PRESS DIGEST - SUNDAY BRITISH BUSINESS - APRIL 7

LONDON, April 7 Sun Apr 7, 2013 9:45am EDT

LONDON, April 7 (Reuters) - British newspapers reported the following business stories on Sunday:

The Sunday Times

HBOS BANKER TAKES 20 MLN STG PENSION POT

James Crosby, the banker who "sowed the seeds of destruction" at HBOS, is sitting on a pension pot worth more than 20 million pounds ($30.7 million) from the collapsed bank.

The Sunday Times newspaper said Crosby retired from HBOS in 2006 on an index-linked pension of 570,000 pounds a year and that, accounting for inflation, his annual entitlement has risen to 700,000 pounds a year.

In a report on Friday, UK lawmakers said primary responsibility for its demise of Britain's biggest mortgage lender lay with Dennis Stevenson, chairman from the formation of HBOS in 2001 until its collapse, and former chief executives James Crosby and Andy Hornby.

HBOS CHIEFS FACE BOARDROOM BAN AS CABLE ORDERS IN INSPECTORS

Three former directors of bailed out British bank HBOS, former chairman Dennis Stevenson, ex-chief executive James Crosby and his successor Andy Hornby, could be banned from serving as company directors after business secretary Vince Cable asked officials to investigate whether there are grounds to launch formal proceedings against them.

Cable said in the Sunday Times that he has told the investigations and enforcement branch of the government's Insolvency Service to determine whether there is enough evidence to start disqualification proceedings against the three.

FORMER HBOS CHIEF HORNBY IN LINE FOR CORAL WINDFALL

The Sunday Times said former chief executive of HBOS, Andy Hornby, could share in a possible windfall of more than 50 million pounds at current employer Coral with a payout from the bookmaker firm's parent company, Gala Coral.

CHAPMAN'S GOLDEN EXIT AT BG GROUP

BG Group's Frank Chapman, who was replaced as the firm's chief executive in January, is expected to collect an exit package of up to 8 million pounds in salary and options that vest automatically with his departure in June, the Sunday Times said, without citing sources.

He will also collect an 800,000 pound-a-year pension worth about 22 million in total.

OCADO TO DELIVER PAY BOOST FOR BOSSES

British online supermarket Ocado has drawn up a generous long-term bonus scheme under which boss Tim Steiner could annually be awarded shares worth up to 1.8 million pounds, or four times his salary.

Details of the proposal were in an appendix to the circular for Ocado's annual meeting, the Sunday Times said. Ocado shareholders have the chance to vote on the proposed scheme at the meeting on May 10.

BELFRY OWNER EYES DAVID LLOYD

KSL Capital Partners, the American private equity owner of the Belfry golf resort, is considering a bid for fitness clubs operator David Lloyd Leisure, the Sunday Times said, without citing sources.

The firm is valued at around 900 million pounds. U.S. investment house Blackstone may also submit a bid.

BP's $300M GAS STRIKE

BP has spent almost $300 million drilling the North Uist well in the North Sea but may not develop the reservoir because of its remoteness, the Sunday Times said, without citing sources.

RESCUE DEAL FOR AXMINSTER

Bosses at Axminster have stepped in to rescue the famous carpet maker from administration, saving its remaining 100 jobs, the Sunday Times said, without citing sources.

The Mail on Sunday

DISGRACED BANK BOSS "ON BRINK AT COMPASS"

Former HBOS chief James Crosby could be gone from his non-executive position on the board of catering firm Compass within a week, according to a source close to the group.

Compass has so far refused to comment on Crosby's role.

The Sunday Telegraph

EX-OLYMPIC CHIEF TAKES NUCLEAR ROLE

Paul Deighton, the man who delivered the Olympic Games to Britain, has been brought in by the government to lead negotiations with French firm EDF on bringing new nuclear power stations to the UK, the Sunday Telegraph said.

FUNDS BET AGAINST GLENCORE

Hedge funds have doubled their bets that Glencore's share price will fall as Chinese regulatory approval for its 44 billion pound merger with Xstrata continues to elude the FTSE 100 commodities giant.

Short positions in Glencore have risen from 5.3 percent at the start of the year to 10.1 percent at the end of last week, according to data from information provider Markit.

INEOS LOOKS TO CASH IN ON SHALE GAS BOOM

The UK head of petrochemical firm INEOS has opened the door to investing in Cuadrilla Resources to take advantage of a possible boom in shale gas exploration, the Sunday Telegraph said, without citing sources.

The Sunday Express

UK PLC IS HOARDING 318 BLN STG IN CASH

British companies are sitting on a huge cash pile of 318 billion pounds, indicating an unwillingness to invest and hire due to shaky confidence in the economic recovery, the Sunday Express said, based on an analysis of data from the Office of National Statistics for the final quarter of last year.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.