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Monday newspaper round-up: Xstrata, HSBC, Moss Bros

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Date: Monday 03 Mar 2008

LONDON (ShareCast) - Vale, the Brazilian mining company seeking to buy Xstrata, is resisting demands by the Anglo-Swiss miner’s largest shareholder, Glencore, for a 10-year exclusive marketing contract for the resulting output, says the FT.

South Korea’s financial regulators are not expected to approve HSBC’s $6.3bn acquisition of Korea Exchange Bank in time for an April deadline, raising doubts about the group’s plans to expand in Asia’s third-largest banking market, reports the FT.

The Treasury Select Committee has accused investment bankers of sparking the credit crisis by creating "ludicrously complex financial products which you need a Nobel prize in physics to understand", writes the Telegraph.

The Independent adds that the Committee has criticised banks for ignoring warnings about risky lending, and hit out at regulators for not making sure that lenders listened to their concerns.

Moss Bros chairman Keith Hamill has laid into the menswear retailer's founding families, calling their decision to speak out against a £40m bid approach from Icelandic retailer Baugur "bizarre" and "damaging", according to the Telegraph.

The right to use water will soon follow in the footsteps of carbon emissions and become a commodity, like the right to pollute, that industry will have to pay for, executives have warned, says the Independent.

Changes to pension rules could plunge Britain back into a pensions crisis, actuaries Aon have warned. The combination of new accounting rules and revised longevity assumptions will add an estimated £200bn to pension liabilities, reports the Telegraph.

Royal Mail faces a fresh wave of industrial action, only months after the end of one of the biggest strikes to hit the postal service in years, writes the Times.

US aerospace giant Boeing is considering appealing against the Pentagon's surprise decision to award a $35bn (£17.6bn) aircraft contract to its rivals Northrop Grumman and EADS, according to the Independent.

The announcement by Shadow Chancellor George Osborne that the Conservative Party plans to set up a new "Green Environmental Market" (GEM) for clean technology start-ups left many in the Aim community scratching their heads, says the Telegraph.

Hopes that Royal Dutch Shell would be allowed to include oil reserves from a huge project in Canada in time for a major strategy announcement later this month have been dashed, writes the Telegraph.

Hopes that Britain's manufacturers are holding up well in the face of the economic downturn this year will be boosted by figures out today showing that they reported growth in the three months to March, according to the Times.

UK dairy farmers lose an average of 4.7p on every pint of milk they produce, giving the average dairy farm an annual loss of £37,600, new figures show, says the Telegraph.