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Sunday newspaper round-up: RBS, Barclays, Close Brothers

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Date: Sunday 20 Apr 2008

LONDON (ShareCast) - Sir Fred Goodwin, chief executive of Royal Bank of Scotland, held secret talks with the City regulator over a multibillion pound rights issue days before he reveals that the group has racked up £6bn of losses from the turmoil in the credit markets, says the Sunday Telegraph.

The Bank of England is set to unveil a rescue package of around £50bn to shore up the UK's fragile banking system, writes the Independent on Sunday.

The Sunday Times adds that the Bank of England’s package to restore liquidity and confidence to the money markets could provide the economy with a significant boost and head off part of the widely expected economic downturn.

The head of one of China's largest state-owned banks is to join the board of Barclays within a matter of weeks, reports the Sunday Telegraph.

William Pears, the property investment group, has emerged as a surprise frontrunner in the £1.5bn bidding war for Land Securities Trillium, the outsourcing giant, according to the Independent on Sunday.

Venture capital investment in crop-based biofuels reached $360m (£180m) worldwide in the first quarter, despite fears that the industry is taking farmland away from food production, says the Independent on Sunday.

The Sunday Telegraph has learned that BBC Worldwide has begun talks with firms including Cinven, Kohlberg Kravis Roberts and Providence Equity Partners about a combined offer for Virgin Media Television, which includes the 50 per cent share of the UKTV content business that the BBC does not already own.

Infrastructure costs for the athletes' village at the London 2012 Olympics have more than doubled to £500m, in the latest budget-breaking blow for the £9.3bn games, writes the Independent on Sunday.

The luxury airline Eos is in talks to secure a $50m (£25m) cash injection in the hope of breaking even next year, according to the Sunday Times.

Global Steel Holdings, a Mittal family concern, has filed a lawsuit at the International Court of Arbitration over the Nigerian government's decision to renege on its sale of its largest iron and steel plant, reports the Independent on Sunday.

The female entrepreneur who brought Fake Bake artificial tanning creams to Britain has acquired the brand’s American parent company in a deal worth more than £10m, says the Sunday Times.

Close Brothers, the mid-market investment bank, fears an exodus of staff next year when so-called salary "lock-ins" mature, writes the Independent on Sunday.