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Sunday Papers: Co-op rift risks £383m due to banking arm

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Sunday Papers: Co-op rift risks £383m due to banking arm

Top stories

  • The Sunday Telegraph: Co-op Group will owe additional £120 million to the Co-operative Bank if it takes up its rights as part of a fresh £400 million capital raise, it already owes £263 million as part of last year’s £1.5 billion fundraising.
  • The Sunday Telegraph: If Scotland votes for independence, the UK’s defence and aerospace industries risk losing their status as a big player, says ADS chief.
  • Mail on Sunday: Interest rates won't go up for 15 months, according to top forecasters.
  • The Sunday Telegraph: Angel Gurria urges Europe to follow UK and implement structural reforms to increase the flexibility of their labour markets.

Business and economics

  • The Sunday Telegraph: Direcor of Serious Fraud Office, David Green is disputing claims that he has not done enough to reform the agency since taking charge in 2012.
  • The Sunday Telegraph: European Central Bank president says any additional strengthening of single currency would warrant non-standard measures such as quantitative easing.
  • The Sunday Telegraph: OECD chief has urged Europe to follow UK and implement structural reforms to increase the flexibility of their labour markets.
  • The Sunday Telegraph: Investors fear further Royal Mail sale as lock-up expires; jitters over lock-up have already weighed on shares of Royal Mail, which have fallen 12.1% since beginning of April.
  • The Sunday Telegraph: Meyer 'Micky' Malka has quit Wonga board; departure follows the surprise decision of founder Errol Damelin to step down as chairman of the payday lender at the end of last month.
  • The Sunday Telegraph: Lack of capacity at Heathrow costs the British economy £14 billion a year, according to chief executive.
  • Mail on Sunday: Fresh details about the collapse of sports chain JJB in 2012 could emerge this week when the firm’s chairman and his son appear in court to face fraud charges.
  • Mail on Sunday: Britain's chicken farmers are heading to China later this month in the hope that its insatiable appetite for chicken feet and other ‘delicacies’ will provide a big new market.
  • Mail on Sunday: High end hotel cleaning business Casna Group is diversifying and moving into the sports arena to boost its income.

Share tips, comment and bids

  • Mail on Sunday (Midas share tip): Estate agency and lettings chain Martin & Co ideally positioned to benefit from blooming property market – buy.
  • The Sunday Telegraph: Lloyds is aiming for May float of TSB, despite recent market tremors.
  • The Observer (Comment): The higher they rise, the harder they fall: just as it was in the dotcom boom.
  • The Independent on Sunday (Comment): It will feed, fund or bury us, but the Co-op can't look after itself.
  • Mail on Sunday (Comment): Time is running out for Co-operative; the shock exit of Lord Myners as a senior non-executive of the group should be a wake-up call to the rest of the board and the wider organisation.
  • The Observer (Comment): As the Fed cuts its bond buying programme, the market is softening and, like last time, the tech stocks are tumbling first.
  • The Observer (Comment): Banks, governments and households still have huge debts. A vast savings glut has been invested in funds linked to junk bonds. There's no easy way out.
  • The Sunday Telegraph (Comment): UK’s current account deficit - our imbalance of imports over exports, plus net gains on overseas investments - was a stonking £22.4 billion during the fourth quarter of 2013.
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