PRESS DIGEST - Sunday British business - Apr 22
LONDON, April 22
LONDON, April 22 (Reuters) - British newspapers reported the following business stories on Sunday:
The Sunday Times:
AVIVA TO LOSE ONE BILLION POUNDS ON EXIT FROM AMERICA
Britain's second biggest insurer Aviva is expected to announce the sale of its American life assurance business Aviva USA next month, on which it will make a loss of one billion pounds ($1.6 billion).
OIL BOSS STRIKES IT RICH
The private equity owners of Norwich, Norfolk, based oil services firm Acteon has hired JP Morgan to sell the business for about one billion pounds.
GOODWIN IN SECRET FSA PACT
Former Royal Bank of Scotland chief executive Fred Goodwin agreed to never work in the City financial district again as part of a pact with the Financial Services Authority, which criticised his aggressive management style in a report into the bank's near-collapse.
APPLE'S IRISH TAX PLOY
Apple is forcing British retailers to buy its iPads and iPhones through its Irish offshoot as part of an ploy to cut billions from its tax bill.
VODAFONE WOULD SPLIT UP CWW
Cable & Wireless Worldwide is likely to be broken up if Vodafone proceeds with a 900 million pounds takeover on Monday.
SORRELL BAGS 25 PCT PAY RISE
WPP, one of the world's biggest advertisers is on a collision course with shareholders after increasing Chief Executive Martin Sorrell's one million pound base salary by 25 percent last year.
$101 MILLION FOR GOOGLE CHIEF
Google Chairman Eric Shmidt took home $101 million last year in total pay despite handing over the chief executive job to co-founder Larry Page.
BHP FACES $5BN LOSS ON SHALE GAS DEAL
BHP Billiton faces a $5 billion write-down after two ill-times acquisitions in America, raising doubts over the future of chief executive Marius Kloppers.
CHINA MAY TAKE WHEEL AT LOTUS
The Malaysian owners of sports car maker Lotus are in talks with two Chinese companies about taking over the Norfolk, England, based company. Geely, which owns Volvo, and China Youngman are the named parties.
SHANGHAI'S BRIGHT FOOD POISED TO DEVOUR WEETABIX
Shanghai firm Bright Food is in talks with Lion Capital, the private equity owners of Weetabix, with a view to buy the British breakfast cereal firm.
FROZEN FOOD DUO TARGETED
Several private equity firms, including Blackstone and BC Partners, could buy Birds Eye Iglo and Findus to merge together into a new giant in the frozen food industry.
SAFRA BANKING DYNASTY TO BUY LONDON LANDMARK
The family of billionaire banker Edmond Safra, who died in a fire in Monaco, may buy an office block in London for more than 500 million pounds. The Plantation Place site has been on sale for several months.
BOARD CRONYISM ROW AT HISCOX
Hiscox, the 1.5 billion pound insurer is planning to promote the group's chief underwriter Rob Childs to chairman, sparking a row over corporate cronyism.
The Sunday Telegraph:
VODAFONE'S 11TH HOUR BID FOR C&WW SET TO SUCCEED
Cable and Wireless Worldwide will recommend a takeover bid by Vodafone thought to value the company at 1.1 billion pounds.
CITY REGULATOR FINES FORMER BoS BANKER
Peter Cummings, the man behind Bank of Scotland's failed corporate bank, to has been given a seven-figure fine by the Financial Services Authority over risky deal-making.
GOOGLE FACES TAX BACKLASH FROM MOBILE OPERATORS
Firms including Vodafone, O2 and France Telecom are lobbying the European Commission for Google to pay more tax.
MPs TO PROBE MIS-SELLING CLAIMS
More than 40 Members of Parliament will meet this week to discuss the growing outcry over alleged mis-selling of interest rate swaps by Britain's biggest banks to small businesses.
FOREIGN OFFICE REASSURES BANKS OVER FALKLANDS OIL
The Foreign Office has written to about 15 banks and exploration companies to reassure them over threats by the Argentine government over their involvement in the Falklands Islands oil industry.
INVESTOR GROUP CONDEMNS 'EXCESSIVE PAY' AT AVIVA
Investor group Pensions & Investment Research Consultants said investors should reject the group's remuneration report on May 3 due to excessive boardroom pay.
SHAREHOLDERS SET FOR OMEGA EGM
Leading shareholders in Omega Insurance including Aviva and Toscafund, have stepped up their efforts to overhaul the board by removing directors including the chief executive over the company's financial performance.
The Independent on Sunday:
PAY 'SHAMBLES' BLAMED ON BARCLAYS REMUNERATION CHAIR
Investor group Pensions & Investment Research Consultants said Alison Carnwath, chairman of Barclay's remuneration committee should be punished for the "shambles" over the pay of Chief Executive Bob Diamond, in which pay packages were tweaked to avoid a showdown with investors.
MINER CLOSE TO AFGHAN RIGHTS
Afghan Gold, a venture formed by Ian Hannam, the JP Morgan Cazenove banker accused of market abuse, has been short-listed for a string of mining licences in the war-torn country.
Mail on Sunday:
LOSSES FORCE TESCO TO REVAMP WEBSITE
Tesco has launched a reorganisation of its non-food internet business after it failed to make a profit last year.