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Tuesday newspaper round-up: HSBC, Close Brothers, Rentokil Initial

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Date: Tuesday 04 Mar 2008

LONDON (ShareCast) - HSBC chairman Stephen Green has slammed proposals from rebel shareholder Knight Vinke that the bank walk away from its troubled US-based Household business as "unthinkable and irresponsible", writes the Telegraph.

Close Brothers ruled out a break-up of the London-based investment bank on Monday after reporting a plunge in interim pre-tax profits that saw the shares fall to a fresh three-year low, reports the FT.

Porsche, the sports-car maker with annual revenues of €7bn ($10.6bn), will soon control a €150bn car and trucks empire that would be Europe’s largest and include brands from Volkswagen and Audi to Bentley, Lamborghini and Scania, says the FT.

The financial services industry gave a lukewarm reception to the Government's proposals to develop a new generic financial advice service yesterday, expressing scepticism over its plans to force insurers and banks to help fund the scheme, according to the Independent.

The banker who advised Sir Gerry Robinson on his failed tilt at Rentokil Initial has sparked another row with the rat-catching group after claiming its current problems are partly the result of an ill-judged policy on acquisitions and disposals, reports the Telegraph.

Virgin Atlantic's president Sir Richard Branson has warned that a treaty liberalising air travel between America and Europe will be "ripped up" unless the US government allows American carriers to be taken over by foreign rivals, writes the Independent.

Continental Airlines of the US has paid a record $209m for four pairs of take off and landing slots at London Heathrow airport, according to the FT.

David Bowie and Pink Floyd albums will be targeted by EMI’s revamped catalogues and compilations division to try to develop new sources of growth in the struggling British music major, says the Times.

An investment vehicle backed by one of Argentina's wealthiest families is in advanced talks to buy Japanese restaurant chain Yo! Sushi for around £50m, writes the Telegraph.

MasterCard has launched a legal challenge to the decision by Europe’s competition authorities that the card company’s fees on cross-border payments are illegal, reports the FT.