LONDON, April 21 British newspapers reported the
following business stories on Sunday:
The Sunday Times:
MPs REVIVE PLAN FOR 'BAD BANK'
Senior MPs have demanded that the Treasury investigates a
break-up of British state-backed banks Lloyds Banking Group
and Royal Bank of Scotland and the creation of
a 'bad bank' to house toxic loans.
AMERICANS READY 800 MLN SWIP BID
U.S. financial services firm Ameriprise Financial, owner
of fund firm Threadneedle Investments, is lining up an 800
million pound ($1.2 billion) bid for Lloyds Bank's Scottish
Widows Investment Partnership.
FORTE CHECKS OUT OF BALMORAL
Veteran hotelier Rocco Forte is weighing up plans to offload the
Lowry hotel in Manchester and the Balmoral in Edinburgh, which
could fetch around 100 million pounds in total.
SAVOY LOSES 50 MLN STG
Luxury London hotel the Savoy made a loss of 49.6 million pounds
in the first full year since its costly makeover, after interest
payments wiped out operating profits.
SHOW US THE MONEY, INVESTORS TELL VODAFONE
Mobile phone group Vodafone will be pushed into one of
the biggest shareholder payouts in history if it sells its 45
percent stake in Verizon Wireless. Several big investors said
they would expect it to hand back about three-quarters of any
proceeds from the sale of the stake, which is estimated to be
worth $135 billion.
GLAXO PUTS LUCOZADE AND RIBENA UP FOR SALE
Soft drinks brands Lucozade and Ribena are likely to be put up
for sale by GlaxoSmithKline in the next few weeks for as
much as 1 billion pounds.
TRINITY MIRROR FACES PENSION BLACK HOLE
Trinity Mirror's pension deficit has ballooned to almost
300 million pounds after a deal a year ago to cut contributions
in order to repay debts.
MECOM IN PAYOFF TO FORMER BOSS
Newspaper group Mecom handed its former boss Tom Toumazis a
844,000 pound payoff after a year at the helm.
CEO BUYS LETTS FILOFAX
Gordon Presly, the CEO of Letts Filofax, has teamed up with
Canadian entrepreneur Harolde Savoy to buy the firm, which also
publishes Letts diaries.
AVIVA RUNS RULE OVER CO-OP INSURANCE
Aviva is in the early stages of considering a 650 million
pound takeover of the Co-op's insurance business.
LLOYDS CONSIDERS SALE OF MENZIES HOTELS
Lloyds Banking Group is considering the sale of Menzies Hotels,
one of the chains it inherited through its takeover of HBOS. The
bank has been cutting its exposure to the industry with a series
The Sunday Telegraph:
STOP "RIDICULOUS" HEATHROW PRICE HIKES, SAYS WALSH
Willie Walsh, the chief executive of International Airlines
Group, has hit out at proposals to increase landing
charges at Heathrow by 6 percent above the rate of inflation.
OSBORNE'S NEW BID TO HELP SMEs
UK Finance Minister George Osborne is poised to unveil billions
of pounds of help for small businesses through the Bank of
England's cheap credit scheme. Specialist finance houses that
provide about 20 billion pounds of working capital to small
companies are to be included in the Bank's Funding for Lending
Scheme, which is also expected to be extended by a year to 2015.
BRAZILIAN AERO GIANT EYES UK FOR INVESTMENT
Brazilian planemaker Embraer is considering investing
in Britain for the first time, according to Secretary of State
for Business Vince Cable.
FCA FACING COURT OVER SWAPS REVIEW
The Financial Conduct Authority is facing a judicial review of
its compensation scheme for companies that suffered losses as a
result of the mis-selling of complex derivatives.
HORROCKSES UP FOR SALE
House of Fraser is interested in British fashion label
Horrockses, which has been put up for sale. The brand was
previously owned by Dawson International Holdings, which went
into administration last year.
ITV ON THE TRAIL OF HOT FUZZ MAKER
ITV has emerged as a rival to News Corp to buy
Big Talk Productions, which has made films Shaun of the Dead and
HOTELS BOSS TO LEAD CONRAN RESTAURANTS
Simon Sherwood, the former head of Orient-Express Hotels group,
is to become chairman of D&D London, the restaurant chain set up
by Terence Conran.