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View the article online at http://citywire.co.uk/wealth-manager/article/a747115

Sunday Papers: RBS report on treatment of SMEs accused of being partial

by Himanshu Singh on Apr 20, 2014 at 04:21

Sunday Papers: RBS report on treatment of SMEs accused of being partial

Top stories

  • Mail on Sunday: A report commissioned by taxpayer-owned Royal Bank of Scotland to investigate its treatment of small firms has been accused of ignoring offers of information from businesses and their advisers.
  • The Sunday Telegraph: The Financial Conduct Authority is looking to change the listing rules so a majority investor has to get the support of smaller shareholders to take a company private.
  • Mail on Sunday: Discount clothing chain Primark has poached one of the retail industry’s top ‘ethical’ directors Paul Wright from his job as sourcing director across Asda’s general merchandise division on the eve of the first anniversary of the Bangladeshi building collapse that killed 1,129 garment workers.
  • Mail on Sunday: The row over top bankers’ incomes will reignite this week when taxpayer-owned Royal Bank of Scotland reveals it wants Government approval to award bonuses twice the size of salaries.

Business and economics

  • Mail on Sunday: Excel, London’s largest exhibition centre, has revealed that its revenue fell by 14% last year to £59.2 million as the boost from being an Olympic venue wore off.
  • Mail on Sunday: Billionaire Mike Ashley will face fresh questions this week from shareholders in his Sports Direct retail group over its stakes in department store chains House of Fraser and Debenhams.
  • The Sunday Telegraph: Vodafone sued for £1.1 billion by former Greek partner; Greek businessman blames mobile operator for failure of property empire.
  • Mail on Sunday: Advertising giant WPP is expected to report good revenue growth for the first three months of the year; Nomura expects WPP to say in a trading statement on Tuesday that revenue in the first quarter rose by 5.7% on year; it estimates that WPP will report full-year growth of 4%.
  • Mail on Sunday: Rebel Co-op chief deserts own bank and turns to mainstream lenders for £35 million loan; Ben Reid, chief executive of The Midcounties Co-operative, last year swapped a £15 million Co-op Bank overdraft facility for an alternative from Barclays, RBS and Lloyds; and in the past four months, Midcounties repaid £20 million in Co-op Bank loans with new ones from Lloyds and Barclays.
  • The Sunday Telegraph: Gresham faces 'trouble raising new funds' after senior partner exodus; the private equity group has embarked on a flurry of sales of its portfolio companies and has not made an acquisition since 2012.

Share tips, comment and bids

  • Mail on Sunday: Cash America, the US owner of some of Britain’s biggest payday lenders, is considering a plan to hive them off amid rising scrutiny from the Government; the plans are expected to be discussed with investors on Thursday when Cash America, which owns QuickQuid and Pounds to Pocket, announces its first-quarter results.
  • The Sunday Telegraph: Airbnb valued at $10 billion after fundraising; the San Francisco-based business has raised $450 million in fundraising.
  • Mail on Sunday (Comment): The public will not be able to stomach the multi-billion pound bonus pools of the City at least until they feel their own finances are improving.
  • Mail on Sunday (Comment): Given the flood of awful financial news that continues to pour out of both the Co-operative Bank and its 30% stakeholder, The Co-operative Group, readers would be wise to give the bank, reeling from losses last year of £1.3 billion, a wide berth.
  • The Observer (Comment): The rise in super-salaries has nothing to do with performance and everything to do with keeping up in a status race.
  • The Sunday Telegraph (Comment): Hester set to swing axe at RSA costs in next restructuring step; the new insurance boss has begun looking at a series of cost cuttings across the business to increase future profitability.

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