Press Round-up – January 23

January 23, 2012

IKEA shelves Indian retail move
Sweden’s IKEA, the world’s biggest furniture retailer, is withholding its entry into India in spite of New Delhi’s move to open its market to foreign retailers as the Swedish homewares company accelerates its expansion in other BRIC countries. (FT)

Miliband urges Cameron to block RBS chief’s bonus
UK opposition leader Ed Miliband has challenged the Prime Minister David Cameron to block Royal Bank of Scotland chief executive Stephen Hester’s bonus. (Telegraph)


Lenders show faith in Nokia Siemens
Nokia Siemens Networks has raised more than 1.2 billion euros of finance from a consortium of 14 European and U.S. banks in a vote of confidence from the lending market in the troubled telecoms equipment maker’s strategic overhaul. (FT)

Tesco throws in the towel on Home Plus
Tesco is poised to walk away from its standalone  furnishing stores because of weak sales at the warehouse-style outlets in retail parks. (Times)


BAE mulls Portsmouth Naval closure
The UK’s biggest manufacturing employer, BAE Systems , is considering closing its historic dockyard in Portsmouth, south England, putting 3,000 jobs at risk and ending more than 500 years of naval shipbuilding in the city. (Telegraph)


Peacocks to persist in search for buyer
Private equity firms and buy out groups are preparing to bid for Peacocks, the distressed British fashion retailer which collapsed into administration last week. (FT)

Indian healthcare group mulling UK targets
One of India’s wealthiest men is considering acquisitions in Britain’s biotechnology industry as part of a drive to build his company into the sub-continent’s first global developer of new medicines.¬† (Times)

Turkish media group attracts foreign interest
News Corp, Time Warner and Texas Pacific Group are among five foreign companies expected to show interest in assets belonging to Turkey’s second-biggest media group this week, but international bidders have doubts about the $700 million to $1.25 billion auction process leading to a sale. (FT)

EU plans raise home foreclosure risk
UK homeowners could face higher mortgage costs and find themselves at greater risk of foreclosure as early as next year because of an obscure clause in the bank capital directive being worked on by the European parliament. (FT)
Sierra Leone diamond miner set for Hong Kong listing
The diamond industry’s race to public markets is accelerating, with plans by Beny Steinmetz Group, the privately-held natural resources company, to float Sierra Leone’s biggest diamond mine on the Hong Kong stock exchange. (FT)

Chinese investors set sights on Hollywood
A consortium led by Chinese media entrepreneur Bruno Wu is scouring Hollywood for film companies to acquire, in a sign of China’s growing interest in the U.S. entertainment industry. (FT)

Volvo seeking small car partner
Volvo is looking for a partner to share development of its future compact models, according to its chief executive. (FT)

Paris and Berlin seek to dilute bank rules
France and Germany are to call for a relaxation of global bank capital rules to prevent lending to the real economy being choked off, setting them at odds with the UK’s stricter approach to banks. (FT)

Osborne set to back BoE governor over bank rules
British finance minister George Osborne is set to come down on the side of Mervyn King in the increasingly bitter battle between the Bank of England governor and the Treasury Select Committee over how the bank should to be supervised. (Independent)
UK business leaders say engineering skills ‘at risk’
British business leaders at some of the UK’s biggest engineering companies have warned the government is compounding major skills shortages in the industry and hampering efforts to rebalance the economy following plans to downgrade technical qualifications. (Telegraph)

Network Rail sees link with train operator
Britain’s Network Rail is in talks with the operator of South West Trains to form a joint management team for the franchise, in the biggest step towards integrated running of track and trains since the roles were split when British Rail was privatised in the mid-1990s. (FT)

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