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Thursday newspaper round-up: Barclays, Marks & Spencer, Debenhams

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Date: Thursday 27 Mar 2008

LONDON (ShareCast) - Barclays president Bob Diamond was the banks' highest paid executive last year, after receiving £18.5m in cash, bonuses and share options, says the Telegraph.

Legal & General again hit out at Marks and Spencer’s decision to appoint Sir Stuart Rose as executive chairman, saying that the company’s explanation for the move did not assuage the insurer’s concerns about the concentration of power at the top, writes the FT.

Shares in Debenhams tumbled on Wednesday as one of its key investors bailed out of the department store chain after suffering a sharp fall in the value of its holding since its flotation, reports the FT.

European Central Bank chief Jean-Claude Trichet warned that global markets were in the midst of a major correction which recalled the 1997-98 Asian financial crisis and the first global oil shock, according to the Telegraph.

A rift is emerging between the White House and the US Federal Reserve over whether banks should be bailed out by taxpayers, the Times has learnt.

US Treasury Secretary Henry Paulson has revealed his department is working on a "blueprint for regulatory reform" in an effort to avert further market turmoil in the wake of investment bank Bear Stearns' collapse, says the Telegraph.

Lewis Chester, one of the UK's richest hedge fund managers and a donor to the Conservative party leader David Cameron, has promised to fight allegations in the US that he aided and abetted frauds against millions of mutual fund investors, writes the Independent.

US-based reactor maker Westinghouse is planning a nuclear renaissance that will use Britain as a springboard to supply reactors to the whole of Europe, creating more than 15,000 jobs here, reports the Times.

Motorola is spinning off its loss-making mobile phone division in a move calculated to appease fractious shareholders, according to the Independent.