Building the London 2012 Olympics site will cost hundreds of millions of pounds more than anticipated because tax was not taken into account when the estimates were announced.
The treasury said last night that VAT possibly at 17.5% would be added to the £2.38bn cost estimate put forward when the bid organisers applied to host the games - The Daily Telegraph
The world's largest container ship lifted its 29-ton anchor from British waters yesterday to begin its return voyage to China - The Times
Danilo Flores Fuchs, a Brazilian former commercial pilot, failed to repeat history when he tried to take off with a replica of 14-bis, the biplane of Brazillian avaitor Alberto Santos-Dumont. Mr Fuchs was marking the centenary of flight with 'a powered heavier-than-air machine with non-detachable landing gear taking off under its own power in calm weather'. However, his aircraft failed to take off after its wing tore up - The Times
The system of awarding rail franchises to private companies is a 'muddle', according to a report from the House of Commons Transport Committee. It has also urged the Government to carry out a review of the long term needs of rail passengers - The Daily Telegraph
Eurotunnel creditors are considering forcing the company into liquidation as the best way of recouping money from the debt-laden operator of the channel tunnel. A source close to the protracted wrangle said the liquidation and subsequent sale of the company could realise a better return than accepting a restructuring plan proposed by the business last month. In the event of liquidation, creditors, which include Deutsche Bank and Oaktree Capital Management, will be first in the queue to receive cash from a sell-off - The Guardian
The issue of corporate responsibility has moved up the political agenda and was the subject of a high-level seminar hosted by Gordon Brown at No 11 Downing Street last week as the Guardian today reveals that FTSE 100 companies are spending less on the issue. The top 100 companies in the UK spent 0.79% of their pre-tax profits measuring and mitigating the social and environmental impacts of their businesses - The Guardian