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Sunday Papers: ‘Big four’ bill for mis-selling to top £1.5bn

by Himanshu Singh on Jan 20, 2013 at 07:29

Sunday Papers: ‘Big four’ bill for mis-selling to top £1.5bn

Top stories

  • The Sunday Telegraph: The cost of compensating businesses for the mis-selling of complex derivative products is to double to more than £1.5 billion across the UK's major banks.
  • The Sunday Telegraph: British taxpayers have provided Ireland with a backdoor bail-out of more than £14 billion via the Royal Bank of Scotland and Lloyds Banking Group.
  • The Observer: The collapsed DVD-rental chain Blockbuster will close 129 of its 528 stores in the coming weeks, bringing the total number of redundancies at the chain to more than 900.
  • The Independent on Sunday: The gloom over Britain's slowest recovery in a century is set to worsen this week with experts braced for the economy to slam back into reverse in the latest official growth forecasts.
  • The Observer: Up to 10,000 engineering jobs could have been created if the government had supported British companies bidding to win contracts to build North Sea oil rigs for energy giants, it has been claimed.
  • The Sunday Telegraph: Hedge fund manager Crispin Odey is backing a new £100 million-plus property-led distressed debt fund.

Business and economics

  • The Sunday Telegraph: The Financial Services Authority and its successors are to spend as much as £5 million on hiring outside consultancies to carry out economic analysis.
  • The Sunday Telegraph: Luxury chocolate retailer Hotel Chocolat has delivered a much-needed boost to the high street by achieving record sales and profits.
  • The Sunday Telegraph: New Wagamama chief executive Steve Easterbrook is carrying out an early review of the noodle restaurant's US operations with a view to expansion.
  • Mail on Sunday: Bankers at Barclays Wealth are expected to see their bonuses slashed this year after an internal inquiry uncovered a highly critical secret report.
  • The Sunday Telegraph: The new chief executive of ailing drugs maker AstraZeneca plans to bolster UK research and development in an attempt to build a "dramatically different pipeline" by 2016, sources said.
  • The Sunday Telegraph: Pearson has appointed headhunting firm Egon Zehnder to find two female non-executive directors to join its increasingly male-dominated board.
  • The Sunday Telegraph: Investors in Imperial Tobacco have raised questions over planned changes to its executive compensation structure.
  • The Sunday Telegraph: Senior Liberal Democrats are drawing up plans for a new levy on Starbucks, Amazon and other global businesses that pay low levels of tax.
  • The Sunday Telegraph: British Gas could be fined millions of pounds by energy regulator Ofgem after failing to meet targets for improving household energy efficiency.
  • The Sunday Telegraph: Negotiations between Iberia, the Spanish airline owned by FTSE 100 constituent International Airlines Group, and its pilots over restructuring plans have threatened to stall less than two weeks before a deadline to reach an agreement.
  • The Sunday Telegraph: British taxpayers have provided Ireland with a backdoor bail-out of more than £14 billion via the Royal Bank of Scotland and Lloyds Banking Group.
  • The Sunday Telegraph: Apple is expected to deliver the second strongest set of results in its history this week, with analysts forecasting that demand for the iPhone 5 catapulted profits to $12.4 billion in the final three months of last year.

Share tips, comment and bids

  • The Independent on Sunday: British engineers Amec, Babcock International, and Atkins are believed to be circling nuclear decommissioning work estimated to be worth at least $5 billion in Japan as a result of the Fukushima disaster.
  • The Independent on Sunday: Denby Pottery-owner, Hilco UK, has emerged as the frontrunner to buy HMV out of administration by the end of the month, news that will boost a high street already stricken by administrations in 2013.
  • Mail on Sunday (Comment): No wonder the tone was so forceful in the email sent by Antony Jenkins to staff, telling them to clear off if they could not abide by improved standards of behaviour. The stench of corruption must be overwhelming him.
  • Mail on Sunday (Midas share tip): Buy Dairy Crest
  • The Independent on Sunday (Comment): If Bob Dudley doesn't already have balls of steel after his Russian escapade and the Deepwater Horizon disaster, then the BP boss will have them after the terrible Algerian terrorist attack.

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