Press Digest - Sunday British Business - July 29
LONDON, July 29 |
LONDON, July 29 (Reuters) - British newspapers reported the following business stories on Sunday:
The Sunday Times
INVESTORS TELL BARCLAYS TO DITCH DIAMOND LEGACY
Institutional shareholders including Schroders, have urged Barclays to dismantle Bob Diamond's legacy by cutting costs and scaling back investment banking.
TURNAROUND FIRM ENDLESS LAST BIDDER FOR PIZZA HUT
UK turnaround group Endless is the last remaining bidder to take control of Yum Brands' chain Pizza Hut after rivals including Luke Johnson's Risk Capital Partners dropped out.
FERROVIAL BANKS 60 MLN STG DIVIDEND FROM BAA STAKE
Spanish group Ferrovial said its British airports subsidiary BAA has paid out 120 million pounds to investors in the first half of 2012, of which it received about 60 million pounds.
PENSION FUND MAY TAKE REINS AT AEA
Directors are examining a plan to hand control of British consultancy AEA Technology to its staff pension fund and in return, rid itself of future obligations to the scheme.
RBS SETTING ASIDE FURTHER 100 MLN STG FOR PPI CLAIMS
Royal Bank of Scotland is set to announce it has put aside 100 million pounds more to cover the cost of mis-selling payment protection insurance.
GSK BOSS HITS AT RICH COUNTRY PRICE PRESSURE
Andrew Witty, Chief Executive of Glaxo Smith Kline has hit out at Europe's rich economies for demanding cheaper drugs as the pharmaceutical industry extends concessions to the Euro zone's crisis hit periphery.
The Sunday Telegraph
AVIVA NEARS 1 BLN STG SALE OF U.S. UNIT
Insurance group Aviva has received a number of unsolicited approaches from financial and private equity buyers for its U.S. life division Aviva USA, bought in 2006 for 1.8 billion pounds and now valued at around 1 billion pounds.
RBS PAYS 30 MLN EUROS IN RATE SWAP SETTLEMENT
Royal Bank of Scotland's Irish subsidiary has agreed a settlement with Dublin based businessman David Agar that will see it write off swaps and loans worth 30 million euros.
The settlement follows a Dublin high court battle between RBS-owned Ulster Bank and Agar who claimed the lender had mis-sold him 87 million euros of interest rate hedging products linked to a 47 million euros property loan.
HSBC TO REVEAL $200 MLN PROVISION FOR US COMPLIANCE WOES
HSBC is expected to make a $200 million provision for costs related to the alleged failings of its U.S. business in combating money laundering. It is also expected to increase the amount set aside over the PPI mis-selling scandal by a further 100 million pounds in relation to the second quarter.
O'DONNELL OUT OF RUNNING FOR BARLCAYS CHAIRMAN
Gus O'Donnell is out of the running to become chairman of Barclays after senior figures in the bank raised concerns about his inexperience in banking.
MOUCHEL IN TALKS TO REDUCE 180 MLN STG DEBT LOAD
Infrastructure firm Mouchel is in talks with banks Royal Bank of Scotland, Barclays and Lloyds Banking Group over a possible debt for equity swap to reduce its 180 million pounds debt pile.
LADBROKES TECH UPGRADE FACES FURTHER DELAY
Bookmaker Ladbrokes will further delay the launch of a revamped website until the end of the year, as it heads for a sharp drop in half-year digital profits.
The Mail on Sunday
TESCO RIVALS FEAR PRICE WAR
Rivals of supermarket chain Tesco fear it may be planning a major price war if its recovery strategy does not take hold. (Reporting by Chris Vellacott; Editing by David Cowell)
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