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Tuesday's newspaper round-up: British Energy, Centrica, BP

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Date: Tuesday 05 Aug 2008

LONDON (ShareCast) - The Government appeared to pour cold water on Centrica's revival of its proposed all-paper merger with British Energy yesterday by coming out strongly in favour of the languishing EDF deal, says the Independent.

The UK government would block any attempt by Centrica to merge with British Energy, the nuclear group, after the owner of British Gas said it was considering the idea, adds the FT.

The turmoil at BP’s TNK-BP joint venture in Russia deepened as its chief financial officer resigned, blaming the escalating battle for control of the group for his departure, according to the FT.

Nationalised bank Northern Rock has lost half a billion pounds in the first six months of this year. The bank, which is based in Labour's North-East heartland and was controversially taken into state-ownership in February, will announce this morning that its losses are much higher than expected because home owners who took out its mortgages are struggling to make their repayments, says the Telegraph.

The £1.4bn sale of Land Securities’ outsourcing arm Trillium has taken another twist after one of the two shortlisted parties withdrew its offer from the process, leaving a Middle East consortium as the only bidder, writes the FT.

Britons typically have 5 per cent less money in their bank accounts than a year ago, HSBC revealed yesterday in one of the most graphic illustrations of the rising cost of living, says the Times.

Beales told its investors yesterday that an offer to buy up to 21.9 per cent of its shares substantially undervalues the department store chain, writes the Independent.

Companies in Britain and Europe have failed to place a single high-yield bond since the credit crisis began a year ago, leaving them ever more vulnerable to a funding crisis as the region flirts with recession, according to the Telegraph.

Brazilian mining company Vale has placed a $1.6bn (£1.3bn) order for 12 huge iron ore carriers from China's Rongsheng shipbuilder to help cut costs and boost its trade with Asia, the company said, says the Telegraph.

UBS won a court order yesterday barring a group of former and departing executives from poaching clients of its UK wealth management unit, writes the Times.

Embattled American consumers are facing an even tighter fiscal squeeze after the US experienced the biggest increase in the cost of goods and services for almost three years, according to the Telegraph.

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