What made the nationals: sponsored by PressChoice
Eurozone demands six-day week for Greece
By Ian Traynor in Brussels
Greece’s eurozone creditors are demanding that the government in Athens introduce a six-day working week as part of the stiff terms for the country’s second bailout. The demand is contained in a leaked letter from the “troika” of the country’s lenders, the European commission, European Central Bank, and International Monetary Fund. In the letter, the officials policing Greece’s compliance with the austerity package imposed in return for the bailout insist on radical labour market reforms, from minimum wages to overtime limits to flexible working hours, that are likely to worsen the standoff between the government and organised labour in Greece.
US ACCUSES BP OF GROSS NEGLIGENCE IN GULF
By Ed Crooks in New York
The US Department of Justice intends to prove at trial that gross negligence or wilful misconduct by BP caused the 2010 Deepwater Horizon disaster in the Gulf of Mexico, government lawyers have said, in the clearest statement yet that they are seeking the maximum possible penalties from the British oil group.
BORIS TURNS GUNS ON CAMERON OVER HEATHROW EXPANSION PLANS
By James Kirkup, Deputy Political Editor
Boris Johnson demands that David Cameron comes clean about his plans for a third runway at Heathrow after the Prime Minister’s first reshuffle cleared the way for an about-turn on airport expansion. Mr Cameron removed Justine Greening from her post as Transport Secretary as part of a reshuffle intended to tip the balance of the Coalition towards traditional Conservative values and the free market. The move led Mr Johnson, the Mayor of London, to make his strongest attack yet on his party leader, accusing the Prime Minister of a covert attempt to back the “mad” expansion of the airport.
David Cameron last night put the finishing touches to his first ministerial reshuffle. Despite changing dozens of positions the Prime Minister’s spokesman admitted the reshuffle did not point to significant changes in coalition policy. Before the reshuffle was complete Mayor of London Boris Johnson had already launched a direct attack on the decision to replace transport secretary Justine Greening, who opposes a third runway at Heathrow. Meanwhile Jeremy Hunt was a surprise move from culture secretary to the Department of Health, Former disabilities minister Maria Miller takes over at the Department of Culture, Media and Sport. Ken Clarke was replaced as justice secretary by Chris Grayling. Grant Shapps is the new Tory party chairman and Andrew Mitchell is chief whip.
STAN AND DELIVER O’LEARY: AIRPORT SALE ON OUR TERMS
By Steve Hawkes, Business Editor
The boss of Ryanair has told would-be buyers of Stansted he will not work with them unless they share his vision for the airport. In a “my way or the highway” warning shot yesterday, Michael O’Leary said he was not interested in private equity firms looking to grab bags of money.
OSBORNE RECEIVES BOOST AFTER FIGURES SHOW RECESSION MAY Y BE COMING TO AN END
By Hugo Duncan
George Osborne received a much-needed boost yesterday after figures showed the recession may finally be coming to an end. A strong rebound in the dominant services sector – the mainstay of the economy – suggested the UK is on the verge of recovering from the longest double-dip recession for more than 50 years.
MICHAEL O’LEARY: STANSTED’S COSTS CAN BE SLASHED
By Philip Waller
Ryanair boss Michael O’Leary wants to scrap a light railway at Stansted and make passengers walk across a footbridge as part of a money-saving plan for the airport. The budget airline, which has talked to potential suitors about getting involved in a takeover bid for Stansted, claims that there is “enormous potential” for slashing costs and increasing traffic.
TRAVELODGE TO OFFLOAD HOTELS AS LANDLORDS BACK MASSIVE RENT CUT
By Dominic Jeff
Budget hotel chain Travelodge is to dispose of nearly one in ten of its hotels and see its rent bill slashed at 100 more after its landlords voted to back a rescue deal to secure the group’s future. The group – which operates more than 500 hotels across the UK, Ireland and Spain and employs more than 6,000 staff – will offload 49 hotels to other operators as part of a company voluntary arrangement (CVA).
SERVICE SECTOR GROWTH ACCELERATES, SAYS PMI SURVEY
Activity in the UK service sector picked up in August, a closely-watched survey has suggested. The PMI services index from Markit/CIPS rose to 53.7 in the month, up from 51 in July. Any number above 50 indicates growth. The index hit the five-month high on the back of new contracts, increased marketing and, to a lesser extent, better weather, Markit said. The Olympic Games had a mixed impact on activity in the sector, it added. Some companies reported a positive impact, while others suggested the games had hit growth through travel restrictions.
PHONEY WARS: TECH FIRMS BATTLE APPLE LAUNCH
By Katie Stallard – Media and Technology Correspondent
Smartphone-makers unveil rival new products amid rumours that the iPhone 5 will be released later this month. Apple is not known for its lack of attention to detail. So it is perhaps no surprise it sent out invites to its September 12 event, widely expected to be the unveiling of the iPhone 5, on the eve of Microsoft and Nokia’s big phone launch in New York. ‘It’s almost here’, says the Apple invitation, with a shadowed ‘5’ underneath the date.
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MCDONALD’S OPENS VEGETARIAN-ONLY RESTAURANT
The standard-bearer of the hamburger, McDonald’s, is bowing to local demand and is opening a meat-free restaurant in India. The global chain, whose best-known product is the Big Mac burger in a bun, says it will be its first vegetarian outlet. McDonald’s, the world’s second biggest food outlet after Subway, increasingly adapts its range to local demand.
PRESSCHOICE DAILY BUSINESS AND ECONOMIC DAIRY OF EVENTS TODAY
• Hargreaves Lansdown report fourth quarter results. It is a provider of investment management products and services to private investors. The Company offers a range of investment products, investment services, financial planning and advice. There is some concern by the subdued trading over the summer months. However the shares are up an astounding 43% over the past year.
• International Consolidated Airlines issues a trading update today. It was formed in January 2011 by the merger of British Airways and Iberia. It is the seventh-largest airline company in the world and third-largest based in Europe measured by 2010 revenues. Shares have fallen 18% over the past year.
• On this day in 1959, the UK’s first automatic phone box long distance or Trunk Call was made. A year earlier, the system had been introduced for people calling from home. The Queen opened the new automatic long distance phone system on 5th December 1958 by making a direct long-distance call from Bristol Central Telephone Exchange to the Lord Provost of Edinburgh. It cost 10d or four pence.