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Monday Papers: HSBC sounds out spin-off of UK unit

Monday Papers: HSBC sounds out spin-off of UK unit

Top stories

  • Financial Times: HSBC has sounded out investors about a flotation of its UK arm, in a move that would realise value from its high street banking business and address regulatory pressures.
  • Daily Mail: BP was given another boost at the weekend in its fightback against crippling claims against the multinational in the US courts over the Gulf of Mexico oil spill in 2010, when a federal judge refused to allow a class action by investors alleging fraud by the UK oil company.
  • The Daily Telegraph: Candy Crush maker King, which is gearing up for a potential $5billion flotation on the Nasdaq stock exchange, has delayed its initial public offering until next year amid fears that the flagship game has been “too successful”.
  • Daily Mail: Former directors and investors in collapsed fashion chain Peacocks are considering a complaint about Royal Bank of Scotland to the Serious Fraud Office, according to reports.
  • Financial Times: The move by New York-based hedge fund Platinum Partners to invest in the recovery of Brazilian fraud claims worth $5.1 billion shows how investors are venturing deeper into the more esoteric areas of emerging markets in their quest for yield.
  • Financial Times: Bob Diamond has secured the preliminary support of several big institutional investors for his planned $250 million cash shell targeting the African banking sector that will mark his return to the global financial industry.
  • Financial Times: Bitcoin has fuelled a surge in the number of cyberattacks where computers and personal data are held hostage in return for ransoms paid in the almost-anonymous virtual currency.

Business and economics

  • Financial Times: Business leaders have welcomed the first global trade deal in the WTO’s 18-year history as a boost to the bottom line and the global economy.
  • Financial Times: Germany’s banking watchdog has called for government involvement in the setting of benchmark interest rates, such as the London interbank offered rate (Libor).
  • Financial Times: China is relaxing its grip on interest rates with the launch of a financial instrument that allows banks to trade deposits with each other at market-determined prices.
  • Financial Times: The National Asset Management Agency, set up to clear toxic property loans from Irish banks, plans to sell at least €1 billion of Irish properties and loans next year to cash in on improving sentiment towards Ireland, which will exit its international bailout next week.
  • Daily Mail: Troubled Co-operative Bank is hiving off a £1.7 billion portfolio of business loans as part of its rescue plans.
  • Financial Times: Cerberus is offering its investors a way to sell their interest in the maker of the gun used in the Newtown school shootings a year ago after the US private equity group failed to deliver on its promise to dispose of the company.
  • The Daily Telegraph: British treasury is working to quantify how much of nearly £780 million owed to UK taxpayers will be returned in the wake of Dunfermline Building Society’s collapse.
  • Financial Times: The battle between Hungarian oil and gas producer Mol and the Croatian government for control of the Adriatic country’s flagship energy group may have taken another twist with the launch of a lawsuit in Budapest.
  • Financial Times: Renault-Nissan hopes to reach an agreement with German partner Daimler to deepen the alliance between the carmakers during the first quarter of next year.
  • Financial Times: Institutional investors are pouring money into private equity funds because they predict dealmaking will improve in the next two years.
  • Daily Mail: Dragons’ Den failure Gousto,which delivers organic food, has been given a £1.2 million cash boost as it enjoys booming sales.
  • The Guardian: Nearly 800 people have been injured in scores of largely unreported fires in garment and textile factories in Bangladesh in the last 12 months, according to new figures compiled by international labour campaigners.
  • The Daily Telegraph: Former M&S boss says it's not the fault of foreigners if they are prepared to come to the UK and work longer hours, and for less money, than Britons are prepared to.
  • Financial Times: Arundhati Bhattacharya, the new chairman of State Bank of India, has pledged to crack down on rising levels of corporate bad debt that have alarmed policy makers and foreign investors in Asia’s third-largest economy.
  • The Guardian: Aldi is the latest retailer to leap into the highly competitive budget tablet computer market with its new £79.99 low-end Medion Lifetab Android tablet.
  • Daily Mail: Formula E, the world’s first electric single-seater motor racing series, is in talks with the companies about a UK television rights deal.

Share tips, comment and bids

  • Financial Times: The owners of BMC, the software group, have waded into the battle to buy smaller rival Compuware in a move that would create a $9 billion technology business.
  • The Guardian (Editorial): The gap between what British MPs say about their own pay in private and what they feel constrained to say in public is immense.
  • The Guardian (Comment): The British chancellor is shrinking the state to pre-1948 levels. He has other options but this is not just about the money.
  • The Daily Telegraph (Comment): An informal cap on the pound is the only way to rebalance British economy.
  • The Daily Telegraph (Comment): Over the next 20 years it is estimated that £930 billion will be spent globally on building new nuclear reactors. Britain should aim to win a large slice of that business.
  • Financial Times (Lex): AAA: In nervous markets, such as 2008, being the most creditworthy is a big draw. But in a market obsessed with yield, there is little benefit.
  • Financial Times (Lex): Spanish utilities: The government is getting cold feet over energy sector reform just as the sector was starting to emerge from its winter of regulatory and legal uncertainty.
  • Financial Times (Lex): Hilton: Private equity group Blackstone has managed an impressive rehabilitation of its investment in hotel group Hilton. Can it check out in time?

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