Investments  

Morning papers: Mexico opens up its energy sector

President Enrique Peña Nieto has unveiled plans to change Mexico’s constitution and open up the country’s energy sector to foreign investors for the first time in 75 years, a move that could unleash billions of dollars of investment from oil majors struggling to find new resources elsewhere, reports the Financial Times.

His proposal to loosen the grip on Mexican energy of Pemex, the state oil monopoly, and invite in companies such as ExxonMobil and Royal Dutch Shell, is potentially the country’s biggest overhaul since the passage of the North American Free Trade Agreement in 1994.

Housing market ‘turns corner’ across whole country

Article continues after advert

House prices rose in July for a fourth consecutive month, marking their fastest growth since November 2006, according to surveyors polled monthly by the Royal Institution of Chartered Surveyors (RICS), reports the Telegraph.

Significantly, they saw price growth across every region, not just the stronger market of London and around the capital. Both the West Midlands and north-east England had seen their highest levels of interest amongst buyers for 14 years.

Let-up in food price rises expected to have eased inflation in July

A let-up in food price rises is expected to have brought down inflation in July, but that will come as scant reassurance to rail passengers facing hefty fare hikes and households struggling with falling incomes, reports the Guardian.

Tuesday’s official inflation numbers will be used to calculate January’s rail fare rises across the network. With retail price inflation expected to top 3 per cent, based on the formula of RPI plus one percentage point, that means regulated fares may rise by more than 4 per cent at the start of 2014, adding more than £200 to the annual price of commuters’ tickets in the south-east.

BlackBerry in search for a saviour after it admits defeat

BlackBerry has hoisted the “for sale” sign over its struggling smartphone business after attempts to arrest its decline proved futile, reports The Times.

The Canadian company has formed a special committee to “explore strategic alternatives” that could include a sale, forming joint ventures or breaking up the group.

Former HP chief cleared of fraud

Mark Hurd, the former chief executive officer of Hewlett-Packard, has been cleared of allegations in a shareholder lawsuit that he defrauded investors over the handling of the sexual harassment claims that led to his dismissal in 2010, reports the Financial Times.

The US technology conglomerate was also cleared after a district court judge accepted a motion of dismissal in the case, which had been brought by the Cement and Concrete Workers District Council Pension Fund, a New York-based investor in the company.