LONDON Mar 2 British newspapers reported the
following business stories on Sunday. Reuters has not
independently verified these media reports and does not vouch
for their accuracy.
The Sunday Times
RBS DRAWS UP RESCUE PLAN FOR AILING IRISH ARM
Royal Bank of Scotland is working on a radical plan to
salvage its troubled Irish business by merging it with a number
of rivals. A team inside RBS is looking at tie-ups between
Ulster Bank and other lenders, such as Permanent TSB or
the Irish subsidiaries of Danske Bank or KBC Group
STANDARD CHARTERED JOINS RUSH TO DODGE BONUS CAP
Standard Chartered will this week become the latest
bank to reveal plans to dodge a European cap on bonuses by using
a loophole. Standard Chartered is expected to reveal that it
plans to use a new system of "allowances" to get round the bonus
CHINESE CAR GIANT GOBBLES UP MIDLANDS ELECTRIC VAN MAKER
China has grabbed another slice of the West's automotive
industry with the acquisition of a promising British electric
vehicle company. China's Geely has bought Emerald Automotive, a
developer of lightweight hybrid electric vans, as part of a 120
million pounds ($201 million) expansion into green vehicles.
CAMELOT TOOK 75 MLN STG FROM GOOD CAUSES TO FUND PRIZES
Camelot took 75 million pounds from the National Lottery's fund
for good causes to help pay for the re-launch of the game last
year, when ticket prices were doubled.
AIRBUS WEIGHS NEW ROLLS-ROYCE ENGINES FOR SUPERJUMBO
Airbus is exploring the possibility of fitting new
engines to its A330 airliners and A380 superjumbos as demand
grows for planes that are cheaper to run.
NPOWER'S OWNER SET FOR 4 BLN STG HIT
The German owner of Npower is set to write off hundreds of
millions of pounds on the value of its British power plants in
the latest sign of a deepening crisis among the big six energy
suppliers. RWE will reveal the British loss as part of
an expected 4 billion pounds writedown of the value of its fleet
of power stations.
LAND ROVER ROARS INTO SAUDI ARABIA
Jaguar Land Rover is to pump 100 million pounds into a
new factory in Saudi Arabia that will make 100,000 cars a year
to meet booming demand in the Middle East.
GOLDMAN EYES SUB-PRIME LENDER
Goldman Sachs is leading a pack of bidders for
Kensington, the sub-prime mortgage lender put up for sale by
Investec. Challenger banks including Virgin Money and Metro Bank
are also believed to be looking at a takeover, along with the
buy-to-let mortgage specialist Paragon.
CHANGE OF HELM AT SAIL MAKER
One of the world's top sail makers has been sold in a deal
valuing it at $130 million including debt. Oakley Capital
has brought a majority stake in North Technology Group,
the owner of U.S.-based North Sails.
The Sunday Telegraph
RBS: FREE BANKING COULD END
The end of free banking for customers is probably only a matter
of time, with direct charges for current accounts almost
inevitable, the chief executive of RBS tells the Sunday
Telegraph in an interview. McEwan warned that the end of
free-if-in-credit banking was coming as it would lead to greater
transparency about how banks funded themselves. He made clear,
though, he had no plans to begin phasing out free accounts at
ELECTRONICS RETAILER MAPLIN UP FOR SALE
Maplin, the UK's largest specialist electronics retailer, is up
for sale following a series of approaches to the business's
owner, Montagu Private Equity.
DUBAI'S HEAD OF FINANCE REVEALS EMIRATES LISTING PLAN
Dubai is considering listing some of its largest and most
valuable state-controlled companies such as airline Emirates in
a move that could raise billions of pounds in revenue.
STANDARD CHARTERED PUSHED ON GROWTH FEARS
Investors in Standard Chartered want the emerging
markets-focused bank to "put their capital position beyond
doubt". Major shareholders have told the Telegraph that the bank
should use this week's results to explain its capital position
JOHNSTON TO LAUNCH RIGHTS ISSUE
Johnston Press, the newspaper group behind The Scotsman
and The Yorkshire Post, is to go to shareholders for funds as it
attempts to cut its massive debt pile. Johnston Press is looking
to raise at least 75 million pounds in a rights issue to be
launched in the coming weeks.
CHRISTMAS SUCCESS PUTS JOHN LEWIS IN LINE FOR 370 MLN POUND
The John Lewis Partnership is set to reveal profits
of 370 million pounds this week after the business enjoyed one
of the most successful Christmas trading periods in its history.
WIND FARM EARNINGS HIT BY PLANS TO FREEZE CARBON TAX
Wind farm owners across Britain will earn tens of millions of
pounds less than expected because of plans by the government to
freeze the carbon tax.
ALLIANCE TRUST TO WARN OF INDEPENDENCE RISK
Alliance Trust, the Dundee-based investment and
savings business, is poised to become the next public company to
warn that Scottish independence poses a risk to its business.
The Mail on Sunday
RBS SHATTERS HOPES OF WINDFALL FOR OSBORNE
Hopes that RBS would buy back a 'dividend access share' held by
the government this year have been dashed.