LONDON, July 14 British newspapers reported the
following business stories on Sunday:
The Sunday Times
GE TO CRASH BID BATTLE FOR INVENSYS
General Electric, one of America's biggest companies, is
plotting a 3.5 billion pound ($5.3 billion) counterbid for
Invensys that could trigger a transatlantic battle for
the British industrial software company.
CABLE TO MAKE RECKLESS BOSSES PAY FOR FAILURE
Negligent directors could be held personally liable for failed
companies' debts under a shake-up of corporate law to be
unveiled by British business secretary Vince Cable on Monday.
TATA STEEL RACKS UP RECORD 1.2 BLN STG LOSS
Tata Steel Europe, Britain's biggest steel producer, has
revealed the scale of its financial problems by reporting a loss
of 1.2 billion pounds for the year.
SCANDAL-HIT G4S WEIGHS RIGHTS ISSUE
The boss of the security giant G4S, trying to repair the
balance sheet, has ordered a sweeping review that could prompt a
big rights issue within weeks.
BRITISH BANKS FACE 2 BLN STG BILL FOR CARD FRAUD
Britain's banks are to be hit with an estimated 2 billion pound
bill to compensate customers who were mis-sold protection
against identify theft.
The consumer finance watchdog the Financial Conduct
Authority is forcing banks to pay for policies they sold on
behalf of CPP, the troubled card insurer.
IRN-BRU WANTS TO SWALLOW LUCOZADE AND RIBENA
The maker of Irn-Bru, A.G. Barr, is weighing a possible
1 billion pound offer for two other well-known soft drinks,
Lucozade and Ribena, and is expected to open discussions with
private equity firms with a view to launching a joint bid.
THREAT TO CO-OP RESCUE
Rebel bondholders in the Co-operative Group are
threatening to derail the Manchester-based mutual's plans to
bail out its banking business, arguing that the supermarkets-to
funerals group should cut its bank adrift rather than put in
more cash that could be used elsewhere.
The Sunday Telegraph
PENSIONERS 'MISLED' BY CO-OP BANK
The Co-operative Bank reassured pensioners that their
investments were safe a month before announcing plans to slash
their savings as part of a last-ditch bail-out.
The Sunday Telegraph said it had seen emails in which a
manager at the Co-op Bank told a worried pensioner that "there
is no need to be concerned" about a 50,000 pound investment.
HEATHROW TO RULE OUT FOURTH RUNWAY UNTIL 2040
Heathrow, the UK's largest airport, is to rule out needing a
fourth runway until 2040 as part of its bid to get the green
light for a third runway despite local and political opposition.
WONGA HIRES EX-SKYPE CFO
Payday lender Wonga has hired the former chief financial officer
of Skype to its board as a non-executive director.
HANNAM CASE FACES DELAY
A ruling in the appeal of Ian Hannam, the ex-JP Morgan Cazenove
banker trying to overturn a 450,000 pound fine for market abuse,
may not be delivered until next year after a significant delay
in the case.
CENTRICA's 1.4 BLN STG GAS STORE COULD BE SHELVED
Centrica's 1.4 billion pound plan to convert an empty
gas field into a storage facility to help with any future energy
crisis could be shelved after the UK government signalled that
it did not believe Britain needs more storage.
PAYDAY FOR SPORTS DIRECT STAFF AS SALES, PROFITS RISE
Staff at Sports Direct are in line for a one-off payout worth
about 68,000 pounds each after a surge in sales - expected to be
18 percent up on last year - and profits for the retailer.
The Mail on Sunday
GOLDMAN STAFF GET 17 PCT PAY BOOST
Pay at Goldman Sachs rose by one sixth in the second
quarter of the year, the U.S. investment bank is set to declare
this week, meaning that the bank's 32,000 staff will have earned
an average of $106,000 over the three months to the end of June.
ROYAL MAIL 'MUST BE FREE TO BUY FOREIGN POST FIRMS'
A privatised Royal Mail should use its freedom from state
control to take over foreign postal companies, said British
business minister Michael Fallon, who also ruled out a
government 'golden share' to protect Royal Mail from a foreign
UK SHALE RICHES MAY CUT PRICE OF NUCLEAR DEAL WITH FRENCH
The UK government is taking a tougher stance in its long-running
talks with power company EDF Energy over a 14
billion pound scheme to build two new reactors after recent
surveys suggested Britain may have huge reserves of cheap shale
BARCLAYS WON'T RUSH TO FILL 3 BLN STG HOLE
British lender Barclays is likely to be given until the
end of 2015 to deal with a shortfall in its capital reserves
identified by the UK's new banking regulator.