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Sunday Papers: Xstrata to support Glencore’s $80bn merger offer

And Tesco boss Phil Clarke is expected to report first-half profits down by 12% to £1.6 billion after piling money into discounts and investing in stores.

 
Sunday Papers: Xstrata to support Glencore’s $80bn merger offer

Top stories

  • The Sunday Telegraph: The board of Xstrata is to recommend Glencore's revised $80 billion merger offer in a move which will create a global commodities and mining powerhouse.
  • Mail on Sunday: Tesco boss Phil Clarke is expected to report first-half profits down by 12% to £1.6billion after piling money into discounts and investing in stores.
  • The Independent on Sunday: The Big Four accountants face a grilling from the Competition Commission this week, as the regulator's probe into the audit market looks at what actions might need to be taken against the firms.
  • Mail on Sunday: Deutsche Bank has lost a £50 million battle to avoid paying tax on bonuses; a tax tribunal has ruled against a Cayman Islands share scheme it set up – while saying the almost identical scheme of rival UBS did work.
  • Mail on Sunday: Aerospace and defence groups BAE and EADS are threatening to walk away from the deal unless all but a few formalities are completed by 10 October.

Business and economics

  • The Sunday Telegraph: The Government's attempt to turn Old Street roundabout in London into Britain's equivalent of Silicon Valley is under pressure from rival projects in Canary Wharf and Ireland.
  • The Sunday Telegraph: Cigarettes giant Japan Tobacco International is to pursue the Office of Fair Trading for a £50 million refund relating to allegations that it was involved in a price-fixing cartel.
  • The Sunday Telegraph: Stephen Hester, chief executive of Royal Bank of Scotland, has admitted it will take a generation to change the culture in the banking industry.
  • Mail on Sunday: Sales at luxury fashion label Alexander McQueen have soared 27% to £41 million following a boost from its work for the Duchess of Cambridge.
  • The Sunday Telegraph: BP and oligarch partners AAR are set for a boardroom showdown over TNK-BP's dividends - shining a spotlight on the dire relations that could derail the British company's plans for exiting the joint venture.
  • The Sunday Telegraph: More than 40,000 interest rate swaps could have been mis-sold to small businesses by their lenders, according to a revised estimate of the potential scale of the scandal by the FSA.
  • The Sunday Telegraph: Ireland is destined to become a "feeder nation" reliant on money being sent home from workers abroad, a leading hedge fund has warned, dashing hopes of a return to the "Celtic Tiger".
  • Mail on Sunday: About 400,000 homeowners with Santander mortgages will see their monthly payments rise this Wednesday, putting financial pressure on many already strained household budgets.
  • Mail on Sunday: 4G, suitable for Apple’s latest iPhone 5, is set to be available next month from Everything Everywhere, owner of T-Mobile and Orange.
  • The Sunday Telegraph: Spain's debt level and borrowing needs are set to rise next year, piling pressure on the government to apply for international aid, as it pours funds in to cash-strapped regions and an ailing banking system, its budget showed on Saturday.
  • The Sunday Telegraph: Thousands of Portuguese protested on Saturday against austerity, stepping up their opposition to the country's €78 billion bailout ahead of new spending cuts and tax hikes to be announced in the government's 2013 draft budget.
  • Mail on Sunday: The British company behind Moshi Monsters, the child-friendly equivalent of Facebook, has moved into the black with profits of £9.8 million.

Share tips, comment and bids

  • The Sunday Telegraph: Primal Pictures, a British company whose technology has been used to make science come to life in the popular Waking the Dead and CSI television series, has been sold to Informa for £12 million.
  • The Independent on Sunday: Keolis, a French state-owned rail operator, is planning to bid to run the East Coast Main Line, which the Government plans to re-privatise having taken control of the London-Edinburgh route in 2009.
  • The Independent on Sunday: The City regulator will this week announce a clampdown on listing rules aimed at preventing the kind of scandals which have surrounded foreign mining companies such as Kazakhstan's ENRC and Indonesia's Bumi.
  • The Sunday Telegraph: Britain's fastest growing retailer - B&M - has been put up for sale for £850m in a move that could catapult the three brothers behind the company to become one of UK's richest families.
  • The Sunday Telegraph (Comment): When Stephen Hester stands up before students and staff of the London School of Economics on Monday night, he will do so in a perhaps sombre mood.
  • The Sunday Telegraph (Comment): Were it not for rubber bullets on the streets of Madrid and a US presidential election campaign building a head of steam, China would surely be getting more attention than it has.
  • The Observer (Comment): Chastened by a profit warning, Tesco has stopped the mad dash for expansion and is revamping its existing estate. Rivals should take note.
  • The Observer (Comment): The latest balance of payment figures show that Britain is living beyond its means – and if the coalition is serious about helping manufacturers, it must do more than shake a few hands in Brazil.
  • Mail on Sunday (Comment): Any U-turn on the fiscal mandate would be an exercise in forgiveness-seeking, in terms of asking capital markets to bear with the Chancellor and continue to lend the Government money at extraordinarily low interest rates.
  • Mail on Sunday (Comment): Beware investment bankers in times of famine. Figures from Thomson Reuters last week showed that their traditional fodder of mergers and acquisitions revenue slumped in the past three months to the lowest level since the early days of the credit crunch.
  • Mail on Sunday (Midas share tips): Buy Paragon Group, but keep an eye on the economy and housing market for signs of weakness.

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