Date: Tuesday 20 Jul 2010
One of the energy industry’s biggest shareholders has threatened to block all new investments in British renewables unless the Government increases the returns available to investors and gives greater certainty over its future policy.Neil Woodford, the head of investment at Invesco Perpetual — which holds more than £4.5bn of shares in energy companies including National Grid, Centrica, United Utilities, SSE, Drax and International Power — fired a warning shot at coalition plans for a green energy revolution, the Times reports.
Both Boeing and Airbus went home happy after the first day of the Farnborough International Airshow, with a clutch of orders from the Middle East, Russia and resurgent leasing companies. As of yesterday afternoon, Airbus had won 122 orders, close to its target for the week of 130, and Boeing had 70. The biggest order from an airline was from Dubai-based Emirates, which will buy 30 Boeing 777s, in a deal worth $9.1bn (£bn). For Airbus, Russia's Aeroflot committed to buy 11 A330s, the Telegraph reports.
Donald Vidrine, the BP manager in charge of operations on the Deepwatter Horizon drilling rig, will not testify before a key hearing after citing health issues. The well-site manager was BP's most senior employee on the rig the night it exploded in the Gulf of Mexico on April 20, and as such held the highest authority for any decisions taken. However, he declined to attend a hearing in Louisiana being held by the US Department of the Interior and the US Coast Guard, the Telegraph reports.
President Barack Obama will raise the issue of BP’s alleged role in lobbying for the release of Libyan terrorist Abdel Basset al-Megrahi when he meets David Cameron on Tuesday. Obama’s administration has already publicly accepted the UK’s explanation for last year’s release from a Scottish jail of Mr al-Megrahi. But the White House said on Monday that the US president and UK prime minister would “likely touch on” the Libyan issue at their first official meeting in the US, the FT reports
The surprise recovery of the global advertising markets in the past three months yesterday prompted a leading media agency to boost its forecasts for industry spending this year by more than 50%, and to predict a further spike in 2012. ZenithOptimedia, which is owned by the French advertising giant Publicis, upgraded its forecast for global advertising expenditure from 2.2% to 3.5%, worth $447.5bn (£294bn) this year, the Independent reports.
Lord Black of Crossharbour could be freed from his sweltering Florida prison cell within days after a surprise decision by a Chicago appeals court last night to grant him bail while his case is reviewed. The former Telegraph chairman can now look forward to being reunited with Lady Black — better known as the columnist Barbara Amiel — at their waterfront mansion in Palm Beach, the Times reports.
Ocado has secured orders for about 80% of the shares up for sale as part of its £1.3bn float. The online grocer, which delivers mainly products from Waitrose, was slated by some analysts and investors who believe its offer is overpriced. But with four fifths of the available shares reserved by investors, it seemed possible last night that the flotation would go ahead, albeit it at the bottom of its 200p to 275p price range, the Times reports.
Homebuyers may have to pay thousands of pounds in tax if the property they are purchasing has insufficient insulation, an old boiler or draughty windows. Under a measure being considered by the Government, millions of poorly insulated homes would automatically be liable for a penalty rate of stamp duty. New owners would be able to reclaim the money if they upgraded them within weeks of purchase, the Times reports.
Uniq, the food supplier that is one of the biggest suppliers of sandwiches to Marks & Spencer, last night denied its future was in doubt after the UK pension regulator rejected a proposal to cut its £436m pension deficit. The chilled-food supplier's shares tumbled by almost a third, to 11p yesterday, after the watchdog warned the company's pension plan did not meet "all of its criteria for clearance," the Independent reports.
A flurry of international deal activity raised the prospect of a rebound in global mergers and acquisition activity, even though economic data increased fears about the pace of the global recovery. Some 25 potential and agreed deals worth nearly $8bn were announced on Monday in sectors ranging from UK engineering to Italian frozen food, according to data from Dealogic. The potential deals included a $4.5bn bid approach for Tomkins, the UK car parts to building materials group, from a Canadian private-equity led consortium, the FT reports.
Vince Cable, the business secretary, is preparing to recommend an overhaul of the City takeover regime as two more British firms looked set to fall to foreign predators. Cable is also preparing a formal government response to a heavily critical report by MPs investigating the conduct of US food group Kraftover its controversial takeover of Cadbury this spring, the Guardian reports. 
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