LONDON, Feb 23 (Reuters) - British newspapers reported the following business stories on Sunday:
The Sunday Times
RSA‘S HESTER PLANS 800 MLN STG CASH CALL
RSA Chief Executive Stephen Hester will launch an 800 million pound ($1.33 billion) rights issue when the insurer reports its full-year results on Thursday in an effort to repair to the firm’s balance sheet. JPMorgan and Bank of America Merrill Lynch have been hired to handle the fundraising.
The catering group behind the Upper Crust chain has appointed Goldman Sachs and Morgan Stanley to advise on a potential 2 billion pound float expected this summer.
HSBC CHIEF‘S SALARY COULD DOUBLE TO COUNTER BONUS CAP
HSBC Chief Executive Stuart Gulliver is to be offered a huge salary increase to get around new European Union rules that limit bankers bonuses. Analysts believe his salary could double.
The Sunday Telegraph
PUT INVESTMENT, ENERGY AT HEART OF BRITAIN‘S BUDGET - CBI
Business lobby group the Confederation of British Industry (CBI) has told Britain’s Finance Minister George Osborne that investment and energy should be at the heart of next month’s budget if economic growth is to continue, according to its submission to the Treasury.
Royal Bank Of Scotland Chief Executive Ross McEwan will deliver a strategic review of the bank on Thursday, telling customers it will retune itself to focus on the UK economy and have fewer international operations.
Insurer RSA will axe its dividend for 2013 as it counts the cost of fraud at its Irish business and the winter floods in Britain.
The Chief Executive of Bacardi, the world’s largest privately-owned spirits group, said the company wants to add a bourbon to its portfolio, with analysts pinpointing Jack Daniel’s owner Brown-Forman as a possible target.
Online takeaway service Just-Eat has hired Barclays to talk to potential investors ahead of a stock market listing valuing the company at as much as 900 million pounds later this year. JPMorgan and Goldman Sachs are already advising the venture capital-backed company and its shareholders.
The Mail on Sunday
British lawmakers have accused Barclays of “incompetence” after some of its staff were given the wrong rules for awarding compensation over the mis-selling of payment protection insurance (PPI). MP and Treasury Select Committee member John Mann said he plans to raise the issue with Financial Conduct Authority.
CO-OP ANNUAL RESULTS WILL BE ‘UGLY’ - CEO
The Chief Executive of the Co-Operative Group Euan Sutherland said the food-to-funerals group will report some “very ugly” numbers in its annual results in March, after its banking arm was hit by a capital shortfall.