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Thursday's newspaper round-up: HBOS, Rolls-Royce, Barclays

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Date: Thursday 17 Jul 2008

LONDON (ShareCast) - Underwriters to the HBOS rights issue were preparing to pick up the tab for the UK mortgage bank’s £4bn cash call after a fresh slump in the stock made it highly likely that shareholders would shun the fundraising, says the FT

Rolls-Royce is creating a nuclear unit to ensure that it gets a slice of the global civil nuclear market that the engineer believes will be worth £50bn in 15 years' time, says the Independent.

Investors in Barclays are expected to waive their right to buy new stock as part of the bank’s £4.5bn capital increase, reports the FT.

The Government can not wriggle out of paying compensation to Equitable Life policyholders after its bailout of Northern Rock, the head of the life insurer Vanni Treves has insisted, writes the Telegraph

The Financial Services Authority will be dealt yet another hefty blow to its credibility today, as the Parliamentary Ombudsman, Ann Abraham, reverses her decision of five years ago and accuses it of maladministration for its role in the collapse of Equit-able Life eight years ago, adds the Independent.

Goldman Sachs, the most powerful investment bank on Wall Street, has found itself at the centre of a storm over the events that led to the collapse of Bear Stearns, as regulators issued subpoenas in the hunt for evidence of market manipulation, says the Independent.

Executives of AOL, the internet arm of Time Warner, met for formal talks with Microsoft yesterday afternoon to discuss a $40 billion (£20.02 billion) break-up of Yahoo!, the internet search engine, it has emerged, says the Times.

The London Stock Exchange has come under fire for refusing to name four Aim companies that it fined a total of £170,000 for misleading the market, says the Telegraph.

A war between Europe’s leading exchanges to bring forward their opening times was narrowly averted on Wednesday when Turquoise, the alternative equities trading platform, backed down from plans to open 15 minutes before the region’s incumbent bourses, reports the FT.

Traders are betting that the credit crunch will still be hurting banks at the end of 2010 with financial institutions expected to be scrambling for cash to shore up their end-of-year balance sheets, says the FT.

Gordon Brown and Alistair Darling finally scrapped a planned 2p rise in fuel duty yesterday as they bowed to pressure to ease financial stress on badly squeezed families and businesses, writes the Times.

Hundreds of jobs were lost yesterday as the economy was rocked by the worst unemployment figures for 16 years and a public service strike led to rubbish piling up in the streets, reports the Times.

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