WHAT THE OTHER PAPERS SAY THIS MORNING

THE SUNDAYS

The Sunday Telegraph

CHEYNE CAPITAL SHUTS EQUITY FUND AFTER POOR PERFORMANCE
London-based hedge fund Cheyne Capital has closed a much-heralded equities fund only a year after it opened. The fund, which it is believed was equivalent to around 1 per cent of the approximate £5bn Cheyne has under management, closed after a dissapointing performance amid a turbulent equities market.

CARR: NEW NUCLEAR ENERGY VITAL FOR UK
Roger Carr, chairman of Centrica, has warned that Britain must wake up to its future reliance on nuclear energy if it wants “to keep the lights on”. Carr said nuclear power is a ‘practical necessity” if the UK is to reduce its carbon usage by 80 per cent by 2050. Carr urged for a “fast track” planning approach to future reactors.

THE SUNDAY TIMES

RISK CAPITAL SELLS STAKE IN CELEBRITY FISH SUPPLIER
Entrepreneur Luke Johnson is preparing to sell a stake in Seafood Holdings, the firm that supplies fish to top restaurants and chefs such as Gordon Ramsay and Heston Blumenthal. Johnson’s private equity firm Risk Capital Partners has hired Cavendish Corporate Finance to find a buyer for its 24 per cent stake in the company.

DOORSTEP LENDER FACES ADMINISTRATION
Cattles, the doorstep lender, has begun preparing for administration in a move that is expected to wipe out the investments of about 160,000 small shareholders and threaten 3,000 jobs in Britain. Last ditch rescue negotiations with creditors fell through last week.

TODAY

FINANCIAL TIMES

TESCO PLANS FOR US FOOTHOLD TOO AMBITIOUS
Sir Terry Leahy’s original vision for Tesco’s assault on the US was far more ambitious than the retailer has publicly admitted, with the chief executive drawing up plans for a chain of 10,000 convenience stores across America. To date Tesco has only opened 168 branches of its Fresh&Easy store, three years after Leahy’s pledge.

CAMERON EARNS LESS THAN 9,000 PUBLIC SERVANTS.
More than 9,000 people working in the public sector earn more than the prime minister’s £142,500 a year, according to the most extensive analysis to date of senior public sector pay. Some 38,000 public sector staff earn more than £100,000 a year.and

theguardian

BRAZIL’S OIL FIRM PETROBRAS AIMS FOR LARGEST SHARE ISSUE IN HISTORY
Brazil’s state-controlled oil company Petrobras is aiming to sell a record-breaking $64bn (£41bn) worth of shares to investors this week – the latest and biggest sign of the developing nation’s recent ascent through the ranks of world finance. The offering is set to become the largest issue to date, surpassing the $36bn raised by Japanese telecoms company NTT in 1987 and the $24bn raised by the Royal Bank of Scotland in June 2008.

DIVIDEND BONANZA AS BUTLINES RIDES BRITISH STAYCATION BOOM
The family owners behind the Butlins and Haven holiday parks are happy campers, after pocketing nearly £60m in dividends as cost-conscious Britons continued to holiday at home rather than abroad.

THE TIMES

BARCLAYS LOOKS TO WARD OFF GOVERNMENT
Barclays is working on contingency plans to make radical changes in an attempt to head off more draconian government measures. The high street bank is looking at ways to ring-fence its deposits and is considering whether to put its investment banking arm Barclays Capital into a separate legal entity. The move comes soon after Barclays controversially announced that Bob Diamond, the head of its investment banking division, would become group chief executive next March.

MAYOR WARNS OVER OLYMPIC VISITOR FORECASTS
Executive Director of the European Tour Operators Association Tom Jenkins says that forecasts of visitor numbers to the 2012 Olympics “appear to be exaggerated”.