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Saturday Papers: BP seeks $15bn spill settlement

And Spain is likely to approach the eurozone for help recapitalising its ailing banks this weekend, sources said.

Saturday Papers: BP seeks $15bn spill settlement

Top stories

  • The Daily Telegraph: BP is pushing for a $15 billion settlement with the American authorities to resolve all civil and criminal claims relating to the 2010 Gulf of Mexico oil spill, substantially less than the $25 billion demanded by the US department of justice.
  • The Independent: Spain is likely to approach the eurozone for help recapitalising its ailing banks this weekend, sources in Germany and the EU have told Reuters.
  • The Independent: Angela Ahrendts, the chief executive of Burberry, pocketed £15.6 million last year after she cashed in long-term share awards and picked up a hefty bonus, following storming growth at the luxury fashion brand.
  • Daily Express: Rolls-Royce is set to take full control of its joint venture engine controls business after buying out American partner Goodrich.

Business and economics

  • The Daily Telegraph: China is cutting petrol and diesel prices by nearly 6% as the world's second-biggest economy looks to stimulate consumer demand and combat the effects of the eurozone debt crisis.
  • The Guardian: Marks & Spencer has suffered a significant drop in its womenswear market share, which analysts said was a sign that its fashions are too "middle of the road".
  • The Daily Telegraph: More than 400 people lost their jobs today after another wave of stores was closed at collapsed retailer Clinton Cards.
  • Financial Times: Vince Cable is expected to water down plans to strengthen shareholders’ power to curb excessive payouts in a move that will reassure the City.
  • The Independent: Liberty, the designer department store famous for its mock-Tudor façade on London's Regent Street, is searching for locations for pop-up shops across the UK.
  • The Daily Telegraph: New car sales rose by 7.9% in May, the biggest increase since the end of the scrappage incentive scheme in June 2010 and a welcome boost to the floundering UK economy.
  • The Independent: The British former chief executive of Olympus, Michael Woodford, will receive £10 million in a settlement over his dismissal for whistle-blowing at the giant Japanese cameras and medical equipment maker.
  • The Independent: After two profit warnings this year the Airfix-to-Scalextric maker Hornby yesterday said sales of its toys and badges for the Olympics were really starting to take off.
  • Financial Times: McDonald’s sales in Asia fell last month, raising fears of the impact on companies of weakening consumer confidence in China.
  • Financial Times: Berkshire Hathaway, the investment company run by Warren Buffett, sold Residential Capital bonds in the two days after it had requested a probe into the terms of the company’s bankruptcy, court filings show.
  • Financial Times: The Association of British Insurers, a leading investor group, is alerting shareholders to potential departures from best corporate governance practice at International Airlines Group, parent of British Airways and Iberia.
  • Financial Times: Johnson & Johnson, the US healthcare group, said it will take a $600 million charge in the second quarter to settle lawsuits over allegations of bribery and improper marketing of several drugs.

Share tips, comment and bids

  • The Daily Telegraph: The London Metal Exchange and its advisers are close to deciding whether to accept a bid from either the US-listed Intercontinental Exchange or the Hong Kong Exchanges and Clearing exchange.
  • The Independent: WSP, the engineering consultancy that did the structural design on London's Shard tower, has agreed to be snapped up by Genivar, a smaller Canadian counterpart for C$442 million (£278m) in cash.
  • Financial Times: Swedish buyout fund EQT has won the race for BSN Medical, the German bandages maker, in a deal worth €1.82 billion, people close to the situation said.
  • Financial Times: An affiliate of Apollo Global Management, the US private equity group, is seeking to raise $1 billion in a share offering to reduce debt at a property company acquired at the height of the US housing boom.
  • Financial Times: GlaxoSmithKline has put back the deadline for its $2.6 billion hostile bid for Human Genome Sciences after failing to collect 1% of shares in a tender direct to investors.
  • The Daily Telegraph: ICAP, the inter-dealer broker led by Michael Spencer, has cut executive pay and overhauled its remuneration system amid fears it could face a shareholder rebellion at its annual meeting next month.
  • Daily Mail: Competition commissioner Joaquin Almunia is considering the impact of a deal that would see EMI’s catalogue, including acts such as The Beatles and Coldplay, brought into the Universal fold.
  • Financial Times: Kraft Foods delivered a blow to the New York Stock Exchange as the global snack group said it would relocate its listing to the Nasdaq.
  • The Daily Telegraph (Comment): Does Marks & Spencer, a food and clothing retailer where profits fell 16pc last year, really need banking?
  • The Independent (Comment): Bob Greifeld, the chief executive of Nasdaq, says the exchange has no legal obligation to compensate brokers who lost money because of software glitches that marred Facebook's flotation three weeks ago. But it says it will distribute $40 million to those who lost money when their trades didn't go through as requested.
  • Financial Times (Lex): Eurozone bank union: leaders should look to the common agricultural policy as a model for how to approach the bloc’s existential crisis on banking.
  • Financial Times (Lex): Tempur-Pedic: the US mattress maker is no longer floating on a cloud – but should analysts have foreseen the company’s troubles and softened the blow?
  • Financial Times: Whisky sales: emerging markets develop a thirst for hard liquor, leading Diageo to invest £1 billion in the production of Scotch over the next five years.
  • Financial Times: Junk food advertising: Disney can easily risk ad sales without upsetting investors – but to shut down its channels so kids can play outside would really turn heads.

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