WHAT THE OTHER PAPER SAY THIS MORNING
THE SUNDAYS
The Sunday Telegraph
HOUSEHOLDS LOSE 13PC OF WEALTH
The huge impact of the economic turmoil on the British public has been revealed by new figures that show household wealth in Britain fell by £844bn between 2007 and 2008, driven by sharp falls in house prices and the collapse of the stock market. It is expected to fall by a further £251bn in 2010 after a slight improvement this year.
TARGETS ON CLIMATE ‘DELUSIONAL’
Energy companies have privately warned the government that its climate change targets are “illusory” and “delusional” as global leaders prepare to sign up to stricter guidelines at the Copenhagen climate change conference. Some oil majors are becoming bolder in their opposition to efforts to reduce CO2 emissions by 80 per cent over the next 40 years.
THE SUNDAY TIMES
TURNER TO UNVEIL GREEN CAR TAX
An influential think tank supported by the government, will urge £150bn of new green taxes on businesses and households – including a £3,300 levy on new cars. The recommendations from the Green Fiscal Commission, to be presented by Lord Turner, head of the committee on climate change and FSA chairman, could bring a drastic reshaping of the tax system to curb greenhouse gases.
TRAVEL WEBSITE’S SALE BONANZA
The Irish technology entrepreneur Ray Nolan and U2 manager Paul McGuinness are among investors set to profit from the planned £275m sale of an online travel firm that lets rooms in youth hostels and budget hotels. Web Reservations International has hired Morgan Stanley to find a buyer, having shelved flotation plans 18 months ago.
TODAY
FINANCIAL TIMES
ANTI-TRUST THREAT TO AA-BA DEAL
European regulators have told British Airways, American Airlines and Spain’s Iberia that they could be forced to give up valuable take-off and landing slots if they want their long-planned transatlantic tie-up to go ahead.
CHINA LURES OVERSEAS INVESTORS
China has resumed approvals for institutions to buy overseas securities under its tightly managed offshore investment regime after a 17-month hiatus, suggesting Beijing believes the worst of the financial crisis is over. The State Administration of Foreign Exchange granted new quotas to EFund Management and China Merchants Fund Management to invest up to $1bn and $500m respectively in offshore securities, according to industry analysts.
The Daily Telegraph
SHAREHOLDERS SLAM BANK BONUSES
Leading City fund managers have raised the stakes in the battle over bankers’ pay by demanding that regulators prevent bonuses from being awarded out of profits made on the back of taxpayer support. Institutions want regulators to calculate the value of the state aid provided to Britain’s lenders to ensure bonuses are only paid out of profits the bank has generated independently.
SNUB FOR FUND EXTENSION PLEA
Investors have dealt a humiliating blow to private equity firm BC Partners by rejecting its request for a lucrative one-year extension to its €5.9bn (£5.4bn) fund. The deadline for spending cash from that fund expires next November, but BC Partners had hoped to stretch out the period in which they would be allowed to draw down investors funds until 2011 and beyond.
THE TIMES
PAY-AS-YOU-GO CAR CLUBS THRIVING
Thousands of drivers are turning to pay-as-you-go car clubs as businesses hit by the recession scrap their company fleets. Streetcar, which offers cars for hire in seven cities, announced today that its membership has more than doubled in the past year to about 75,000, with more than 2,000 businesses signing up.
CASH INVESTORS BOOST BUY-TO-LET
Buy-to-let investors are back, according to the latest figures, which show that estate agents have reported an increase in landlords buying property in the past three months. Figures compiled by the Royal Institution of Chartered Surveyors (RICS) for The Times showed a two per cent increase in the number of surveyors that reported an increase rather than a fall in buy-to-let demand in the three months to September.