Business Digest

The Times

ROSE TO SELL KARAOKE STAKE AT CENTRE OF M&S ROW

Marks & Spencer(MKS.L) chief executive Sir Stuart Rose is to sell his 100,000 pound stake in Martha Lane Fox's karaoke business to dispel concerns over whether Ms Lane Fox's integrity as an independent director at M&S may be compromised by the holding. Although there was no suggestion of any impropriety, the move was welcomed by the Association of British Insurers, which had raised concerns.

C&R SHARES PLUNGE ON FEAR ITS MALL FUND HAS BREACHED COVENANTS

Capital & Regional(CAL.L) was on Thursday hit by a brutal share sell-off over concerns that its banking covenants had been breached by its flagship Mall Fund, resulting in a fifteen percent drop in its share price. The company said that the loan-to-value borrowing covenant with Royal Bank of Scotland (RBS.L) for the Mall Fund, in which it has a 24.2 percent stake, stood at 58.5 percent, rather than the 60 percent at which it is supposed to stay.

COWDERY BREATHES LIFE INTO RESOLUTION

Clive Cowdery has relaunched Resolution(RSL.L), his pioneering investment vehicle, to target distressed European financial services companies hit by the credit crunch. Aiming to work with existing management, who will be offered the opportunity to take part in any restructuring plans, Resolution will buy stakes in public companies as well as embarking on acquisitions.

The Daily Telegraph

LAND OF LEATHER SEES SALES PLUNGE AS SHOPPERS CUT BACK

Land of Leather on Thursday warned that a lack of money among its customer base was translating into falling sales figures, and said it would cut back on advertising and discretionary spending. The company, which was forced to issue a profits warning just before Christmas, said it expected further pressures during the rest of the financial year, but that efforts to cut costs by 11 million pounds on an annual basis were now under way.

HOWDENS JOINERY POSTS RISE IN SALES