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Tuesday newspaper round-up: Tesco, Marks & Spencer, LSE

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Date: Tuesday 01 Apr 2008

LONDON (ShareCast) - Speculation that Tesco is losing its golden touch intensified yesterday as Britain's biggest supermarket shelved plans to sell clothing online, says the Times.

Marks and Spencer is preparing to send out a formal letter to shareholders over its decision to promote Sir Stuart Rose to the controversial role of executive chairman, as the retailer moved to contain the growing row over its corporate governance standards, writes the FT.

The desperate scrabble for cash among the world’s best-known banks continued last night as UBS prepared to raise about SwFr13 billion (£6.5 billion) and Lehman Brothers about $3 billion through rights issues, reports the Times.

The FT adds that Lehman Brothers is considering halting all new loans from its two British subprime mortgage units and putting further pressure on borrowers with a chequered credit history whose mortgages are coming to the end of fixed-rate terms.

The Governor of the Bank of England dampened hopes of a cut in interest rates as soon as next week when he issued a renewed warning yesterday that Britain's central bank must take a hard line to ensure that present high levels of inflation are quelled, according to the Times.

The amount British pension schemes have invested in shares has hit a record low as concerns over the health of the global economy have led to an exodus from the stock market, says the Telegraph.

The London Stock Exchange said on Monday night it was looking at “all options” for its clearing arrangements in the latest sign that an overhaul of post-trade services is sweeping Europe, writes the FT.

Ministers who misuse official statistics will in future be "named and shamed" by a new official statistics "watchdog", reports the Independent.

Emissions trading firms risk damaging the integrity of the nascent market by making false claims about their green credentials, according to the Telegraph.

Hank Paulson, the US Treasury Secretary, issued a plea for serious consideration of his ground-breaking plans for a simplification of financial regulation, as critics lined up to warn they would not be enough to protect consumers and prevent financial crises, says the Independent.

The world economy is at the end of a "super-boom" in asset prices and debt which has lasted since the end of the Second World War, billionaire investor George Soros has warned, reports the Telegraph.