LONDON, Sept 15 British newspapers reported the
following business stories on Sunday. Reuters has not verified
The Sunday Times
CO-OP REBELS CHALLENGE BANK LOSSES
A group of rebel bondholders has accused Co-operative Bank
of overstating losses in an attempt to force through
a rescue deal. A letter highlighting their concerns about
write-offs totalling 379 million pounds ($601 million) was sent
to Richard Pym, the chairman of the bank, on Friday night.
SULTAN OF BRUNEI IN 500 MLN STG LONDON SWOOP
The Sultan of Brunei has secretly spent 500 million pounds
buying about 75 percent of the property on Queensway, the west
TWITTER MAY SHUN NASDAQ
Twitter is considering shunning Nasdaq, the
traditional home for growing tech companies, for its forthcoming
float. The company is thought to be leaning towards a New York
Stock Exchange listing after glitches marred Facebook's
Nasdaq debut last year.
FOOD GIANT CARGILL HELPED KEEP LEHMAN ALIVE
Cargill, one of the world's biggest grain traders,
played a key role in salvaging the London arm of Lehman
Brothers. Two days after Lehman folded in 2008, Cargill provided
a $100 million emergency loan so administrators could pay staff.
LENDERS THREATEN "HELP TO BUY" PLAN
Banks and building societies could derail the government's
"help to buy" scheme amid concerns they may be saddled with too
many high-risk loans. Lenders are warning privately that they
plan to stick with their current lending criteria.
MINISTERS TRY TO RENEGOTIATE BAE DEAL
British ministers are trying to renegotiate a 5.3 billion
pounds contract with BAE Systems to build two aircraft
carriers in an attempt to force it to take more responsibility
for spiralling costs.
LEGAL FIGHT THREATENS ROYAL MAIL
TNT Post UK, which is owned by Dutch mail group PostNL
, is taking court action against Royal Mail's tax status in a move that could have a significant
impact on the government's plans for a multibillion-pound float
of the state-owned service. TNT Post UK is challenging the 20
percent VAT exemption the Royal Mail is granted as the
"universal provider" of postal services in Britain.
IGAS IN TALKS OVER SHALE ENERGY DEALS
Shale gas explorer IGas Energy is in talks with
major landowners and industrial firms in Lancashire and Cheshire
about drilling access and gas supply deals.
AIR CHINA MOVE HITS GATWICK EXPANSION PLANS
Gatwick airport's bid to rival Heathrow as a gateway to
long-haul destinations has been dealt a blow as Air China
prepares to scrap its direct flights from Gatwick
Independent on Sunday
PRIVATE EQUITY FIRMS PONDER MERGERMARKET BIDS
A host of private equity firms are considering bids for
Mergermarket, the online news service that Pearson put
on the block in July. Advent International, Exponent and
HgCapital are all understood to be pondering offers.
INVESTEC TO LAUNCH $500 MLN AIRCRAFT DEBT FUND
Investec will launch a $500 million fund to invest in
aircraft debt later this month, which the specialist asset
manager claims is a world first.
Mail on Sunday
LONDON HOUSE BUBBLE "THREAT TO UK RECOVERY"
A crash in the soaring London housing market could derail
the tentative recovery of the entire British economy, according
to Paul Ballew, global chief economist at Dun & Bradstreet.
NEW RULES ON WAY FOR PAYDAY LENDERS
The third major investigation into payday lending in less
than two years will be launched by the new Financial Conduct
Authority next week and is expected to result in a complete
overhaul of the sector with stringent new controls on lenders.
INVESTOR REVOLT BREWS OVER DIAGEO EX-BOSS
An investor revolt is brewing over the 18.2 million pounds
pay package for Paul Walsh, the former chief executive of drinks
ASDA AIMING FOR 500 MORE STORES
Andy Clarke, the chief executive of Wal-Mart's
British unit Asda, is considering opening 500 more supermarkets
as part of the company's plan to be within reach of the entire