LONDON, June 8 British newspapers and media
reported the following business stories on Sunday. Reuters has
not independently verified these media reports and does not
vouch for their accuracy.
SHELL KICKS OFF HUNT FOR NEW CHAIR
Royal Dutch Shell has kicked off the hunt for a new
chairman. The oil giant has asked Egon Zehnder International,
the executive search firm, to identify a successor to Jorma
Ollila, who is expected to step down next year.
BRITAIN'S 70 BLN STG BETTER OFF
Britain's economy is up to 70 billion pounds ($118 billion)
bigger than previously thought, according to revised official
estimates to be published this week.
BANKS TOLD TO BRACE FOR HOUSING MELTDOWN
Britain's banks could be forced to raise more capital to
guard against a potential blow-up in the housing market and the
threat of households with too much debt being caught by rising
interest rates. Senior bankers believe the FPC may avoid
tackling the housing market directly and push instead for a
broader increase in capital levels to increase the safety buffer
in the financial system.
BARCLAYS FACES 300 MLN STG CLAIM OVER QATAR FEES
Barclays is to be hit with a 300 million pound High
Court lawsuit from Amanda Staveley, the dealmaker who helped the
bank secure a financial lifeline from a consortium of Middle
Eastern investors six years ago. The claim is expected to be
filed by the end of the month.
WILLIAM HILL LINES UP INSIDER TO REPLACE TOPPING
Britain's biggest bookmaker William Hill is set to
promote operations director, James Henderson, to succeed Ralph
Topping as chief executive.
CITY MUST CLEAN UP GOVERNANCE CLUTTER, WARNS STANDARD LIFE
Britain's biggest companies and their shareholders face
pressure to reform "cluttered" corporate governance from one of
the City's largest blue-chip investors. Guy Jubb, global head of
governance and stewardship at Standard Life Investments, has
argued there is a need to prune the governance codes which exist
to ensure that companies are more effectively monitored.
EE TO END LINKS WITH CARPHONE
EE is poised to pull out of its relationship with Carphone
Warehouse in a move that threatens the retailer's 3.6
billion pound merger with Dixons. Britain's largest mobile
operator will conclude a review of its consumer retail strategy
within weeks, sources say, with a complete withdrawal from
Carphone Warehouse the potential result.
BT MAKES MOVE INTO FILMS
BT is in talks to expand its investment in exclusive
content for its television service beyond sport for the first
time by backing a 30 million pound independent film fund. The
telecoms giant is in discussions with the Curzon World
independent film group to buy into the new funds, according to
its chief executive Philip Knatchbull.
BARCLAYCARD LAUNCHES CONTACTLESS WRISTBAND
Barclays is joining the rush to develop wearable technology
by launching a wristband its customers can use for contactless
CENTRICA HOLDS OFF BETTING ON FRACKING
Centrica has said it is unlikely to bid for more UK
fracking rights when they are offered in coming weeks,
underlining the uncertainty over whether shale gas extraction
will prove to be viable.
Mail on Sunday
CRACKDOWN AS 30-YEAR MORTGAGES FUEL BUBBLE
Banks are bracing themselves for a crackdown on long-term
mortgages as regulators prepare to cool dangerous hotspots in
the housing market.
($1 = 0.5956 British Pounds)
(Reporting by Matt Scuffham; Editing by Stephen Powell)