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Wednesday newspaper round-up: Tesco, Marks & Spencer, BP

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Date: Wednesday 27 Feb 2008

LONDON (ShareCast) - Bank of England deputy Governor Rachel Lomax has warned that Britain faces a real risk of high inflation caused by "a remarkable period of soaring commodity prices" resulting in slower demand, says the Telegraph.

Stephen Nelson, the chief executive of BAA, has quit, amid growing concern that the beleaguered airports operator faces severe debt problems, writes the Times.

Tesco, the UK supermarket group, insisted on Tuesday that its US expansion plans were on track, amid growing speculation that the initial performance of its new Fresh & Easy discount grocery stores concept has fallen short of expectations, reports the FT.

Jon Moulton attacked the private equity industry’s own lobby group yesterday for using “dodgy statistics” in an effort to improve the sector’s battered image, according to the Times.

The president of Britain's biggest employers' organisation, the CBI, has piled the pressure on embattled Chancellor Alistair Darling. Martin Broughton, who is also chairman of British Airways, criticised the Treasury for "corrosive" policies that "seem to have been drawn up on the back of a fag packet", says the Telegraph.

The Office of Fair Trading began a High Court action against Foxtons, the estate agency chain, yesterday, in an attempt to force it to remove a handful of allegedly "unfair terms" from its contracts with private landlords, writes the Independent.

Littlewoods Shop Direct, the online and catalogue home-shopping retailer, will double earnings this year following a surge in online sales, reports the Telegraph.

Mexx, the fashion and accessories chain, is to close its 61 retail outlets across the UK in the latest sign of the growing pressure on high street spending, according to the FT.

Hundreds of jobs could go at women's fashion chain Select Retail after a rescue management buyout managed to save just half its 250 stores from administration, leaving 800 staff at risk of the axe, says the Telegraph.

The number of landlords in serious arrears on mortgages rose by more than 25 per cent in the final quarter of 2007, as interest-rate rises and tightening in the credit markets began to take a toll on the buy-to-let sector, reports the Independent.

The number of countries investigating whether their citizens have been illegally evading tax by using secret bank accounts in Liechtenstein rose to 11 yesterday, with Sweden, Australia and New Zealand all announcing their own inquiries, writes the Independent.

Britain’s biggest private sector union is using “cyber-warfare” to open a new front in a campaign against Marks & Spencer over workers’ rights, according to the Times.

UBS, the beleaguered Swiss bank, dumped more than half a billion dollars of toxic sub-prime mortgage securities on an unsuspecting client, simply to get them off its books before they went sour last year, it was alleged in a New York court filing, says the Independent.

BP chief executive Tony Hayward will today set out the oil major's future direction. The annual "strategy briefing" will provide him with another chance to stamp his mark on the company, writes the Telegraph.