The weekend newspapers get their teeth into the Stern report and digest news of the latest bid for John Laing
£3.68 trillion – The price of failing to act on climate change
The first of many reports on the big story this weekend - the publication of Sir Nicholas Stern’s report on the economic impact of climate change. The Observer reported that Britons face a barrage of new green taxes to tackle climate change as the Stern Report warns that it will cost the world up to £3.68 trillion unless it is tackled within a decade. Stern also warns that a successor to the Kyoto agreement on cutting greenhouse gas emissions should be signed next year, not by 2011/2012 as planned.
Sir Nicholas to read the riot act in new report on climate change
Meanwhile, The Independent on Sunday reported that on a national level a variety of measures would be recommended to tackle climate change, including increasing research into renewable energy, encouraging the use of lower energy products, and scrapping barriers that hinder attempts to lead a greener lifestyle. This could include doing away with planning laws that forbid wind turbines on roofs.
Campaign to publish UK Firms’ Carbon use
Another 'green' story from The Observer, which reported that green campaigners are calling for firms that float on the London Stock Exchange to be forced to reveal their carbon emissions.
Figures Reveal Europe falling far short of climate Targets
The European Union is falling woefully short of its targets for cutting greenhouse gases, The Guardian on Saturday warned. The European Commission has revealed that, based on current progress, the emissions of the EU’s 15 members will be just 0.6% below 1990 levels by 2010.
Brown snubs Miliband’s idea for green taxes to save planet
And finally, The Saturday Telegraph reported that David Milliband’s call for a range of green taxes that could cost people with bigger cars an extra £1100 a year, raise air passenger duty, claw more cash from motorists and out a tax on light bulbs has been slammed by Gordon Brown.
Business to fight green taxes
The paper also reported that businesses share the chancellors views as they have been fighting off calls for a raft of new taxes, fearing that they will be the ones to 'pick up the tab' for solving the world’s environmental problems through business pollution taxes.
Allianz launches bid battle for Laing
The other big story this weekend was German insurer Allianz’s bid for Laing. The Independent on Saturday reported that Allianz had issued a £957m recommended offer for the infrastructure firm on Friday. The paper reported that Allianz’s interest in Laing is thought to have stemmed from a PFI deal it did with the company last year to help build some police stations.
Allianz in a surprise bid for Laing
More news on the Allianz bid from The Financial Times, which reported an analyst saying that the 385p per share bid would only work if Allianz has large expansion plans for Laing. It wrote that the long maturities and high credit ratings of public-private partnerships are a good match for an insurer’s liabilities.
John Laing accepts bid from Germans
Meanwhile, The Guardian on Saturday reported that the £957m bid topped a rival offer from investment management company Henderson Group. The paper states that the Allianz bid sent Laing shares soaring more than 10% to 394p in the hopes of a bidding war.
Sales of divisions allows Gleeson to narrow its losses
Continuing with financial news with a Financial Times report on MJ Gleeson’s final results, which saw the contractor reduce its losses. For the year ended 30 June loses were £3.01m down from £17.8m the year before. The contractor also appointed Tubes Lines chief executive Terry Morgan and a non-executive director.
House prices have trebled in 10 years
The Independent on Sunday reported that house prices have nearly tripled since 1996, with the cost of the average house rising from £62,453 to £179,425 according to Halifax bank. Gerrards Cross in Buckinghamshire is the most expensive town in the country to buy a house.
Corus Suitor Tata pledges to Involve Staff in Management
The head of Tata Steel has indicated that Corus employees could have a greater role in the management of the company if its bid is successful, The Observer reported on Sunday. B Muthuraman said that the company in India was run in partnership with unions and employees and could also do so in the UK – a move that is in stark contrast to past industrial relations at Corus and British Steel.