LONDON, June 22 (Reuters) - 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
Britain’s Treasury is set to approve a bonus scheme at state-controlled lender Royal Bank of Scotland that will give top executives 100 percent of their salary in shares, irrespective of how the bank performs.
Britain blocked the bank from awarding bonuses worth double an employee’s fixed salary - the maximum allowed under a new European Union bonus cap - in April.
Ireland’s biggest telecoms company Eircom is aiming to raise 1 billion euros ($1.4 billion) from investors in Britain and Ireland in an initial public offering that could value the operator at 3 billion euros.
Shares in Eircom, which filed for protection from creditors two years ago, are expected to be quoted in both London and Dublin in a listing that could happen as soon as September.
One of Tesco’s top 10 shareholders has expressed concerns about strategy and management to the store’s senior independent director ahead of its annual general meeting on Friday. The shareholder declined to be named.
WPP, the world’s largest advertising group, is facing a shareholder protest over a 30 million pound pay package for its chief executive Martin Sorrell.
A quarter of the company’s investors are expected to vote against the payout at its annual general meeting on Wednesday.
ENGLAND‘S WORLD CUP EXIT TO COST ECONOMY 300 MLN POUNDS
The England soccer team’s failure to get out of the group stages of the World Cup will cost the UK economy at least 300 million pounds ($511 million), economists estimate, due to forgone sales of food and drinks, replica England football kit and lower rates for television advertising during matches.
Research shows that stock markets also tend to underperform on the first day of trading after the national team is knocked out of the tournament.
The Sunday Telegraph
British Car Auctions, the UK’s largest seller of second-hand vehicles, is close to instructing six banks led by UBS , HSBC and Numis for a initial public offering that could value the firm at 1.2 billion pounds. British Car Auctions is owned by private equity firm Clayton, Dubilier & Rice.
British lender Barclays is to introduce a voice recognition system that verifies customers based on their speech patterns. The system has already been offered to customers in its high net worth Wealth arm and will be rolled out to retail customers early next year.
Royal Bank of Scotland has told Britain’s business secretary it is unlikely to start the process of selling its Williams & Glyn business before the end of next year, despite pressure to accelerate plans.
Mail on Sunday
The English Premier League will stage an auction for sponsors for the first time in 12 years. Barclays has sponsored the football league - one of the highest profile deals in sport - since 2004. Its current sponsorship agreement expires at the end of the 2015/2016 season.
Pharmaceuticals firm GlaxoSmithKline has apologised after being accused of playing on the hardship of unpaid interns to recruit them for clinical trials.
A marketing firm working for the company sought to post a blog on careers websites suggesting that taking part in drug trials could help graduates finance their way through unpaid work placements.
($1 = 0.7366 Euros)
$1 = 0.5876 British Pounds Reporting by Clare Hutchison; Editing by Mark Potter