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10/09/2010
| business | Apple climbs down on rules for iPhone apps
An uprising by the software geeks who create apps for the Apple iPhone has forced Steve Jobs, the company's chief executive, into a rare and humiliating public climbdown. Five months after Apple imposed tough new restrictions on app developers and Mr Jobs posted a 1,600-word justification of the move on its website, the company said it was softening its stance and promised to be more transparent about how it chooses which apps, or programs, to allow on its iPhones, iPods and iPad devices.
Banks will be told to maintain 7 per cent tier one capital
European banks will be forced to maintain a tier one capital ratio of at least 7 per cent, according to reports ahead of this weekend's meeting between financial regulators and ministers in Switzerland.
Britain facing a wave of repossesions, warns S&P
Britain's housing market is poised for a wave of repossessions as the Coalition Government's fiscal austerity package starts to bite, Standard & Poor's warned yesterday.
Business Diary: Now it's Ryanair the opera
We're loving Fascinating Aida (they style themselves as Britain's top female comedy singing trio, though it can't be a large category) and their take on the blessed Ryanair. Check it out for yourself on YouTube, but this sample lyric sums it up: "Cheap flights, cheap flights, we should have gone by sea; there's no such thing as fecking flights for 50p." The tirade – though no doubt Ryanair will see it as more of a tribute – continues in that fashion for a good five minutes.
Dire results at HMV and Argos spark festive trading fears
Two of the UK's biggest non-food retailers had a day to forget yesterday, as HMV unveiled a calamitous slump in sales and the continuing woes at Argos resulted in a profits warning for its parent, Home Retail.
ENRC will defend any DRC action
Eurasian Natural Resources Corporation yesterday said it would "vigorously" defend any legal action over the ownership of assets it recently bought in the DRC.
KNOC stands firm on Dana offer
Dana Petroleum again called on shareholders to shun an 1,800p-per-share offer from Korea National Oil Corporation after the state-owned oil giant said it would not raise its hostile offer for the British explorer.
Lord Turner: 'We must act now to meet energy targets'
Lord Turner, the chairman of the independent Committee on Climate Change (CCC), is calling for a "step change" in government policy if Britain is to meet its 2020 renewable energy targets.
M&M's World shop to sweeten capital shopping
Londonders and tourists with a sweet tooth could be in for a treat next year when Mars Retail opens its first M&M's World store in Europe in the capital.
Montgomery quits Mecom as he loses investor battle
David Montgomery, the former News of the World editor, has bowed to shareholder pressure and pledged to quit Mecom, the European publishing group he founded, early next year.
Morrisons moves into convenience stores and online
Morrisons is to launch its first convenience stores and enter the online grocery market next year, its new chief executive said yesterday as he unveiled a 14 per cent jump in interim profits at the supermarket group.
New crackdown on Wall St fraud
Federal prosecutors in New York vowed to step up their campaign to root out and punish wrongdoing by Wall Street over the credit crisis. The US attorney's office in the southern district of New York, which has much of the finance industry under its jurisdiction, yesterday named a new head of its civil frauds office to examine "large-scale and sophisticated financial frauds".
Osborne appoints critic to top job at Treasury watchdog
Trade deficit explodes as economy heads for slowdown
The British economy will slow sharply this autumn, though escaping an outright contraction and a formal "double dip" recession, the Organisation for Economic Co-operation and Development has predicted.
Workers shocked by BAE's decision to cut 1,000 jobs
Workers at BAE Systems were said to be in "shock" yesterday after the defence giant unveiled plans to cut hundreds of jobs. Unions said almost 1,000 jobs at five military factories and other sites would be lost in the latest cull, warning that the cuts could be the "tip of the iceberg".
The Business On... Martin Sullivan, Deputy chairman, Willis
So who's gone and hired one of America's 'worst CEOs'.
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| business - comment | David Prosser: Banking reform that cannot be delivered
Outlook While we're on the subject of hospital passes from the Treasury, it's hard not to feel some sympathy for Sir John Vickers, soldiering on at the government-appointed Independent Commission on Banking. His report isn't due for another 12 months, which means he has to endure a whole year of pretending to consider whether retail and investment banking should be split asunder.
David Prosser: Morrisons takes some cautious steps online
Outlook There is concern in some circles about the tentative nature of the push into online groceries unveiled by Dalton Philips, the new chief executive of Morrisons. It's hard to see why: given the difficulty so many other retailers have had making money from online, there is no reason at all for Mr Philips to rush in, even if some analysts have spent the past few weeks predicting this is exactly what he'd do.
David Prosser: Osborne's brave but necessary choice for the OBR
Outlook Poacher turned gamekeeper? In appointing Robert Chote, the director of the Institute of Fiscal Studies, as the new head of the Office of Budget Responsibility, George Osborne is neatly eliminating one of the most effective critics of economic policy. No longer will Mr Chote embarrass chancellors by describing their plans as "clearly regressive" – his verdict on Mr Osborne's emergency Budget.
Hamish McRae: The dance this winter will probably be two steps forward and one step back
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| world - australasia | New Zealand's top defence scientist quits over 'embellished' CV
Stephen Wilce, New Zealand's most senior defence scientist, had an impressive CV. He had seen combat duty in the Royal Marines, worked for MI5 and MI6, and been a member of an Olympic bobsleigh team, competing against the Jamaican team whose story inspired the film Cool Runnings. The trouble was that, it appears, none of it was true.
The Marines, MI5, the Olympics... CV 'lies' cost top scientist his job
Stephen Wilce, New Zealand's most senior defence scientist, had an impressive CV. He had seen combat duty in the Royal Marines, worked for MI5 and MI6, and been a member of an Olympic bobsleigh team, competing against the Jamaican team whose story inspired the film Cool Runnings. The trouble was that, it appears, none of it was true.
The Marines, MI5, the Olympics... CV lies cost top scientist his job
Stephen Wilce, New Zealand's most senior defence scientist, had an impressive CV. He had seen combat duty in the Royal Marines, worked for MI5 and MI6, and been a member of an Olympic bobsleigh team, competing against the Jamaican team whose story inspired the film Cool Runnings. The trouble was that, it appears, none of it was true.
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News courtesy of Independent.co.uk
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