The Sunday Telegraph
MANDELSON ATTACKS US AND EUROPE
The full scale of world tension between governments over the way to deal with the banking crisis has been revealed today after Peter Mandelson, the business secretary, said that neither America nor the European Union had shown global leadership on the issue. As the G7 finance ministers meet in Canada to try to thrash out a deal on the regulation of banking, Lord Mandelson said that the US had shown a “surprising” lack of international perspective on the issue.
RUSH FOR PEARSON’S IDC STAKE
Financial Times-owner Pearson is expecting a flurry of bids in excess of $1.6bn (£1.02bn) for its stake in market data provider Interactive Data Corporation this week. Offers are expected to be received by Friday.
THE SUNDAY TIMES
BARCLAYS STAR BACK ON THE HUNT
Roger Jenkins, the former high-flying Barclays executive, is plotting a series of deals focused on Ireland’s troubled banks. He is working on plans to buy portfolios of distressed loans or property assets that are currently destined to fall into the hands of the Irish government.
SUITORS REACH FOR FIGLEAVES
Britain’s love affair with lingerie could soon bring a big payday for the backers of Figleaves, the online underwear retailer. The company, headed by Julia Reynolds, chief executive, has recently received several bid approaches and has hired GP Bullhound, a corporate-finance firm, to advise it. Any deal is likely to value Figleaves at more than £40m, according to analysts. A sale would provide a windfall for founder Daniel Nabarro, who still owns a big slice of the equity.
LENDERS WARN OF MORTGAGE SHORTAGES
Britain’s banks and building societies have warned that they will have to slash mortgage lending and raise rates on home loans if the government insists on prompt and full repayment of the £300bn they have received in state support since 2008.
In a recent paper aimed particularly at policymakers, the Council of Mortgage Lenders set out its case for continuing government support for the special liquidity scheme and the credit guarantee scheme.
PENSIONS PILE INTO UK PROPERTY
Pension funds and other institutional investors committed the most money to the UK commercial property sector last quarter, in spite of continued fears of a further drop in values this year.
The Daily Telegraph
ASIA TAKES A LEAD IN PETROL
The oil price may have risen fairly steadily since its lows of $37 per barrel last year but petrol fumes have been causing energy majors the biggest headache lately. The world has assumed that a bounce in the fortunes of crude is a sign of global economic recovery. But demand for petroleum products – whether gasoline for haulage or heavy fuel for shipping – has remained sharply depressed below 2008 levels, while crude appears artificially to have been supported by OPEC and a weak dollar.
GORDON BROWN TO ATTEND CRISIS TALKS OVER GREECE
Gordon Brown will attend crisis talks in Brussels this week as the eurozone faces a crisis over the spiralling debt Greece and other countries have built up. The Prime Minister will preach a “tough love” message for Greece.
RECKITT BOSS SAYS “I’M WORTH IT”
The best-paid FTSE 100 boss has told The Times that he is worth his £36.8m pay packet. Bart Becht, chief executive of Reckitt Benckiser, said that his company’s shareholder returns justified his pay. He said: “We pay for performance. It’s very straightforward. There’s a very clear link between stock awarded and shareholder value.”
BANK PANEL SLAMS HEDGIE PLANS
Draft European Union legislation designed to regulate the hedge fund industry would trigger “systemic failure and widespread market disruption” if it became law. Those are the findings of the Financial Markets Law Committee (FMLC), which was established by the Bank of England, on the eve of a critical week for the EU hedge fund directive in Brussels.