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April 21, 2013 / 4:06 PM / in 5 years


LONDON, April 21 (Reuters) - 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 of sales. 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 Hot Fuzz. 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.

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