Turner may be new UK chief
The former director of the Confederation of British Industry is the British government’s top choice to become the new chairman of the country’s financial watchdog, the Sunday Times reported. The report said that Lord Adair Turner was expected to be appointed to the Financial Services Authority, which admitted earlier this year it had done a poor job of supervising Northern Rock, the mortgage lender that became Britain’s most prominent victim of the subprime mortgage crisis. Britain’s Treasury declined comment on the report, saying an announcement would be made “in due course.”
CNOOC eyeing Talisman
Chinese oil giant CNOOC (中國海洋石油) is in talks with Canadian-based Talisman Energy over a possible takeover deal, the South China Morning Post reported yesterday. CNOOC, China’s third-largest oil company, is in discussions that could lead to asset sales or a complete takeover, the report said, citing unnamed sources. It also said that energy giant PetroChina (中石油) was looking at taking a stake in Santos, the third-largest oil and gas company in Australia.
Toyota making road-rail car
Japan’s Toyota Motor Corp and its truck-making affiliate have joined a project to develop an environmentally friendly vehicle capable of moving both on roads and railways, an official said yesterday. Toyota and affiliate Hino Motors Ltd will take part in the development of a new model of a road-rail vehicle originally created by railway operator JR Hokkaido, a Hino spokesman said. The two auto companies are providing technology and materials to strengthen the front part of the “dual mode vehicle” so that it can carry up to 25 people. The railway firm, which operates railways in the northern island of Hokkaido, is already developing several prototypes of road-rail vehicles and has begun test drives. The vehicle has eight wheels — four iron wheels for railways and four rubber tires for roads — and is powered by a diesel engine. It is expected to be completed by the middle of next month and will be displayed at a welcome event for this year’s G8 summit in Hokkaido in July for which climate change is high on the agenda.
‘Shariah’ fund launch today
Daiwa Asset Management (Singapore) plans to launch Singapore’s first Shariah-compliant exchange-traded fund today as the Singapore attempts to attract more Islamic investment from overseas. The Daiwa FTSE Shariah Japan 100 will track 100 of Japan’s largest companies by market capitalization that comply with Islamic law, including Toyota Motor Corp, Canon Inc and Nintendo Co, Daiwa said in a statement to the stock exchange in Singapore yesterday. The exchange-traded fund is scheduled to list in Singapore today.
Contract talks continue
The smaller of two actors unions says contract talks with the major Hollywood studios are being held over the holiday Memorial Day weekend. The American Federation of Television and Radio Artists sent its members an e-mail on Sunday saying says the talks, which began on May 7 over a handful of TV shows, including Curb Your Enthusiasm, have been constructive. Sunday marked the 15th day of negotiations. The union’s three-year contract expires on June 30.