PRESS DIGEST - Sunday British Press - March 18
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PRESS DIGEST - Sunday British Press - March 18

www.reuters.com   | 18.03.2012.

LONDON, March 18 (Reuters) - British newspapers reported the following business stories on Sunday:
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THE SUNDAY TIMES SECOND TIME LUCKY: BUYOUT FIRM SNAPS UP FOXTONS AGAIN A buyout firm that lost tens of millions of pounds on Foxtons by purchasing the estate agency just before the property crash is to acquire it for a second time. BC Partners is close to taking control in a deal that will value the chain at up to 250 million pounds ($396 million). OSBORNE TO BET 40 BILLION POUNDS ON SMALL FIRMS Finance minister George Osborne will unveil plans this week to pump 40 billion pounds of cheap loans into small businesses in an effort to boost the economy. VODAFONE EYES 1 BILLION POUND TAX HOLIDAY FROM CWW TAKEOVER Vodafone could reap a 1 billion pound tax windfall if the mobile phone group wins its battle for control of Cable & Wireless Worldwide. GERMANS IN THREAT TO CLOSE BMI Lufthansa is considering shutting down its BMI British Midland subsidiary if the sale of the loss-making carrier is held up by the European Union. THOMAS COOK'S INDIAN TAKE-OUT Up to 10 bidders are vying for the Indian currency exchange business being sold by Thomas Cook, the beleaguered holiday company. BANKER SCOOPS 10 MILLION POUNDS The head of Standard Chartered's investment bank is set to be announced as one of Britain's best-paid bankers this week, with a salary and bonus package of about 10 million pounds. LI KA-SHING TURNED ON BY BATTERSEA Hong Kong's richest man is considering a bid for Battersea power station, the derelict landmark on the south bank of the river Thames in London. GAME GROUP IN RACE TO SECURE 180 MILLION POUND LIFELINE Game Group has a week to raise about 180 million pounds or risk collapsing into administration. BT LINES UP 1.5 BILLION POUND PENSION BAILOUT BT is preparing to put up to 1.5 billion pounds into its pension fund in an effort to tackle a huge shortfall in the scheme - and clinch a multi-million-pound tax credit. MINING BOSS WARNS OF BOARDROOM CULL The new chairman of ENRC has sought to draw a line under the FTSE 100 mining group's past by calling for a boardroom clear-out. CAPITA CATCHES BLUEFIN Capita is close to sealing a deal to buy the employee-benefits business of Axa, the French insurance group. Bluefin could fetch 50-70 million pounds. VARLEY IN RIO PAY SHAKE-UP The former chief executive of Barclays is helping Rio Tinto overhaul its executive pay scheme after years of investor complaints that it hands bosses generous rewards for meeting easy targets. MOUCHEL SOS OVER DEBT PILE Goldman Sachs has been hired by Mouchel to advise the troubled engineer how to tackle its 90 million pound debt.

THE SUNDAY TELEGRAPH BARCLAYS IN MIS-SELLING APOLOGY Barclays has been forced to formally apologise to the Financial Services Authority after evidence uncovered by 'The Sunday Telegraph' revealed the bank demanded clients withhold information from the regulator over the sale of swap products.

FSA LAUNCHES INQUIRY INTO SWAPS SCANDAL The Financial Services Authority is examining fresh claims banks have mis-sold derivatives to small businesses following The Sunday Telegraph and The Daily Telegraph's investigation over the past week. CO-OP AND RIVAL CEO LINKED OVER LLOYDS DEAL The Co-operative Group has held talks with the chief executive of its main rival in the 1.5 billion pound race to buy a prized network of Lloyds Banking Group branches. PENSION FUNDS TURN ON ZUCKERBERG Facebook founder Mark Zuckerberg is facing a backlash from some of the world's major pension funds over his plan to keep a controlling grip on the company after its flotation. BUSINESS BELIEVES 50 PCT TAX RATE IS MAJOR "DETERRENT TO GROWTH" Business fears over the 50 percent top rate of income tax have grown in the past year, a survey of some of Britain's biggest companies found.

ANGLO ACCUSES CODELCO OF 'BULLYING' TACTICS OVER COPPER MINE Anglo American has accused mining giant Codelco of "bullying" tactics after its Chilean rival arrived in London last week to make its case in an increasingly bitter battle over the valuable Los Bronces copper mine in Chile.

PREMIER PLOTS ITS FIGHTBACK Premier Foods is to reveal how it will accelerate its disposal plan and focus on eight key "power brands" after a refinancing deal last week gave it breathing space to stabilise trading and reduce debt. BC PARTNERS BUYS BACK FOXTONS STAKE IN 77 MILLION POUNDS RESTRUCTURE DEAL Private equity firm BC Partners has bought back a majority stake in estate agent Foxtons for 55-75 million pounds. THE INDEPENDENT ON SUNDAY EMAP LOOKS TO 100 MILLION POUND MAGAZINE SELL-OFF Publishing and events business Emap is understood to have lined up corporate adviser Hawkpoint to sell its trade magazines business, which includes industry-leading titles 'Nursing Times' and 'Broadcast'. MPS LEAVE HEATHROW OPEN TO CARVE-UP THREAT Ownership of Heathrow airport could be divided up as a result of small print in the Civil Aviation Bill going through Parliament. THE MAIL ON SUNDAY CO-OP IN PLEA FOR LLOYDS BRANCHES The Co-operative Group hopes to convince financial regulators it can 'phase in' banking expertise in the boardroom to allow it to press ahead with buying 632 branches from Lloyds Banking Group. OAKTREE SET TO RESCUE FITNESS FIRST IN DEBT-FOR-EQUITY DEAL Debt-laden Fitness First is on the verge of being rescued, with investment fund Oaktree Capital set to take control in a matter of weeks.



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