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Wednesday newspaper round-up: HSBC, Moss Bros, WH Ireland

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Date: Wednesday 02 Apr 2008

LONDON (ShareCast) - First Direct has closed its doors to new mortgage customers after receiving five times the usual volume of applications in recent weeks, says the Times.

Mike Geoghegan, chief executive of HSBC, said the UK’s biggest bank was well positioned for growth in 2008 given its strong capital base and liquidity, writes the FT.

A rebel shareholder in Moss Bros has scrapped plans to table a bid, in what is the latest twist to an increasingly protracted takeover saga of the menswear retailer, reports the Times.

A consortium of well-known City investors could soon end up owning more than 26 per cent of WH Ireland, the Manchester-based investment bank, according to the FT.

Metronet has lurched a step closer to exiting from administration after it cancelled a major contract to upgrade the signalling systems on nearly a third of the London Underground network, says the Independent.

Clara Furse, chief executive of the London Stock Exchange, was one of a number of company directors to transfer or sell shares on the eve of controversial changes to the capital gains tax regime, reports the Telegraph.

Tesco has come under fire from a supporter of its Fresh & Easy launch over an apparent U-turn on a pledge to report separate numbers for its fledging US business. James Anstead of Citigroup, the UK’s top-rated food retail analyst, said in a recent note that Tesco was shying away from a promise to break out the US as a separate business unit, writes the FT.

Virgin has held informal talks with Dubai International Capital (DIC) about securing investment backing from the $12 billion (£6 billion) sovereign wealth fund, according to the Times.

Meanwhile, the Telegraph says that Virgin Radio looks set to be taken private after Absolute Radio was selected as preferred bidder to acquire the station from Scottish television company SMG.

The number of private equity-owned companies falling into receivership rose by almost half last year to 106, its highest level since the end of the last economic slowdown in 2003, writes the FT.

Paul Myners, the former chairman of Marks and Spencer, has defended his friend Sir Stuart Rose, the retailer's chief executive who is facing an investor revolt over his promotion to chairman, reports the Telegraph.

Vodafone is seeking talks with fellow shareholders in Poland’s second-largest mobile phone operator that could enable the UK group to increase its stake in the wireless business, according to the FT.

Dell, the computer giant, is to close its first factory in its 24 years and is considering putting its financing business up for sale as the credit crisis widens, says the Telegraph.