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Wednesday's newspaper round-up: GCap, RBS, HR Owen

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Date: Wednesday 19 Mar 2008

LONDON (ShareCast) - Global Radio's private backers are understood to have agreed to provide two thirds of the funding in cash to acquire GCap Media as they attempt to fight off turbulent markets and clinch a £371 million purchase of the owner of Capital 95.8, reports the Times.

Boardroom bosses at the Royal Bank of Scotland have missed out on their long-term bonuses for the second year running after failing to meet performance targets despite achieving multimillion-pound pay deals for 2007, writes the Guardian.

Bentley Motors is poised to become the largest shareholder in HR Owen, the car dealership that sells more of the luxury vehicles than any other, says the FT.

Guy Hands will on Wednesday warn he is reviewing whether to move at least part of Terra Firma, his UK-based buy-out firm, overseas in protest at the recent tax increases on capital gains and non-domiciled residents, reports the FT.

Sports retailer JJB is reviewing the future of more than 70 stores - a move which will raise further fears about the depth of the consumer downturn, writes the Telegraph.

Entertainment Rights sought to appease its frustrated shareholders yesterday by announcing the departure of its founder and chief executive, says the Guardian

Savills, the property agency, has given warning of sharp price falls for multi-million-pound Central London flats and houses this year and next, reversing a forecast made last autumn, says the Times.

Venture Production could make an acquisition worth £500m as its chief executive said he was “pretty confident” there would be more deals to announce this year, reports the FT.

The beleaguered UK pharmaceutical industry has cut more than 10pc of its workforce, or 8,000 employees, over the past three years, figures from the Association of the British Pharmaceutical Industry (ABPI) show, says the Telegraph.

“Fair” values for bank assets could be different for accounting and regulatory purposes, the UK regulator has warned, in a move that could see banks forced to top up their capital reserves, says the FT.

The Bank of England's latest special auction of three-month funding received the biggest demand yet as banks lined up for a liquidity injection amid panicky financial markets, reports the Independent.

Tata Motors has succeeded in securing a $3bn banking facility for its purchase of Jaguar and Land Rover from Ford Motor, which should clear the way for the deal to close next week, says the FT.