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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  • Independent on Sunday: The struggling owner of the Yellow Pages will be boosted by the lifting of an outdated advertising price cap on the telephone directory this week.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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