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PRESS DIGEST - Sunday British Business - Aug 11
August 11, 2013 / 2:51 PM / 4 years ago

PRESS DIGEST - Sunday British Business - Aug 11

LONDON, Aug 11 (Reuters) - British newspapers reported the following business stories on Sunday:

The Sunday Telegraph CABLE: RBS SELL-OFF “FIVE YEARS AWAY” Britain’s Business Secretary Vince Cable does not think that state-controlled lender Royal Bank of Scotland will be back in private hands for another five years.

SUGAR COMPLAINS OVER 10 MLN STG LLOYDS FEES Business owner Alan Sugar has complained to Lloyds Banking Group over it sale of a hedging product on a loan taken out against part of his property empire. RIVALS VIE FOR 2.8 BLN STG SMART METER CONTRACTS Britain’s biggest telecoms and outsourcing companies are vying for 2.8 billion pounds of contracts crucial to the government’s plan to install a ‘smart’ energy meter in every home by 2020. RBS BANK BIDDER REVEALS DEAL CEO Mike Fairey, the former deputy chief executive of Lloyds TSB, is to co-lead AnaCap and Blackstone’s bid for the Royal Bank of Scotland’s ‘Project Rainbow’ small business bank. CAMERON URGED TO ‘REMAIN IN EU PROJECT’ Paul Ruddock, co-founder of hedge fund firm Lansdowne Partners, said Britain should remain in a reformed European Union and that it would be “a disaster” if it left the free-trade area. The Sunday Times

ROYAL MAIL PUMPS 90 MLN STG INTO BOSSES’ PENSION PLAN Royal Mail has set aside an extra 90 million pounds for an executive pension scheme while asking rank-and-file workers to accept reduced retirement benefits.

A Royal Mail spokeswoman said on Sunday that the Senior Executives Pension Plan had a “significant deficit” and the company was “legally-obliged” to make payments into it. She added that members’ benefits in its main pension plan up to March 31 2012 are government-backed. JAGUAR TO CREATE 1,000 MERSEY JOBS Jaguar Land Rover is preparing a big expansion at its Halewood factor in Merseyside because of demand for its Range Rover Evoque, in a move that could create up to 1,000 new jobs. PAYDAY FOR SELLAFIELD CONSORTIUM The American-led consortium that manages Sellafield, Europe’s biggest nuclear waste dump, pocketed a 25 million pound dividend last year, despite falling behind on 12 of its 14 projects. Nuclear Management Partners is made up of U.S. engineer URS, French nuclear firm Areva and British engineer Amec.

TRIO EYES GAS DEAL Hong Kong infrastructure group CKI, Japanese trading house Itochu and Singapore’s Sembcorp are competing for a 50 percent stake in the Marchwood gas-fired power station near Southampton, southern England. LADBROKES CHIEF ‘TOAST’ UNLESS PROFITS REBOUND Shareholders in Ladbrokes are cranking up the pressure on CEO Richard Glynn after the bookie blamed hot weather for a fall in profits of almost 50 percent. Top investors said Glynn had until Ladbrokes’ first quarter results next April to start showing signs of a turnaround. GERMANY BATTLES BOFFINS OVER NATS Pension fund the University Superannuation Scheme is vying with Deutsche Flugsicherung, Germany’s state-owned air traffic controller, for a 20.5 percent stake in Nats, Britain’s air traffic controller. JOHN LEWIS IN SHOP RATES PLEA The head of retail group John Lewis has called on the government to review taxes on high street retailers in a bid to level the playing field with online rivals. Independent on Sunday TREASURY AIMS TO ATTRACT INSURERS BACK TO UK The Treasury is hoping to tempt Lloyd’s of London insurers back to the UK and discussions have been held with firms over what it would take to make the UK a more attractive tax residency. CARDIFF CITY EYES LISTING IN THE FAR EAST Mehmet Dalman, chairman of Cardiff City football club, has held talks with investment bankers about a possible stock market listing of the Premier League club. Options being considered include listing in Hong Kong or Kuala Lumpur.

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