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PRESS DIGEST-Sunday British business - Nov 25
November 25, 2012 / 4:05 PM / 5 years ago

PRESS DIGEST-Sunday British business - Nov 25

LONDON, Nov 25 (Reuters) - British newspapers reported the following business stories on Sunday:

Sunday Times

HOWARD CROWNED HEDGIES’ KING

Alan Howard, co-founder of Brevan Howard, has topped the Sunday Times’s first Hedge Fund Rich List with a fortune of 1.4 billion pounds ($2.2 billion).

BUMPER YEAR FOR F1 CHIEF

Ron Dennis, the executive chairman of McLaren Group, banked 5.6 million pounds last year. Accounts for the Formula One and sports car group show pretax profits of 19.7 million pounds, up from 12 million pounds previously.

PLAYTECH BETS ON GREECE

Playtech, the world’s biggest developer of gambling software, is part of a consortium that has registered an interest in buying a 33 percent stake in state-controlled Greek betting firm OPAP.

KUONI TO SELL SKI VERBIER

Kuoni, the Swiss travel firm, is in advanced talks to sell luxury ski holiday division Ski Verbier to investment firm Bluebird Partners.

OSBORNE URGED TO BOOST TAX BREAKS

Business leaders have urged UK finance minister George Osborne to kick-start the economy by giving bigger tax breaks for investment in plant and machinery.

BECHT SCENTS PERFUME BONANZA

Bart Becht, the former boss of Reckitt Benckiser, owns shares worth $66.5 million in U.S. cosmetics firm Coty, which is set to float next year.

MCCARTHY & STONE PAVES WAY FOR FLOAT

McCarthy & Stone, Britain’s biggest builder of retirement homes, is preparing for a share listing, refinancing or sale after hiring investment bankers at Moelis & Co to carry out a strategic review.

BUYERS CIRCLE SURREY WATER

Buyout firm CVC and Japan’s Sumitomo are among the final bidders battling to take over UK utility Sutton and East Surrey Water.

Sunday Telegraph

BAE SAYS MAJOR SHIPYARD LIKELY TO CLOSE

BAE Systems’ most senior executive in the UK has said one of Britain’s major shipyards is likely to close, with a decision expected before Christmas.

RBS FEARS “DOUBLE HIT” OF LIBOR FINES

Royal Bank of Scotland is concerned it could receive separate fines for its alleged involvement in the Libor-fixing controversy, one from the UK’s Financial Services Authority and one from the U.S. regulators. The settlement could come as early as next month.

THOMAS COOK TO FACE NEW CUTBACKS

The new CEO of Thomas Cook, Harriet Green, is to warn that further costs need to be stripped from the business as it prepares to unveil a second year of losses.

MALAYSIANS JOIN 1 BLN STG RACE FOR STANSTED DEAL

Malaysia Airports Holdings has entered the running to buy Stansted airport, as the owner of London’s third hub, BAA FERBA.UL], attempts to stoke up competition in the 1 billion-pound bidding process.

BANKERS URGED TO SWEAR AN OATH

Douglas Flint, the chairman of HSBC, is pushing for bankers to take an oath similar to that sworn by doctors as part of radical plans to overhaul the way the profession is viewed.

WONGA IN TALKS TO BOOST SME LOANS ARM

Short-term online retail lender Wonga has held discussions with bankers about raising a 200 million-pound or more bond to fund the company’s fledgling business-lending arm.

TOP RIGHT AIMS TO SELL MIDDLE EAST VENTURE

Publisher Top Right Group, formerly known as Emap, has been working on a sale of the Middle Eastern Economic Digest.

Independent on Sunday

CVC IN TALKS OVER 11 BLN-EURO FUND

CVC Capital Partners has started talks with potential investors for an 11 billion-euro ($14 billion) buyout fund.

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