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The best of the morning business news for the SME owner manager. Earlier this morning the secretary of state for transport, Lord Adonis, said: "This morning, National Express Group has announced that they will not provide the further financial support necessary to ensure that their subsidiary, National Express East Coast, remains solvent. As a consequence, National Express East Coast is no longer able to continue its franchise agreement to its full term." The latest development at National Express (LON:NEX) comes as National Express and the government had earlier reached an impasse in crucial negotiations over the future of the East Coast rail operations. EDF and Areva blow
French plans to lead a nuclear power renaissance in Britain have been dealt a major blow after regulators warned of serious reservations about the safety of the reactor technology earmarked for use.
The Nuclear Installations Inspectorate (NII) has written to EDF and Areva, the French companies that want to build four reactors in the UK, to express their concerns about the technology, the Times writes.
Financial system remapped
Senior ministers, regulators and bankers have outlined sweeping reforms of the UK financial system. The reforms will redraw the “social contract” between banks and the public. Lenders will have to behave more responsibly, simplify their operations and accept lower profits in return for implicit taxpayer support, the Telegraph reports.
Lord Myners has attacked bankers’ pay and said that schemes based on share price performance led to excessive risk-taking. The Treasury Minister’s comments may put him on a fresh collision course with Royal Bank of Scotland (RBS), which last week unveiled a remuneration package for Stephen Hester, its chief executive, the Times writes.
Sky
Mike Darcey, the chief operating officer of BSkyB, said the Government, regulators and public service broadcasters were responsible for creating a “culture of dependency” that has led to the problems facing free-to-air broadcasters, the Telegraph reports.
BP
A BP-led consortium on Tuesday won a deal to develop Iraq's largest oilfield – the only successful foreign bid in a historic televised auction. International oil companies were put off by the Iraqi oil ministry's demands that they cut the fee they collect on every barrel extracted over 20-year contracts, the Telegraph reports.
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