WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
RBS EYES SELL-OFF OF 300 BRANCHES
Royal Bank of Scotland (RBS) is exploring a government-backed plan to give up all its 312 RBS-branded branches in England and Wales, in a radical move to satisfy Brussels state-aid authorities that could boost business banking competition on the high street.
Officials close to the negotiations say the plan – mediated by the Treasury- is well advanced and is “the proposal” being considered by Neelie Kroes, EU competition commissioner.
TULLETT PREBON MOVES INTO BRAZIL
Tullett Prebon has become the latest British inter-dealer broker to highlight growing interest in Brazilian capital markets by buying Convencao Corretora de Valores e Cambio, a leading Brazilian inter-dealer broker, for an initial cash payment of R$20m (£7.3m).
SOME PENSION SCHEMES CLOSE TO INSOLVENCY, SURVEY REPORTS
A small number of UK pension schemes are so underfunded, and their sponsors so close to bankruptcy, that either trustees must adopt a go-for-broke high-risk investment strategy or the employer will need to seek protection through insolvency, a new study shows. The study, conducted by Hewitt Associates, concluded that the percentage of such schemes is probably small, no more than 1 per cent of total defined benefit company.
PALM PRE TIE-UP CRUCIAL TO KEEP O2 COMPETITIVE EDGE
O2’s deal to be the exclusive UK mobile network dealer for the Palm Pre will help the company continue to outperform its rivals.
Matthew Key, head of Telefonica’s European business outside of Spain, including O2 UK, said the launch of the Palm Pre would help sustain
the mobile operators momentum. It goes on sale on Friday.
THE TIMES
DISNEY STORES GET MINI-THEME PARK REVAMP
Walt Disney will give its high street stores an entertainment-focused makeover in time for end of recession.
Walt Disney is giving its 340 stores in the US and Europe a multimillion dollar makeover that will turn them into mini theme parks.
TRAFIGURA PARLIAMENTARY GAGGING ORDER LIFTED AFTER TWITTER CAMPAIGN
A gagging order that barred a national newspaper from reporting details of a Parliamentary question was lifted yesterday after widespread
condemnation from MPs and an overwhelming internet campaign.
The Guardian newspaper was blocked from publishing the contents of the question which involved the oil company Trafigura.
The Daily Telegraph
THOUSANDS OF SHELL WORKERS ASKED TO REAPPLY FOR THEIR JOBS
A “few thousand” employees at Royal Dutch Shell have been asked to submit applications for their own jobs, as BP predicts stable oil prices over the next few years. Peter Voser, the Anglo-Dutch group’s new chief executive, said at an oil conference in London that staff had been invited to reapply for their jobs, but he would not say how many positions would be lost.
GOLDMAN SACHS PONDERS $1BN CHARITY DONATION
Goldman Sachs is considering donating in excess of $1bn (£627m) to charity in an attempt to quell the growing furore over the likely size of its 2009 bonus pot. The investment bank, which is set to report its results on Thursday, is understood to be giving serious thought to some form of large philanthropic donation.
WALL STREET JOURNAL
QATAR FLIES NATURAL-GAS-FUELED PLANE
Qatar Airways said it has completed the world’s first commercial passenger flight powered by kerosene made from natural gas, but analysts questioned whether the fuel can significantly further the aviation industry’s efforts to reduce its dependency on oil-based kerosene.
DOGAN SHARES FALL AFTER TURKEY PUTS LIEN ON ASSETS
Shares in Turkey’s Dogan Yayin Holding fell sharply yesterday, on news that the government had rejected collateral the media group offered against a huge 4.8bn Turkish lira ($3.3bn) bill for alleged unpaid tax and penalties. The move by the country’s tax revenue administration escalated a battle between the government and the Dogan conglomerate.