Press Round-up – March 8

March 8, 2012

Osborne urged to ignore calls to spend
A report published on Thursday by accountancy firm PwC will urge British finance minister George Osborne to bank any one-off improvement in the public finances this year rather than attempt to use the spare cash to prop up growth. (Times)

Green tax must be cut to save companies, says Cable
British Business Secretary Vince Cable is pushing finance minister George Osborne to scrap a 740 million pound environmental burden on the UK’s business in this month’s budget. (Independent)

GE expects growth in Latin America to overtake Asia
General Electric expects revenue growth in its industrial business in regions such as Latin America to overtake that of its traditional growth engine of Asia, led by China and India, in 2012. (FT)

Millions to be hit by jump in mortgages
Millions of British home owners are likely to see the cost of their mortgages rise – even though Thursday marks the third anniversary of interest rates being cut to an historic low. (Times)

China set to offer renminbi loans
China intends to extend renminbi loans to other Bric nations, in another step towards the internationalisation of its currency. (FT)

QE blamed for surge in pension shortfall
Corporate pension shortfalls have increased by an additional 90 billion pounds since the Bank of England resumed gilt purchases last October in an effort to drive down interest rates, according to an employers’ body. (FT)

G4S: We already do police crime work
G4S, the security company, has tried to dismiss the political storm in Britain over private sector delivery of police services, arguing that it already has access to 20,000 former police officers who regularly help UK forces with criminal investigations, managing protesters and protecting crime scenes.   (FT)

UK budget to spare families from child benefit cut
Hundreds of thousands of middle-class families will be spared a cut in child benefit as part of a Budget that will aim to shift the pain of deficit reduction from middle and low earners on to the wealthiest. (FT)

Vodafone moves towards C&WW bid
Vodafone, the FTSE 100 telecoms group, is edging towards making an indicative offer for Cable & Wireless Worldwide ahead of the Takeover Panel’s ‘put-up-or-shut-up’ deadline on Monday. (FT)

Deutsche Bank ushers in wide-ranging changes
Deutsche Bank’s incoming co-chief executive, Anshu Jain, is making an early mark on Germany’s largest bank with a wide-ranging reshuffle that ushers several investment bankers into top management positions. (FT)

Asia defence spending overtakes Europe
Asia is set to outspend Europe on defence this year for the first time in modern history as European Union nations cut military budgets and Chinese expenditure rises, a think-tank says. (FT)

Lebanese PM ups stake in Sainsbury
An investment fund set up by the Lebanese prime minister and his brother has emerged as a 3 percent shareholder in J Sainsbury. (Telegraph)

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