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Thursday newspaper round-up: BP, Scottish & Southern, M&S

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Date: Thursday 20 Mar 2008

LONDON (ShareCast) - Police investigators on Wednesday searched the Moscow offices of TNK-BP, BP’s 50 per cent-owned Russian joint venture, as part of a criminal probe, in what industry experts saw as a possible increase of state pressure on the company, writes the FT.

James Cayne, the chairman of Bear Stearns, is trying to elicit a counter- offer for the stricken investment bank in a move that could lead to him being sued for breach of contract, says the Times.

Joe Lewis, the British billionaire, was buying more shares in Bear Stearns just hours before the company collapsed as a result of a liquidity crisis, according to the Independent. The spectacularly ill-fated share purchases meant that, as of last night, the famed currency trader had lost $1.2bn on the investment.

The City regulator's retail chief yesterday became the only high-profile head to roll over the Northern Rock debacle, but he departs with a payoff of almost £400,000, according to the Times.

Northern Rock shareholders have taken their first step towards suing the Government for the "unfair compensation" offer they expect to be made following the stricken lender's nationalization, writes the Telegraph.

Scottish and Southern Energy, Britain's second-biggest energy supplier, is increasing its tariffs by an inflation-busting 15.8 per cent, says the Times.

Former top Marks & Spencer executive Anthony Thompson, who runs the George clothing line at Asda, has pledged to topple his old employer from its perch as the UK's biggest clothing retailer within three years, heaping further pressure on Sir Stuart Rose, M&S's chief executive, writes the Telegraph.

The credit crunch passed another milestone yesterday as Merrill Lynch became the first known investor to sue a bond insurer, claiming that Security Capital Assurance was attempting to avoid meeting claims on $3.1 billion (£1.6 billion) of souring bonds, says the Times.