Tories plot cash-for-seats offer
Senior Conservatives are plotting an audacious “cash-for-seats” offer to Nick Clegg, where the Liberal Democrat leader would back a Conservative-friendly Commons boundary review in exchange for millions in state funding for his party.
US woman takes on banks over Libor
A pensioner whose home was repossessed is taking on some of the world’s leading banks in the first known class-action lawsuit claiming that alleged Libor manipulation made mortgage repayments for thousands of Americans more expensive than they should have been.
GLG trio sit on $220m Man loss
Three principals of hedge fund GLG Partners are sitting on a $220m paper loss two years on from their firm’s acquisition by Man Group in the industry’s biggest merger. Today will mark the first time that Pierre Lagrange, Emmanuel Roman and Noam Gottesman, who swapped their stakes in GLG for shares in Man on 14 October 2010, will be able to dispose of their holdings, if they choose.
You are embarrassing, says Fitch CEO
The chief executive of Fitch Paul Taylor has declared himself “embarrassed to be British” over the calibre of MPs’ scrutiny of credit ratings agencies.
InterContinental Hotels checks out
InterContinental Hotels Group is close to appointing advisers to sell its flagship hotel on London’s exclusive Park Lane for up to £250m. The sale, to be carried out by Jones Lang LaSalle Hotels, is tipped to spark cash returns to shareholders.
The Daily Telegraph
Secret Escapes wins new funding
Secret Escapes, the discount holiday retailer, has secured £8m of new funding and laid ambitious plans to hit £1bn of revenues in the next five years.
Stansted could be run for £5m less
BAA, the owner of Stansted, has made the unusual admission that anyone else could run the airport for at least £5m a year less. The figure is disclosed in the “information memorandum” sent to bidders for the Essex airport.
THE WALL STREET JOURNAL
Sumitomo to merge aviation units
Sumitomo plans to merge its aviation divisions with recently bought RBS Aviation Capital to create one of the world’s top plane-leasing operations, furthering consolidation in the industry.
Amazon says may make refunds
Amazon customers have got the first indication that they will be eligible to receive a credit estimated at between 30 cents and $1.32 for each e-book acquired between April 2010 and May 2012.