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Thursday newspaper round-up: Kazakhmys, M&S, Morgan Crucible

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Date: Thursday 13 Mar 2008

LONDON (ShareCast) - Kazakhmys, the FTSE-listed copper miner, is expected to make a statement to the London Stock Exchange today denying claims that it has held informal takeover talks with another Kazakh mining giant over a proposed £18 billion deal, according to the Times.

Sir Stuart Rose, the head of Marks & Spencer, yesterday dismissed any comparison between himself and Pol Pot, the late Cambodian warlord, as he tries to defuse a row over his concentration of power at the high street chain, says the Times.

Paul Myners, chairman of the Personal Accounts Delivery Authority (Pada), has conceded that the Government's plans to auto-enrol employees into a national pension scheme could leave some people worse off, writes the Independent.

Chinese suppliers are asking some of the biggest clothing chains for price increases of more than 10 per cent in a fresh sign of the growing inflationary risks facing the economy, says the Times.

A study has revealed businesses are using the fear of a downturn to press outsourcers to cut prices by up to 23 per cent as they renegotiate extensions to long-term deals, writes the FT.

Changes to the VAT rules governing temporary staff will significantly raise costs for some companies and could force a rethink of their employment strategies, experts said, according to the Independent.

Alistair Darling's first budget yesterday revealed that the global credit crunch is likely to cost the Treasury at least £20bn over the next four years in lost revenues. Economists think the numbers could get even worse, writes the Guardian.

The Government will pocket £550m from the cancellation of a biofuels subsidy programme in a move that the energy industry said was indicative of a package of energy and climate change policies that muddied Whitehall's stance on the issues, according to the Independent.

Several hedge funds with assets of more than $4 billion (£2 billion) were on the brink of collapse last night or had halted withdrawals, despite moves by the US Federal Reserve this week to ease America’s deteriorating credit crisis with a $200 billion collateral lending facility, says the Times.

Former Morgan Crucible chief executive Ian Norris has spoken of his relief after winning a House of Lords appeal to halt his extradition to America to face charges of price-fixing, says the Telegraph.