WHAT THE OTHER PAPER SAY THIS MORNING
THE SUNDAYS
The Sunday Telegraph
BORIS JOHNSON WARNS EU TO KEEP OUT OF THE CITY
Britain’s financial sector, which creates billions of pounds in revenue for the Treasury, is under threat from European legislation and an increasing tax burden on high-earning individuals, a report from the Mayor of London’s office says. The report, released this week, says that the status of London as a world financial capital will be undermined if new EU rules controlling UK hedge funds and private equity are given the go-ahead by Brussels.
PROFIT WARNINGS AT 6-YEAR LOW
Profit warnings issued by British companies fell to a six-year low in the third quarter, but Ernst & Young (E&Y) has warned the lagging consequences of a deep recession are likely to hurt companies into 2010.
THE SUNDAY TIMES
SPIN DOCTOR FOR WORRIED ENERGY CHIEFS
Britain’s utilities have formed a lobby group fronted by a former BBC journalist to lead the under-fire industry’s fightback amid public fury over high household energy bills. The new organisation, Energy UK, will bring communications of the sector’s four trade bodies under one umbrella and provide a “united voice” for an industry that has become a whipping post for the public and consumer groups.
FAILED DIRECTORS MAY GO TO BOOT CAMP, SAY TORIES
Bad company directors could be sent on “boot-camp” rehabilitation courses, under plans being looked at by the Conservatives. Failed businessmen should be obliged to pay to attend refresher courses in company law and be reminded of their statutory duties, suggest new proposals.
TODAY
FINANCIAL TIMES
GI FALLS SHORT ON FUND
GI Partners, the Anglo-American private equity group, will announce today that it has raised a new $1.9bn (£1.2bn) fund, a quarter less than its target, but a sign that investors are still backing buy-out groups with solid records. Almost all the money was raised before Lehman Bros collapsed last year, when many investors stopped signing new cheques, according to GI, which has invested in pubs and caravan parks in the UK and vineyards and television studios in the US.
UK CORPORATE EXILES FACE YEARS OF TAX SCRUTINY
UK companies seeking to minimise tax bills by locating abroad would face years of scrutiny to ensure senior management decisions have genuinely relocated, a senior official at HM Revenue & Customs has said.
The Daily Telegraph
CHANNEL 4 KICKS OFF SEARCH FOR NEW CHIEF
Channel 4 has begun its search for a chief executive to replace Andy Duncan, with the appointment of headhunter Egon Zehnder. The C4 chief executive search, which started last week, is running alongside the search for a chairman to replace Luke Johnson, which Ofcom is hoping to complete it by the end of this month.
BIRMINGHAM SEEKS MIDDLE EAST CASH
The UK’s second city has turned to the Middle East in a desperate attempt to kick-start major property developments that have been halted because of the financial crisis. Birmingham City Council leader Mike Whitby has visited Abu Dhabi and is now set to host visitors from the wealthy Gulf state as he tries to attract new investments.
THE TIMES
BA CABIN CREW PRESSED ON CUTS
British Airways will impose new working conditions on its cabin crew from November 16 if it cannot reach a deal with unions at talks starting on Wednesday. The airline said last week it would cut 1,700 jobs and reduce crew numbers on most flights. All new cabin crew will be hired on inferior terms and conditions to existing staff.
ICELAND STEPS UP ITS INQUIRY INTO COLLAPSE OF KAUPTHING
Icelandic authorities have stepped up their investigations into the collapse of Kaupthing, the failed bank, amid speculation that Sigurdur Einarsson, the former executive chairman, has been made an official suspect. Einarsson, who lives London, is under investigation over market manipulation in the weeks leading up to the bank’s collapse a year ago.