June 23, 2013 / 12:51 PM / 4 years ago

Press Digest-Sunday British Business-June 23

LONDON, June 23 (Reuters) - British newspapers reported the following business stories on Sunday:

The Sunday Times: ROYAL MAIL CHIEF‘S 1.5 MLN STG PAY STOKES SELL-OFF ROW Moya Greene, the chief executive of Royal Mail is set to be handed a pay package worth more than 1.5 million pounds in a move that will inflame tensions between the company and unions over wages, pensions and an imminent 3 billion pound privatisation. MANDARINS IN BANK RACE Two Treasury mandarins who led the bail-out of Britain’s banks in 2008 are believed to be in the running to become the new deputy governor of the Bank of England. John Kingman and Tom Scholar are the “short-odds candidates” for the job, according to sources close to the search process. BT BOSS TO LAND 20 MLN STG FAREWELL The boss of BT, Ian Livingston, will walk away with about 20 million pounds when he leaves the telecoms giant later this year to become Britain’s trade minister. PRET‘S BUMPER TAKEAWAY The owner of Pret A Manger is in line for a 150 million-pound payday after renegotiating the sandwich chain’s debts. BANKER BONUSES FOR GLAXO BOFFINS Scientists at Britain’s biggest drug company are in line for banker-style bonuses if the medicines they discover make it to market. GlaxoSmithKline could offer payouts of between 5 million pounds and 10 million pounds a drug. PUB OWNERS AT LOGGERHEADS WITH MPS The owners of Britain’s pubs have been accused of misleading parliament, trying to bully MPs and calling politicians “morons” in their campaign against plans to regulate the industry. 1 BILLION-POUND INJECTION WILL REV UP CAR INDUSTRY Ministers are set to pump taxpayers’ cash into a partnership to support Britain’s booming car industry. SEGRO CHARGES INTO EUROPE WITH MOUNTIES’ PENSION FUND Segro is plotting an ambitious European deal with the Canadian pension fund that looks after Mounties’ retirement savings. BUMI CHIEF TIGHTENS PURSE STRINGS Bumi has set up an elaborate financial control system that requires the chief executive to enter a secret code for any payments of more than $1 million. COWDERY PLANS 600 MLN STG U.S. DEAL Clive Cowdery, the insurance tycoon, is planning his first move into America with a swoop on a life assurer worth up to 600 million pounds. The founder of the Resolution financial services empire has tabled an offer for Lincoln Benefit Life, which has been put up for sale by the American insurance giant Allstate .

The Sunday Telegraph: STARBUCKS PAYS FIRST TAX SINCE 2008 Starbucks has made its first corporation tax payment to HMRC since 2008, paying 5 million pounds for the first six months of the year despite the business making a loss of 30 million pounds in the UK. INVESTORS TURN ON OSBORNE OVER RBS INTERFERENCE Investors in the Royal Bank of Scotland have criticized the amount of government interference in the state-backed institution following the ousting of Stephen Hester and the Chancellor’s plans to carve out a “bad bank”. CO-OP UNLIKELY TO CLAW BACK CASH OVER 1.5 BLN STG BLACK HOLE The Co-operative Group is unlikely to be able to claw back any money from the former chief executive, Peter Marks, or the former bank head, Neville Richardson, despite the revelation that the bank had a 1.5 billion capital shortfall. WALSH ATTACKS 40 PERCENT HEATHROW PRICE RISES The chief executive of International Airlines Group, the owner of British Airways, has attacked Heathrow Airport for applying to charge airlines 40 percent more to use the airport over the next five years. ENERGY REGULATOR TO WARN OVER BLACKOUTS OFGEM is preparing to issue its starkest warning yet over the growing risk of black-outs in Britain as power stations are shut and investment in new plants stalls. WAITROSE MOVES TO EASE TENSIONS OVER OCADO TIE-UP The managing director of Waitrose, Mark Price, has moved to cool the war of words with Ocado by stating that the grocer wants to continue its contract with the online retailer. BP-BACKED OIL FIRM POISED FOR CITY FLOAT Hurricane Energy, a north sea oil explorer backed by BP, is preparing to float in London with a market capitalization in excess of 350 million pounds.

Independent on Sunday: CITY SHIRTMAKER IN SHOP WINDOW FOR 100 MLN STG AFTER PROFIT FALL TM Lewin, the 115-year-old City shirtmaker, could go up for sale for as much as 100 million pounds, having spoken to potential advisers over strategic options for the business. TOUGH PROBE INTO PAYDAY LOAN FIRMS The Competition Commission will next week launch a hard-hitting investigation into payday loans companies, which can see borrowers charged more than 4,000 percent.

Mail on Sunday: Donations to Labour MPs including Shadow Chancellor Ed Balls must be axed by the Co-op Group before it penalises bondholders in its troubled bank, Conservative MP Andrea Leadsom says.

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