LONDON, June 8 (Reuters) - 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.
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. Sunday Times
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.
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 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.
Britain’s biggest bookmaker William Hill is set to promote operations director, James Henderson, to succeed Ralph Topping as chief executive. Sunday Telegraph
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 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 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.
Barclays is joining the rush to develop wearable technology by launching a wristband its customers can use for contactless payments.
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)