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Sunday Papers: Britain's banks face fresh crisis

by Himanshu Singh on Nov 04, 2012 at 06:29

Sunday Papers: Britain's banks face fresh crisis

Top stories

  • The Sunday Telegraph: British banks are to be forced to raise tens of billions of pounds in fresh capital as a result of new accounting rules due to be announced early in the new year.
  • The Sunday Telegraph: Comet was placed into administration after the American investors behind OpCapita decided to cut financial support.
  • The Independent on Sunday: Groupon has slashed its British workforce, just months after the deal-of-the-day website was found guilty of "widespread" breaches of consumer protection rules.
  • The Observer: An independent British film company has won unprecedented funding for six productions with a combined budget of $155 million.
  • Mail on Sunday: HSBC is set to become the latest bank to add to the tally of payment protection insurance payouts by High Street lenders in what has become Britain’s biggest mis-selling scandal.
  • The Sunday Telegraph: Vedanta is to come under pressure to set a deadline for its radical £6 billion restructuring.

Business and economics

  • The Sunday Telegraph: The financial information and trading website Interactive Investor has been valued at £25 million after a new fundraising designed to take advantage of upcoming regulatory changes.
  • Mail on Sunday: The Kent firm, which makes the Perfectly Clear water brand and the 1870 range of mixers, went into administration at the end of September.
  • The Sunday Telegraph: The Serious Fraud Office has closed its investigation into Keydata Investment Services after failing to track down £103 million of missing funds.
  • The Sunday Telegraph: Standard Life, one of the biggest investors in the UK, has criticised the audit industry and its regulators for failing to get in step with basic shareholder needs despite years of campaigning.
  • The Sunday Telegraph: Google and Microsoft are locked in a battle for Britain's airwaves, prompting speculation that they are planning to build free wi-fi internet capability into their mobile handsets.
  • The Sunday Telegraph: Richard Alderman, the former head of the SFO, should be made to account for the failures that led to the wrongful arrest of Robert and Vincent Tchenguiz, one of the Mayfair-based entrepreneur brothers has claimed.
  • The Independent on Sunday: Engineer WS Atkins is struggling to fill 1,200 British vacancies in the face of stiff competition for talent and concerns that the country is failing to produce enough science graduates.
  • The Sunday Telegraph: Amanda Staveley, the financier who once dated Prince Andrew, is suing one of the Ukraine's richest men as part of a £3 million battle over fees related to the 2010 sale of one of Trafalgar Square's most prominent landmarks.
  • Mail on Sunday: Profits at the Nando’s chain of chicken restaurants jumped from £31.5 million to £53.9 million on turnover of £374 million in the 12 months to February.
  • The Sunday Telegraph: Filtrona, the plastic and fibre group spun out of Bunzl seven years ago, is to change its name in an attempt to change investor perceptions about its operations.
  • The Sunday Telegraph: Amanda Staveley, the financier who once dated Prince Andrew, is suing one of the Ukraine's richest men as part of a £3 million battle over fees related to the 2010 sale of one of Trafalgar Square's most prominent landmarks.
  • Mail on Sunday: The Lloyd’s of London insurance market is expected to escape taking a serious hit from Hurricane Sandy as so much of the damage was caused by flooding.
  • Mail on Sunday: Department store Selfridges has paid out £40 million in dividends to shareholders after a bumper year’s trading.

Share tips, comment and bids

  • The Sunday Telegraph: WM Morrison Supermarkets is to launch its own clothing brand in an attempt to expand its non-food offering within stores.
  • The Independent on Sunday: The founder of Go Compare, the price comparison website fronted by the fictitious opera singer Gio Compario, has appointed advisers to look at selling the business.
  • The Sunday Telegraph: Vince Cable has rejected Lord Heseltine's call for foreign takeovers of British firms to be subject to a public-interest test, a key recommendation of the former deputy prime minister's blueprint for growth.
  • The Sunday Telegraph: The Bank of England has kick-started the recruitment process to hire at least three "super" directors to sit atop the new Prudential Regulatory Authority to help prevent the need for future banking bail-outs.
  • The Observer (Comment): The collapse of Comet on Friday was another dark day for the high street. Nearly 7,000 staff are now facing the prospect of losing their livelihoods before Christmas.
  • Mail on Sunday (Comment): Comet: consumers are nervous and the fall of yet another big retail name is likely to terrify shoppers further. High Street bankruptcies can start a vicious circle of declining confidence and weak sales.
  • Mail on Sunday (Comment): Banks are raking in more than £2 billion a year in overdraft charges as they steadily increase the cost of borrowing on current accounts. But Philip has turned to an online credit service offering an alternative to overdrafts.
  • Mail on Sunday (Midas share tip): Buy Mytrah Energy.
  • The Independent on Sunday (Comment): Europe's biggest bank, HSBC, will tomorrow unveil the highest rise in profits of any of the banks that have reported in the past week. However, all eyes will be on what the chief executive, Stuart Gulliver, has to say about money laundering and increased provisions for mis-selling payment protection insurance.
  • The Independent on Sunday (Comment): The City expects the Bank of England to shelve plans to pump billions more into the recovery this week, in the wake of the strongest quarter in five years for the British economy.

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