET JOURNAL
MINORITY BROADCASTERS SEEK FEDERAL AID
A group of minority broadcasters yesterday asked Treasury Secretary Timothy Geithner for financial assistance akin to the aid that has been extended to the financial and auto industries. The broadcasters told Mr. Geithner they can bounce back if they are given some temporary assistance while the credit markets are slow. “Unlike the auto business, broadcasting has been healthy for many years,” their letter said.
RATTNER LEAVES OBAMA FORCE
Steven Rattner, head of the Obama administration’s auto task force, is leaving that post and will be succeeded by former steelworkers official Ron Bloom. The administration said yesterday that Rattner decided to return to private life and his family in New York City.