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Monday's newspaper round-up: JP Morgan/Bear Stearns, N Rock

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Date: Monday 17 Mar 2008

LONDON (ShareCast) - JP Morgan Chase last night sealed an eleventh hour deal to buy stricken investment bank Bear Stearns at a bargain price of $236m (£116m) after the Federal Reserve agreed to provide a $30bn funding lifeline, says the Telegraph.

The Times says America's Federal Reserve orchestrated a rescue takeover of Bear Stearns, the stricken Wall Street investment bank, by JP Morgan Chase in an unprecedented move to prevent the implosion of the US financial system.

Northern Rock has been accused of abusing its government guarantee to grab savings business from other banks, a practice officials say will be stamped on by Brussels, writes the FT.

Guaranteed funding promises from the newly nationalised Northern Rock have enabled its charitable arm to almost double its budget, says the Independent.

The Times says the bank faces being shrunk to half its size, with thousands of job losses, under plans to satisfy EU competition rules

Imperial Energy is set to announce a boost to its Russian reserves in a sign of easing political relations, according to the FT.

Royal Dutch Shell hopes to boost oil output in Nigeria after agreeing a new plan to tackle funding shortfalls hitting production at its joint venture with the government, says the FT.

Shell pumped far more oil than it discovered last year after its reserves were severely depleted by complications in Russia and Nigeria, reports the Telegraph.

GlaxoSmithKline has begun a groundbreaking effort to boost sales and expand treatment in the developing world by selling medicines to patients at different prices linked to their ability to pay, writes the FT.

Carat has become the latest media buyer to cut its advertising forecasts for this year, but the Aegis subsidiary believes that six months of turmoil in financial markets are unlikely to cause a collapse in spending in 2009, says the FT

Centrica will push ahead with one of the UK's most ambitious offshore wind generation building programmes after it secured a long-term contract on the MV Resolution, the world's largest turbine-installing barge, reports the Independent.

Whitbread is in preliminary discussions to merge its Premier Inn chain with Travelodge, Dubai International Capital’s rival budget hotels operator, says the FT.

Marks & Spencer will attempt to win over shareholders worried about the retailer's new boardroom structure by portraying Sir David Michels, its most senior independent director, as a "corporate bruiser", writes the Telegraph.

Analysts worry about the threat to Yell’s business model from online search advertising groups, but the directories business is beginning to play Google at its own game with its new online advertising syndication product, Yell.com, reports the FT.