Pick of the press: Thursday 27 May 2010

The UK Takeover Panel has censured Kraft Foods for making promises it couldn’t keep during its controversial £11.7bn takeover of Cadbury. The panel specifically mentions that the American giant had promised to save Cadbury’s Somerdale factory, despite not knowing the details of how far Cadbury was in shifting production to Poland. The censure is unlikely to have any effect on Kraft, though, as it isn’t accompanied by a fine, and the panel recognises Kraft had acted in good faith.

The Guardian – Kraft rebuked for broken pledge on Cadbury factory 

Financial Times – Kraft censured over Cadbury deal 

The Independent – Kraft ruling forces top banker to abandon job at Takeover Panel

 

Social network Facebook has finally caved in to outside pressure, and will amend its privacy settings. European regulators had strongly criticised Facebook for its out-out privacy settings, so this is a step in the right direction for founder Mark Zuckerberg and co.

Financial Times – Facebook acts to appease critics on privacy

 

Tory backbenchers have been putting pressure on chancellor George Osborne to offer significant concessions over the capital gains tax increase planned for next month’s emergency budget. The chancellor’s decision to adopt the Liberal Democrat proposal to increase the rate of capital gains tax on non-business assets from 18 per cent to closer to income tax rates of 40 and 50 per cent has dismayed many Conservative MPs.

Daily Telegraph – David Cameron facing revolt over capital gains tax 

Financial Times – Rebels press Osborne on capital gains 

The Independent – Top Tory joins rebellion against Capital Gains Tax increase

 

The Organisation for Economic Cooperation and Development (OECD) warned the Bank of England that it needs to raise interest rates to 3.5 per cent by the end of next year in order to head-off higher inflation. “Exit from exceptional fiscal support must start now, or by 2011 at the latest,” said Pier Carlo Padoan, the OECD’s chief economist.

The Guardian – UK must raise interest rates, warns OECD 

Daily Telegraph – UK interest rates must rise to 3.5pc, says OECD 

Financial Times – Bank is urged to raise interest rates 

The Independent – UK to raise interest rates before end of 2010, warns OECD

 

Opponents of American entrepreneur Donald Trump’s proposed golf resort in Scotland have hit back, thwarting his plans through a mass purchase of land. The Guardian reports that scores of people, including comedian Mark Thomas and wilderness hiker Cameron McNeish, have become joint owners of an acre of land – deep inside Trump’s planned resort – previously owned by Michael Forbes, the quarryman and salmon netsman who has become Trump’s most famous and obstinate opponent.

The Guardian – Donald Trump’s golf resort plans hit the rough after mass purchase of land

 

Engineering company Dyson has bucked the recessionary trend, seeing its operating profits double to £190m in the last 12 months. Entrepreneur and inventor Sir James Dyson attributed the success to new products including a bladeless fan and a hand dryer that has made paper towels redundant. More on Dyson later this morning. 

The Guardian – Dyson’s profits rise to £190m 

The Independent – Dyson profits double thanks to R&D investment

 

Share this story