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Sunday Papers: Barclays to close tax unit

Sunday Papers: Barclays to close tax unit

Top stories

  • The Sunday Telegraph: Barclays is to close its controversial tax avoidance unit as one of the landmark measures of Antony Jenkins' much anticipated strategy review designed to show that "Barclays is changing".
  • The Sunday Telegraph: The Bank of England will cut its growth forecasts this week and warn that the squeeze on family finances will last longer than expected in a prediction likely to douse recent hopes that the UK was heading back to recovery.
  • The Sunday Telegraph: German energy giant RWE has warned it will significantly scale back its investment in Britain unless the Government provides "desperately needed" certainty over energy policy.
  • The Independent on Sunday: Rentokil's facilities management arm is following the wrong growth strategy, say critics.
  • The Independent on Sunday: Mark Carney's predecessor as governor of the Bank of Canada has warned that his former protégé faces "a mega-challenge" when he takes over the Bank of England later this year.
  • The Sunday Telegraph: Rolls-Royce is expected to report increased profits for 2012 this week after winning a series of new contracts with businesses such as Singapore Airlines and Air New Zealand.

Business and economics

  • The Independent on Sunday: Man Group, the troubled hedge fund that started life supplying rum to the Royal Navy in the 1780s, has asked KPMG to sort out its governance after a shareholder revolt last year.
  • The Sunday Telegraph: Italy's troubled lender Monte dei Paschi expects to receive €3.9 billion in state loans in a "very short time", Chairman Alessandro Profumo said.
  • The Observer: Associated British Foods is avoiding paying millions of pounds of tax in an African state blighted by malnutrition, a year-long investigation revealed on Sunday.
  • Mail on Sunday: Liberty Global is set to anger British investors keen to back the country’s pay-TV sector after admitting that it has no plans to list in London after its £15.5 billion deal to acquire Virgin Media.
  • Independent on Sunday: The struggling owner of the Yellow Pages will be boosted by the lifting of an outdated advertising price cap on the telephone directory this week.

Share tips, comment and bids

  • The Sunday Telegraph: Former Autonomy boss Mike Lynch has raised $1 billion through his Invoke Capital fund to invest in fledgling British technology companies.
  • The Independent on Sunday: Investment group Therium Capital is raising a fund to take advantage of the growing market in backing parties involved in multi-million pound civil court cases.
  • The Sunday Telegraph: A new pub company co-founded by David Bruce, the architect of the Firkin and Slug and Lettuce brands, is raising £10 million to build a network of local inns in traditional market towns, such as Henley-on-Thames.
  • The Sunday Telegraph: The private equity firm behind Pret a Manger could be in line for a £300 million payout after shelving IPO plans in favour of a refinancing deal.
  • The Sunday Telegraph: Aer Lingus could be worth more than €850 million if it remains independent, the airline's chief has suggested, as European competition authorities prepare to rule on Ryanair's €694m bid for Ireland's national carrier.
  • The Sunday Telegraph: Sir Stelios Haji-Iaonnou is to reopen his battle with the board of easyJet as he prepares to launch another attack in the long-running war of words with the airline he founded.
  • The Sunday Telegraph: Jaguar Land Rover will invest a total of almost £5 billion this year and next in technology and product development as it reports a rise in sales and further international expansion for the third quarter.
  • The Sunday Telegraph: Byron, the hamburger chain put up for sale by owner Gondola Holdings, is worth as much as £120 million, new figures reveal.
  • The Sunday Telegraph (Comment): Bank's CEO must persuade investors that his vision of a 'socially useful bank' can also deliver sustainable returns, reports James Quinn .
  • The Sunday Telegraph (Comment): The chief executive of McDonald's UK has called for the positive role businesses play in the wider economy to be championed.
  • The Observer (Comment): RBS's university recruitment strategy complete with fake elephant is not good form.
  • The Observer (Comment): British multinationals are using the same tax tricks that have sparked fury at Starbucks and Google.
  • Mail on Sunday (Comment): It is welcome that Legal & General Investment Management has produced recommendations to improve the confidence of investors in companies coming to market.
  • Mail on Sunday (Midas share tip): Buy and hold Victrex.
  • The Independent on Sunday (Comment): Banks need to get their boardrooms in order - a radical overhaul of senior management is needed to ensure that we are not overtaken by similar scandals in the future.

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Comment & analysis

Asset managers: 'There is going to be a distribution revolution'

2 Comments Play Asset managers: 'There is going to be a distribution revolution'

In footage not used in our original CEO tapes videos, five CEOs discuss how distribution will change in the future. Will 'distribution' be revolutionised by technology the same way that Spotify changed music or the Kindle changed publishing?