PRESS DIGEST - Financial Times - Nov 28

Financial Times

BANKS SET TO ASK FOR DISMISSAL OF CHARGE CLAIMS

Following their Supreme Court victory on bank charges for unauthorised overdrafts, the eight high street banks involved will write to county courts across the country asking for all consumer claims to be dismissed. An estimated 1.2 million outstanding claims were frozen awaiting the outcome of the trial, including tens of thousands in county courts. The Office of Fair Trading is considering the judgment to determine whether it will continue with its investigation into the charges and is expected to make an announcement in December. Consumer champion Martin Lewis, founder of the website Moneysavingexpert.com, said there was still a "glimmer of light" for customers who still believe they were unfairly charged.

TOUGHER TAX FINES EXPECTED

HM Revenue & Customs is expected to extend its offshore tax amnesty to January 4 in a bid to encourage savers to register for its new disclosure opportunity offering reduced penalties for evaders. Dave Hartnett, permanent secretary for tax at HMRC, said the extension would give banks more time to contact their customers in order to comply with legal notices that were served in August requiring the banks to hand over account details. Paul Roberts at Grant Thornton warned that even though the registration period had been extended, the deadline for submitting details remained the same.

RETURN OF THE 90 PERCENT MORTGAGE

According to comparison website Moneyfacts.co.uk, mortgage lenders have increased the availability of products requiring a 10 percent deposit as competition in the market intensifies. The products available now total 114 this month, up from 56 in August. Nigel Bedford at largemortgageloans.com said more banks will offer more high loan-to-value products over the next 6-12 months as long as house prices do not fall significantly. The competition in the high LTV market has not spread to loans for borrowers with deposits of 5 percent. The number of these products available can be counted on one hand.

HOLIDAYBREAK HOPES LOVE AND PROFT NEVER DIES

Holidaybreak HBR.L will use next year's sequel to the Phantom of the Opera to help boost sales. The European specialist holiday group saw a sales rise of four percent in October and November, and executive chairman John Coleman said he hopes that high-profile London attractions would help continue this trend into next year. Holidaybreak reported sales for the year to September 30 of 473 million pounds, a four percent increase on the previous twelve months. Shares in the company rose 12.25 pence to 260 pence.

BUSINESS TRAVEL REVIVAL HELPS HOGG ROBINSON

Hogg Robinson (HRG.L), the corporate travel group, has reported a 46 percent drop in first half earnings as a result of the recession-induced clampdown on travel. Despite the negative results there was hope for tentative signs of recovery as businesses begin to rekindle face-to-face meetings. David Radcliffe, chief executive, said: "I can't say that we are at the bottom of the cycle yet but we are seeing preliminary signs that suggest that things are easing". Shares in Hogg Robinson closed unchanged at 33.5 pence.

CARPHONE RAISES GUIDANCE

Charles Dunstone's Carphone Warehouse group(CPW.L) has raised its earnings forecast on the back of strong results in preparation for a business demerger. By the end of March the group plans to have separate listings for its telecoms operation, TalkTalk, and retail business, Carphone Warehouse. The 2,459 shops sold 5.9 million phones in the six months to September, despite a national falling trend in 2009. TalkTalk will be the more cash generative of the two and investors will receive a dividend after the demerger.

INFORMA'S SPRINGER TALKS ANGER SHAREHOLDERS

Publisher Informa(INF.L) has been accused of acting against the interests of its investors it begins negotiations with rival Springer Science for a possible acquisition. With a net debt of nearly 1 billion pounds shareholders argue that the board is in no position to buy the debt-ridden German publisher. Alastair Reid, analyst at UBS, noted that the acquisition could save Informa 50 million pounds in costs but the "key question" would be financing.

SHAREHOLDER FAILS TO BLOCK NATEXPRESS ISSUE

Jorge Cosmen, the deputy chairman of National Express(NEX.L) and the group's largest shareholder has failed in his bid to block a 360 million pound fundraising. An extraordinary meeting billed as a clash between Cosmen and National Express proved uneventful -- as the rights issue was backed by around 75 percent of those in attendance as well as around 90 of the group's institutional shareholders. The fundraising will help National Express pay off some of its debt and meet loan conditions at the end of the year.

RBS SIGNS UP FOR TOXIC ASSET PROTECTION

Royal Bank of Scotland(RBS.L) will officially enter the government's asset protection scheme next month, after terms were finalised on Thursday. The bank's participation in the scheme is subject to shareholder approval and the matter will be put to a vote at a general meeting on December 15. Under the terms of the agreement RBS will pay a penalty if it does not shrink its balance sheet by the amount set by the European Commission by 2013.

ITV'S NEW CHAIRMAN BUYS 380,000 SHARES IN COMPANY

ITV's(ITV.L) newly appointed non-executive chairman Archie Norman has bought 380,000 shares in the company. Mr Norman announced last week that he would buy shares in the broadcaster even though his contract does not require him to do so. Mr Norman's appointment was widely welcomed by shareholders and he is expected to embark on a boardroom shake up as a priority, having already begun the search for someone to replace outgoing executive chairman Michael grade in his executive capacity.

WEEKEND SHARE WATCH:

Allied Gold (The market will want further resources updates before buying)

Homeserve(HSV.L) (Shares are trading on a prospective multiple of 15.4 times -- a slight premium to the support service sector)

Prepared for Reuters by Durrants