See the top stories and tips in UK and international newspapers.
Tuesday 21 May 2013
Business Secretary Vince Cable has demanded that part-nationalised lender RBS increase its lending to Britain's small- and medium-sized companies to take more responsibility for the economy recovery, The Times says.
Monday 20 May 2013
Chancellor George Osborne is expected to face opposition from Treasury civil servants over his plans to sell the government's stake in part-nationalised lender RBS to the public, reports The Times. Senior officials are said to be against the idea, saying that they are over-complex and have raised concerns about the effect on the deficit.
Sunday 19 May 2013
The London Stock Exchange is considering buying a stake in Istanbul’s fast-growing stock market as part of a deal that could see Turkish trades settled in the City. Borsa Istanbul has been seeking an international partner to overhaul its technology and improve the market’s access to foreign investors for several months. The LSE’s proposal would see Borsa Istanbul start to clear its trades through LCH Clearnet, the financial plumbing system now majority-controlled by the LSE. The Turkish exchange would also use the LSE’s Millennium Exchange software, The Sunday Times reports.
Friday 17 May 2013
The head of the Confederation of British Industry has warned about the risks of Britain quitting the EU, saying that the Conservative party's desire for a referendum on the issue has been a "distraction from securing growth and jobs, which have to be the UK's top priority", reports The Guardian.
Thursday 16 May 2013
Financial Times reports that the pace of Japanese economic growth in the first quarter was its fastest among the Group of Seven countries at 3.5 per cent. "Solid growth in consumer spending and exports suggest[s] the expansionary policies of Shinzo Abe, Prime Minister, are delivering quick and tangible results," the paper says.
Wednesday 15 May 2013
BP, Shell and a number of other oil majors are under investigation by European regulators into whether they rigged the price of oil for over a decade, writes The Telegraph. Authorities raided offices of the companies yesterday after MPs and officials suggested that the oil price could be vulnerable to being manipulated in the same way as LIBOR was rigged by the banks.
Tuesday 14 May 2013
According to The Times, Severn Trent could be the target of a bid worth up to 5.3bn pounds. The utility company is said to be in talks with Canadian infrastructure investors Borealis and the Kuwait Investment Authoirty
Monday 13 May 2013
Sir Win Bischoff, the Chairman of Lloyds since September 2009, is expected to announce his resignation ahead of Thursday's shareholder meeting as the bank readies for privatisation, reports The Guardian.
Sunday 12 May 2013
Energy giant Centrica is eyeing US gas assets jointly with Qatar as it gears up expansion across the Atlantic. The British Gas owner, which is likely to face questions on its growth plans at its Annual General Meeting in London on Monday, wants to build on last month’s 650m pound joint deal for Canadian oil and gas assets. It hopes to take advantage of the glut in US gas caused by the shale boom to buy up assets at low prices, helping secure supplies for its growing US customer base, The Sunday Telegraph says.
Friday 10 May 2013
The Japanese yen has broken through a major psychological barrier against the dollar for the first time in four years, setting the stage for further weakness seen as a boon for the country’s exporters and economy. For the past month, the yen had stalled before the 100 threshold and traders said its weakening in afternoon trading in New York on Thursday to Y100.79 reflected stop-losses being triggered that sparked selling of the yen and purchases of the dollar. The yen continued its fall on Friday morning in Tokyo, sliding to 100.85 against the greenback, the FT reports.
Thursday 09 May 2013
The boss of J.Sainsbury has labelled the Government’s tax take from bricks-and-mortar businesses unfair and unsustainable, calling for a “rebalance” to address the march of online retailers. Justin King, who is a former member of David Cameron’s business advisory board, said that the Chancellor had inadvertently played into the hands of the likes of Amazon by reducing corporation tax at the same time as allowing business rates and national insurance to rise, The Times reports.
Wednesday 08 May 2013
Chancellor George Osborne is said to be "braced" for the outcome of a review of the UK economy by the International Monetary Fund (IMF) starting today, the Independent said. Although the Treasury is ready to sing the praises of Plan A, "there is growing concern among ministers that the IMF will make its most explicit call for the spending cuts to be slowed at the end of its two-week visit", the paper said.
Tuesday 07 May 2013
Greece is making progress in repairing its economy but it needs to do more to stop tax evaders, the International Monetary Fund said yesterday. Delivering its much-anticipated health check on the Greek economy, the IMF praised “far-reaching labour market reforms”, which have boosted competitiveness, and the shoring up of the banking system, despite ballooning bad debts on banks’ balance sheets, The Times writes.
Sunday 05 May 2013
The European Commission looks set to crackdown further on the region’s banking sector to stop increases in leverage, illiquidity mismatches and the potential for systemic risk, The Financial Times reported.
Friday 03 May 2013
"Royal Bank of Scotland is poised to send the clearest signal yet that it is ready for the government to begin reprivatising its majority stake," writes the Financial Times. The paper says that the bank is expected to announce plans for a share sale that could start as soon as next year.
Thursday 02 May 2013
The Financial Times says that the US Federal Reserve kept its 85bn-dollar-a-month asset purchase programme unchanged last night but said that it was willing to increase it as it shifted to a more neutral stance on its next move.
Wednesday 01 May 2013
According to the Financial Times, the UK Listings Authority has launched an investigation into ENRC possible breaches of its takeover rues that could result in a fine or public censure. "The irony of the move is that the UK Listings Authority has been criticised for permitting ENRC to list in the UK in the first place," the paper says.
Tuesday 30 Apr 2013
According to The Independent, the government is searching for banks to handle a possible initial public offering for Royal Mail this week. A flotation this year is the preferred option.
Monday 29 Apr 2013
The Telegraph writes that BP's giant underwater oil project offshore Angola has come in four billion dollars over budget after delays set it back a year.
Sunday 28 Apr 2013
In a letter dated April 12th, and seen by The Sunday Times, law firm Dechert alleges that ENRC - the FTSE 100 listed copper miner - engaged in several inappropriate actions, including "payments to African presidents" and $35m of misappropriated cash. The company has denied those claims. Dechert was discharged from the internal investigation after what ENRC labelled "inappropriate communications" with the Serious Fraud Office (SFO) and the "unprofessional" handling of the investigation, claims Dechert denies. The law firm was fired a week before it was to update the SFO on its findings regarding the acquisition of three African companies.