Press Round-up – February 7

February 7, 2012

EU corporate defaults set to rise
European corporate defaults are widely expected to climb sharply this year despite the recent improvement in credit market sentiment as bank lending cuts and a deteriorating economic backdrop put many smaller or indebted companies under pressure. (FT)

Prices cut, shops shut: still no cheer on the high street
British shoppers reverted to a bunker mentality over the new year, according to gloomy sales figures that quash any hope of consumers pulling the economy clear of a double-dip recession. (Times)

BAE considers reducing price of Typhoon jets
BAE Systems, Europe’s largest defence contractor, has signalled its willingness to reduce the price of the Eurofighter Typhoon to win back a $20 billion Indian tender from France’s Dassault. (FT)

China says it will ignore EU carbon charge
China has banned its airlines from complying with a European scheme to limit carbon emissions, saying that it would infringe its sovereignty. (Times)

Greece bailout funds could be split
European officials are insisting any new Greek bailout programme specifically earmark funds to pay off remaining holders of Greek debt, giving lenders the freedom to withhold aid to Athens without risking a messy default that could reignite panic in financial markets. (FT)

Italy’s Ferragamo sets UK retail rent record
A record for the most expensive shop rent in the UK has been set with Italian fashion brand Salvatore Ferragamo agreeing to pay nearly 1,000 pounds a  square foot a year for part of its space on Bond Street in a sign of rising demand for a presence on London’s most prestigious shopping thoroughfare. (FT)

Fund aims to link Hollywood films with China
Bruno Wu, the Chinese media entrepreneur, and Harvest Fund Management, an investment group backed by Deutsche Bank and China Credit Trust, have set up a new private equity fund aimed at pouring up to $800 million into Hollywood films. (FT)

How £50 million in UN food aid went to Glencore
More than £50m of World Food Programme aid to feed the starving has ended up in the hands of a London-listed commodities trader run by billionaires, despite a pledge by the United Nations agency to buy food from “very poor farmers”. (Guardian)

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