Credit crisis diary: A public retraction of shorting confession

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The Independent Online

Those Financial Services Authority rules on disclosing short positions are a pain in the neck for hedge funds. One minute you're merrily and quietly cashing in on the falling price of banks, the next you have to tell the world what you're up to. The rules

must be particularly annoying for SG Option right now. It disclosed a short position in Lloyds last week, only to be forced into a clarification yesterday. Its position didn't have to be declared because it was so small, it now turns out. So, everyone, forget what SG told you last week.

Made from iron girders and other mystery stuff

Let's hope AG Barr, the maker of Irn-Bru has got some decentinsurance for key staff. The chairman Robin Barr, who stepped down yesterday after 31 years in the job, is apparently one of only two people in the world who know the secret recipe of the fizzy stuff. We don't know the identity of the other individual with the inside track on Irn-Bru, but AG Barr must not lose him or her either.

Sky's bid to do the business with the BBC

Sky News has been racking its brains about how to compete with the BBC's Robert Peston-driven business news coverage. It recruited Jeff Randall to front an evening business interview slot, which has been well received, but until now it hasn't had a newshound to go head to head with Peston. Now we hear that Sky has asked Mark Kleinman, the youthful City editor of The Sunday Telegraph, to have a crack at the job. Best of luck with that, Mark.

Sony's awards for a digital-only world

Good news from Sony, the Japanese electronics company, which has agreed to continue sponsoring the radio industry's annual awards. Naturally, it wants something for its money, though – Sony is pushing for a digital radio switchover in 2015. Expect lots more noise about that in the months and years ahead.

The millionaires are going missing

Breaking news from the Centre for Economics and Business Research: the popular music hall song – "It's the rich what gets the pleasure / it's the poor what gets the blame" – isn't entirely accurate. The economic think-tank says the number of millionaires in Britain has halved since 2007. Having peaked at 489,000 in 2007, there are just 242,000 of the poor (in the embattled sense) blighters left, the CEBR says.

businessdiary@independent.co.uk

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