| 7.6°C Dublin

Tycoon may have his Weetabix soon

Nicolas Berggruen, the billionaire owner of German department-store chain Karstadt who only lives in hotels, is considering a £1bn (€1.15bn) bid for British cereal maker Weetabix, according to weekend reports.

The US investor is in the early stages of looking at a bid for Weetabix, owned by London-based leveraged buyout firm Lion Capital.

Saudi prince touts lower energy prices

Prince Alwaleed bin Talal said an oil price of $70 to $80 a barrel is in the best interests of Saudi Arabia because it diminishes the urgency in the US and Europe to develop alternative energy sources. "We don't want the West to go and find alternatives," Prince Alwaleed, a nephew of Saudi King Abdullah, said in an interview broadcast yesterday.

Russia to lift ban on exporting grain

Russia, once the world's second-biggest wheat exporter, will let a grain-export ban expire on July 1, increasing supply as drought and flooding threatens crops from Europe to the US. Farmers have sown 10pc more acres and stockpiles exceed six million metric tonnes, said Viktor Zubkov, the first deputy prime minister.

Australia measures cost of disasters

Natural disasters probably cut more than 1 percentage point from Australia's economic growth in the first quarter, Treasurer Wayne Swan said three days before a government report on gross domestic product. Wednesday's report will show a "dramatic hit" from floods and a cyclone in Queensland state, and an earthquake and tsunami on March 11 in Japan, Mr Swan added.

G8 promise of aid lifts Egyptian stocks

Egypt's shares rose to their highest level in almost two months yesterday after the Group of Eight leaders pledged to provide at least $40bn (€28bn) in aid to North African countries. Orascom Construction Industries, Egypt's biggest publicly traded construction company, advanced 3.1pc.

Irish Independent