WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
GAZPROM IN IRAN PIPELINE TALKS
Gazprom is in talks with Iran and Pakistan to build a large section of a long-awaited gas pipeline between the two countries, a senior Iranian energy official says. The participation of Russia’s state-controlled energy group could kick-start the pipeline project, which has been delayed because of disagreements that have led India to pull out.
HONEYWELL CHIEF SAYS VALUATIONS INACCURATE
Corporate acquisitions are still too pricey despite the financial crisis as valuations in many industries fail to reflect the new reality, the head of one of the largest US industrial groups.
Dave Cote, Honeywell chief executive, said the US conglomerate was looking for deals but thought the market was still overheated.
WOOLWORTHS DEAL WITH BBC IN COURT
The BBC’s commercial arm and the administrator of Woolworth, the failed retail group, will appear before a High Court judge today to settle an argument over the value of 2Entertain, their joint venture. The outcome of the case could affect government plans, due to be published next week, to secure the funding of public service broadcasting, because 2Entertain forms part of a proposed new joint venture between BBC Worldwide and Channel 4, according to people familiar with the case.
IKEA ABANDONS EFFORTS TO INVEST IN INDIA
Ikea said yesterday it was abandoning efforts to invest up to €300m setting up its stores in India, after failing to persuade New Delhi to ease foreign investment restrictions on retailers. Ikea has tried and failed to persuade it to raise its foreign ownership limit up from 51 per cent.
THE TIMES
LINDT BUNNY CASE BOUNCES BACK INTO COURTS
Lindt, the Swiss chocolate giant, has spent the past eight years pursuing smaller chocolatiers across Europe. This morning, in the latest development in a dispute between Lindt and Hauswirth, a small Austrian chocolate maker that makes a similar chocolate to Lindt, Europe’s highest court ruled that an Austrian court must decide whether the Swiss group acted in “bad faith” when it trademarked the product in 2001.
LINDSEY OIL WORKERS STAGE NEW STRIKE OVER JOB CUTS
The Lindsey oil refinery was hit by fresh industrial action yesterday as workers walked out after being told that a number of staff would lose their jobs. The walk out began after workers were told the results of a consultation on redundancies.
The Daily Telegraph
GOOGLE LOGS OUT OF STAFF TRIP TO DISNEYLAND
Google puts annual staff trip to Disneyland on hold as it puts focus on cost-cutting. It is a company that prides itself on the mantra that a happy employee is a hard-working employee. Providing all-you-can-eat restaurants, a sauna and even a swimming pool at its HQ in Silicon Valley. But this year Google is cancelling the annual company-wide holiday.
BOEING CUTS PLANE FORECASTS AFTER HIT FROM GLOBAL ECONOMIC SLUMP
Boeing cut its forecast for new plane demand as a result of the global economic slump, which has severely wounded the airline industry because of the drop off in freight transport and business travel. The aviation giant expects 29,000 commercial planes to be ordered over the next 20 years.
WALL STREET JOURNAL
TIMOTHY MORSE TO BECOME YAHOO CFO
Yahoo announced that Timothy Morse, the chief financial officer of chip maker Altera, will become its new chief financial officer. His appointment comes as Yahoo is sifting through an array of strategic options to try to turn itself around during the downturn. They include selling businesses, striking a partnership with Microsoft and hunting for smaller acquisitions.
MARYLAND ORDERS FURTHER REVIEW OF CONSTELLATION-EDF DEAL
Maryland regulators ordered a further review of Constellation Energy Group’s plan to sell half its nuclear business to Electricité de France. The Commission said yesterday that the $4.5bn deal would give the French company “substantial influence” over Constellation’s regulated utility.