Date: Thursday 08 May 2008
LONDON (ShareCast) - Charles Dunstone, the multi- millionaire founder of the Carphone Warehouse retail group, will today unveil a £1bn investment from Best Buy, a US company, in an attempt to become one of Europe's dominant retailers, the Telegraph has learned.
Microsoft is believed to have approached Mark Zuckerberg, the founder of Facebook, over a possible acquisition of the social networking site, according to the Times.
The Government is struggling to find an independent valuer for Northern Rock to determine what, if any, compensation shareholders should receive for their stakes in the nationalised bank, says the Independent.
Jean-Pierre Garnier, the chief executive of the world's fourth biggest pharmaceutical group, GlaxoSmithKline, offered respite to the beleaguered Government yesterday, saying that his company does not intend to join the exodus of those leaving the UK for lighter taxes in Ireland, reports the Independent.
BAE Systems and VT Group have renewed the terms on which they will form a shipbuilding joint venture amid signs that the Government is close to placing a long-delayed £3.9bn order for two new aircraft carriers, writes the Telegraph.
The turmoil in the housing market continued to bite yesterday as the mortgage broker John Charcol admitted it would have to call on its founders for cash while its trade body complained to the City watchdog that banks were unfairly excluding brokers from the best home loan deals, according to the Independent.
Property entrepreneur Robert Tchenguiz has increased his stake in pub group Mitchells and Butlers. He bought another 3pc of M&B yesterday from Icelandic investment bank Kaupthing to take his holding up to 26pc, says the Telegraph.
Millions of current account customers face an increase of up to 20 per cent in monthly fees as banks seek to boost revenues before a ruling by the Office of Fair Trading (OFT) that could cap overdraft charges, writes the Times.
BP has won its largest ever tax rebate in Russia, worth almost 10bn roubles (£215m), after overpaying on its taxes two years ago, reports the Independent.
GLG Partners, the London-based hedge fund reeling from the departure of Greg Coffey, is expecting to lose more than $4 billion (£2.05 billion) in investment assets as disillusioned investors follow the star Australian fund manager out of the door, according to the Times.
The Government is on course for an embarrassing showdown with the European Union, business groups and environmental charities after refusing to guarantee that billions of pounds of revenue it stands to earn from carbon-permit trading will be spent on combating climate change, says the Independent.
The head of the Financial Services Authority criticised building societies yesterday for slack management and told them to overhaul their systems and governance if they are to withstand shocks from the credit crunch, writes the Independent.
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