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Sunday's newspaper round-up: Bank bail-out progress, RBS, Baugur
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Date: Sunday 12 Oct 2008
LONDON (ShareCast) - Treasury sources confirmed that the Government had drawn up plans to take on a majority stake in Royal Bank of Scotland and big holdings in Lloyds TSB, HBOS and Barclays under its £500bn plan to bail out the banking industry, says the Sunday Telegraph.
The unprecedented move will make the government the biggest shareholder in at least two banks; HBOS and RBS, says the Sunday Times, which adds that the scale of the fundraising could lead to bank shares being suspended tomorrow at the London stock market.
Sir Fred Goodwin, the chief executive of Royal Bank of Scotland, is understood to be close to resigning as part of the rescue deal being put together to raise £10bn from either the Government or the private sector, says the Independent on Sunday. The Observer says chairman Sir Tom McKillop also faces the axe 'within weeks'.
Trevor Matthews, chief executive of insurer Friends Provident, is believed to be running the rule over HBOS's 59 per cent stake in St James's Place Capital (SJP), the wealth manager, reports the Independent on Sunday.
The future of Morgan Stanley, the American investment bank, is also in doubt today following a sharp sell-off of shares and warnings of a possible credit downgrade from Moody’s the ratings agency. Mitsubishi UFJ Financial Group is reviewing the terms of a $9 billion (£5.3 billion) capital injection into the bank and may launch a takeover, says the Times.
Retail billionaire Sir Philip Green is poised to cement his position as king of the high street after staging a dramatic intervention to stave off the collapse of Icelandic retail investor Baugur, reports the Observer.
Malcolm Walker, founder of the frozen food chain Iceland, is thought to have ended his interest in buying Woolworths, and is instead deciding whether to buy up chunks of his group owned by Baugur, says the Independent on Sunday.
Premier Food’s board, led by Robert Schofield, its chief executive, is in detailed talks with CCMP Capital, formerly the private-equity arm of JP Morgan, about a cash injection likely to be worth several hundred million pounds, reports the Sunday Telegraph.
Some of ITV’s biggest stars may have to take a pay cut as the broadcaster battles to trim its budgets while advertising income plunges, reports the Sunday Times.
Property tycoon Robert Tchenguiz is believed to have sold his entire 3% holding in Whitbread, the hotels-to-coffee shops leisure group, reports the Sunday Times.
David Tye and Andrew Wilson, the chairman and chief executive of listed property group Rugby Estates, are wooing leading shareholders over a plan to raise £100m in fresh equity, says the Independent on Sunday.
SABMiller, the brewing group, is considering restricting sales of Peroni in the UK to ensure the top-selling beer doesn't suffer the fate of rival Stella Artois, writes the Independent on Sunday.
The Lehman Brothers board signed off on more than $100m (£59m) in payouts to five top executives just three days before the bank went bankrupt leaving thousands of employees out of work in London, reports the Sunday Times.
American car giants GM and Chrysler could merge in a desperation deal that would lead to tens of thousands of job losses and reshape the global auto industry, reports the Sunday Times.
The G7 club of rich nations was this weekend facing up to a seismic shift in the global economy, as the International Monetary Fund predicted that emerging markets would soon be sitting on $6.5 trillion of foreign currency reserves, reports the Observer.
The credit crunch took no prisoners in UK plc during the third quarter, with companies firing out 111 profit warnings - the worst showing for the period since 2001. Size nor sector provided shelter as the global financial crisis intensified with the report's authors Ernst & Young issuing a bleak warning that the 'worst is yet to come', in the Observer.
The global slump in share prices will lead to companies being forced to top up defined benefit or final salary pension schemes to the tune of tens of millions of pounds, according to accountancy firm Deloitte, also in the Observer.
At least 10 American and British pension funds and institutions owed money by failed Icelandic banks have hired London-based commercial lawyers to try to retrieve the debt, reports the Independent on Sunday.
Claims by companies holding credit insurance policies have surged by nearly a third as the effects of the credit crunch seep into the real economy, according to findings from the Association of British Insurers (ABI), writes the Independent on Sunday.