Shares in Alfred McAlpine went into free fall, plummeting 22% after the support services group sounded a profits warning following the discovery of accounting irregularities and possible fraud in its Welsh slate business.
Two senior managers have been suspended after an internal audit team uncovered a 'systematic misrepresentation of production volumes and sales for a number of years by a number of senior managers at the Slate subsidiary' - The Daily Telegraph
Persimmon, Britain's largest housebuilder, is embarking on a multibillion-pound land-buying spree, which could trigger another wave of consolidation in the sector. Announcing record annual profits and upping the dividend 50%. Mike Farley, chief executive of Persimmon, said that the group had the fire-power to spend up to £2 bn on bare land alone - The Times
The official budget for the London 2012 Olympics will be nearly £6bn, double the original figure, the government will announce in the next three weeks. The long-awaited announcement by Tessa Jowell, the Olympics minister, is expected to fall considerably short of predictions that the budget could reach £9bn, but will show hefty increases for regeneration work and include around £1bn of contingency funding to cope with possible cost over-runs - The Guardian
A detailed plan to slash London's carbon emissions by 60% within 20 years and place the city at the forefront of the battle against climate change will be announced today by Ken Livingstone. The mayor will appeal to Londoners to stop using energy wastefully and will urge businesses to embrace green technology to heat and light offices and workplaces - The Guardian