The Sunday Telegraph
BARCAP TO RAID ECM BANKERS
Barclays Capital, the investment banking arm of barclays bank, is creating a bold plan to catapult its equity capital markets (ECM) business into a global top-three player in under five years. The ambitious strategy just 18 months after its $1.85bn (£1.2bn) acquisition of Lehman Brothers’ US business, will see the bank spend an estimated $20m poaching City talent for its London office.
STRONG SHOWING ABROAD HELPS TESCO UP PROFITS 8PC
Tesco, the UK’s biggest retailer, is expected to report annual profits of £3.38bn this week, up 8per cent on last year. The strong expected results come despite a difficult year for Tesco in the UK, which accounts for around 70 per cent of its profits. UK has faced tough competition.
THE SUNDAY TIMES
AMERICAN’S POWER GRAB
AES, the American power giant that lost nearly £2bn after buying Drax, Britain’s biggest power station, is betting again on the UK energy market.
The company lodged a bid last week for the £300m Ballylumford power station in Northern Ireland, which has been put up for sale by BG Group. The FTSE 100 oil and gas business, one of the companies created when the old British Gas was broken up and privatised, has hired Goldman Sachs to sell its UK electricity plants.
RBS WITHDRAWS FROM CASH MACHINES
A small but controversial part of Royal Bank of Scotland has been put up for sale. The state-backed lender is seeking buyers for Hanco, which supplies cash machines that charge customers to withdraw their money. RBS acquired Hanco for about £80m.
FAIRFIELD SNAPS UP FORMER BP STAR
Fairfield Energy, the private equity-owned North Sea oil explorer, has snapped up BP’s former deputy finance officer ahead of a London stock market flotation. Fairfield’s management hopes the hire of Iain Macdonald as chief financial officer will bolster the company’s appeal to prospective investors.
CHINA SHOULD BRING IN JUNK BONDS
China should introduce “junk” bonds to provide smaller private companies with new funding channels as the country develops its debt capital market, a senior Chinese financial official has suggested. “It may be a little bit radical, but I think we should promote junk bonds in China,” Guo Shuqing, chairman of state-controlled China Construction Bank said.
The Daily Telegraph
GHG HEAD HITS OUT AT POLITICIANS
The head of the UK’s largest private hospital group has launched a savage attack on the three main political parties, accusing them of ignoring key health issues in the general election for fear of losing votes. Adrian Fawcett, chief executive of General Healthcare Group (GHG), has accused Labour, the Conservatives and the Liberal Democrats of constructing a “wall of silence” over the future of health care provision.
APPLE PATENTS TICKET SYSTEM
A system for distributing tickets to gigs, conferences and even weddings has been patented by Apple. The system has obvious applications for the company’s music business, with customers being able to purchase concert tickets that could be downloaded to their iPhones or iPods, and then used to gain entry to a venue.
WELLCOME TRUST INJECTS CAPITAL
The Wellcome Trust is making new funding available to help academics, small start-up businesses and pharmaceutical companies to develop potentially life-saving drugs. The health charity’s support for early-stage medical research is in response to a recession that has severely tightened the supply of vital investment.