Billions of pounds of investments in major UK infrastructure projects are at risk because of a rift in relations with the Chinese government, reports the Daily Telegraph.
The Daily Telegraph understands that China’s sovereign wealth fund will not be able to invest in long-term British projects until a solution to the diplomatic stand-off, caused by David Cameron’s meeting with the Dalai Lama last year, has been reached.
Eurozone recession set to deepen as private sector shrinks for 15th month
The eurozone’s private sector shrank for the 15th consecutive month in April – suggesting the single currency area will fall deeper into recession, reports the Guardian.
Germany, the powerhouse of the eurozone, also suffered a contraction in business activity during the month, which could send a worrying signal for the rest of the bloc.
Microsoft prepares U-turn on Windows 8
Microsoft is preparing to reverse course over key elements of its Windows 8 operating system, marking one of the most prominent admissions of failure for a new mass-market consumer product since Coca-Cola’s New Coke fiasco nearly 30 years ago, reports the Financial Times.
“Key aspects” of how the software is used will be changed when Microsoft releases an updated version of the operating system this year, Tammy Reller, head of marketing and finance for the Windows business, said in an interview with the Financial Times.
City hiring again after shock of Cyprus crisis
The Square Mile is back hiring again as the City breathes a sigh of relief over the limited fallout from Cyprus’s bailout crisis, according to a leading financial recruiter, reports the Independent.
City firms created 2,600 new jobs in April, a 19 per cent rise on the previous month and contrasting with a 15 per cent slide in March, when Cyprus veered close to pulling out of the euro before being bailed out, according to Astbury Marsden.
Walmart heads Fortune 500 list of top companies in big year for energy firms
Spin-offs, mergers and the US energy boom changed the face of corporate America last year, according to Fortune magazine’s latest poll of top companies, reports the Guardian.
Walmart reclaimed the top spot in 2012’s Fortune 500, which ranks businesses by revenue. The retail giant pushed the oil company Exxon Mobil back into second position after a 5.9 per cent rise in sales, to $443.9bn (£285bn).
China seeks to water down key World Bank report
China is leading an effort to water down the World Bank’s most popular research report in a test of the development institution’s new president, Jim Yong Kim, reports the Financial Times.
According to people close to the matter, China wants to eliminate the ranking of countries in the Doing Business report, which compares business regulations – such as the difficulty of starting a company – in 185 different nations.
