Business Digest

The Times

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

Marks & Spencer(MKS.L: Quote, Profile, Research, Stock Buzz) 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: Quote, Profile, Research, Stock Buzz) 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: Quote, Profile, Research, Stock Buzz) 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