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Civils in the papers today - Friday 3 April

World leaders on Thursday agreed to “fight back” against the global recession with $1,100bn in funding for the International Monetary Fund, regional development banks and international trade finance, but did not commit themselves to a new round of fiscal stimulus…

…“This is the day that the world came together, to fight back against the global recession,” Gordon Brown, UK prime minister and host of the London summit, told a news conference at the end of the G20 summit of leaders of advanced and emerging economies. “We will do what is necessary to restore growth [and save jobs]” - Financial Times

Centrica and EDF of France are at loggerheads over the planned sale of a 25 per cent stake in British Energy, the nuclear generator bought by EDF last year for £12.4bn. Last summer, the two companies reached a non-binding agreement that Centrica would buy the stake for £3.1bn, putting the same value on British Energy as was paid by EDF - Financial Times

Canary Wharf Group, the Docklands property developer, has offered to buy back £185m of its securitised debt from bond holders at discounts of up to 85 per cent of face value to take advantage of the prices being offered on illiquid corporate debt. Canary Wharf Finance II, the securitisation through which £2.5bn of bonds have been issued that back much of the Canary Wharf estate, on Thursday offered to repurchase bonds at substantial discounts from holders in three classes of notes - Financial Times

Plans for Britain’s biggest ever public library were unveiled in Birmingham yesterday in the clearest sign yet of a national renaissance in the construction of grand civic libraries. The £193m Library of Birmingham will tower over Centenary Square in the heart of the city with capacity to accomodate more than three million visitors a year, according to the city council, which is backing the project with £159m in public funds - The Guardian
 
Scientists have created a “Eureka machine” that can work out the laws of nature by observing the world around it - a development that could dramtically speed up the discovery of scientific truths. The machine took only hours to come up with the basic laws of motion, a task that occupied Sir Isaac Newton for years after he was inspired by an apple falling from a tree - The Guardian
 
The mayor of London, Boris Johnson, yesterday accused MPs of “unnecessary political bias” and threatened to walk out on a Commons committee after suggestions that he had failed the capital on a day of huge snowfalls. Johnson told members of the Commons transport committee that they were “talking tripe” and being “pathetic” after they said he had not carried out his responsibilities as mayor and that London had shut down on 2 February in a way that did not happen anywhere else in the UK - The Guardian
 
Activity in the long-suffering construction sector contracted at a slightly slower pace last month, a survey showed yesterday, but firms shed jobs at a record pace. The Chartered Institute of Purchasing  and Supply (CIPS) said that in spite of the battering it had taken over the past year, the sector was slightly more optimistic than it was that its fortunes may improve later in the year - The Guardian

 

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