Hollingsworth Daily Post

• The Singapore stock exchange (SGX) has unveiled a multi-billion dollar bid for the company that owns the Australian Stock Exchange (ASX) in Sydney.If approved, the $8.3bn takeover would mark the first stock exchange merger in the Asia Pacific region.The deal would enhance Singapore as a major financial hub in the region and benefit Australian investors by giving them greater access to Asian markets.A merged exchange would hope to compete more effectively with Hong Kong.ASX shares soared more than 20% to A$43.49 ($43.17) after the announcement, while SGX shares fell back 4.35% to S$9.13 ($7.05).
• US Treasury Secretary Timothy Geithner has said he believes China is now "committed" to allowing the yuan to go up in value.Mr Geithner made the comment in a TV interview before he held talks with China's Vice-Premier, Wang Qishan.The US has long said China keeps the value of the yuan artificially low to make its exports more competitive, something Beijing denies.On Saturday, G20 finance ministers said they would refrain from such tactics.Finance ministers from the G20 leading economies have agreed reforms of the International Monetary Fund, giving major developing nations more of a say.At a meeting in South Korea, they agreed a shift of about 6% of the votes in the IMF towards some of the fast-growing developing countries.Those nations will also have more seats on the IMF's Board, while Western Europe will lose two seats.But the US will retain the veto it has over key decisions.Such decisions require an 85% vote - Washington holds 17% under the IMF's weighted voting system.The ministers also agreed to refrain from competitive devaluations of their currencies and move towards more market-determined currency systems.
• The French Senate has passed a controversial pension reform bill, which has caused a series of strikes and protests around France.The senators approved President Nicolas Sarkozy's plan to raise the retirement age from 60 to 62, and it could become law as early as next week.Mr Sarkozy says the measure is necessary to reduce the deficit.
• Indian tax authorities have given Vodafone 30 days to pay a 112bn rupee ($2.5bn, £1.6bn) tax bill, as part of an ongoing tax dispute.The formal demand relates to the mobile phone company's 2007 purchase of the Indian telephone assets of Hong Kong conglomerate Hutchison Whampoa.Vodafone will appeal against the tax at the Indian supreme court on Monday.The firm says the $11bn transaction was exempt from tax because it took place between two offshore entities.
• The Cuban government has outlined the taxes that will have to be paid by the country's growing number of self-employed workers.It is the latest stage of President Raul Castro's reforms to move Cuba away from a solely state-run economy.Self-employed workers will have to pay 10% income tax, while those who take on staff will pay more.It comes after the government announced last month that it was laying off half a million state workers.Cuba's new tax code is detailed in the latest edition of the country's Communist Party newspaper - Granma.
• Spanish airport operator Ferrovial has said it will sell a 10% stake in BAA, the operator of Heathrow airport.The partial sale would help the Spanish company establish a market value for its stake, said Ferrovial's chief executive, Inigo Meiras."Heathrow is one of the best infrastructure assets in the world," boasted Mr Meiras, who reaffirmed his company's long-term commitment to BAA.Proceeds will be used to fund other investments and to pay down debts.

BBC Business News 25 October 2010