Monday newspaper round-up: HSBC, Royal Mail, Marks & Spencer...

8th Nov 2010 06:34

Some of the biggest trade finance providers, led by HSBC and Standard Chartered, are lobbying to have tough capital rules toned down, warning that if they are not, world trade could be severely hampered, the FT reports.HSBC, among the banks that dominate the trade finance market, said last week that it was not prepared to forecast its future capital ratios under the Basel III regime, mainly because of the unfairness of the rules' treatment of trade finance, one of its core businesses.Britain's biggest private postal company has launched a withering assault on Royal Mail, saying it is trying to fatten itself up for privatisation by demanding a 15% rise in the price of business letters. UK Mail also claimed that Royal Mail was unfairly portraying competitors as highwaymen robbing business from public sector postal workers. The claims came as it emerged that Royal Mail was also attempting to shore up its financial position by seeking to cut spending with 150 key customers by 20%, the Times reports.The Gala Coral gambling group is close to appointing Carl Leaver as chief executive, The Times has learnt. The choice of the former Marks & Spencer director comes amid speculation that the company is also poised to name the Debenhams chief executive Rob Templeman as chairman. Although neither Mr Leaver nor Gala would comment last night, insiders suggested that both appointments could be announced early this week, the Times reports.Leading economies should consider readopting a modified global gold standard to guide currency movements, argues the president of the World Bank. Writing in the FT, Robert Zoellick, the bank's president since 2007, says a successor is needed to what he calls the "Bretton Woods II" system of floating currencies that has held since the Bretton Woods fixed exchange rate regime broke down in 1971.Marks & Spencer is expected to underline the surprisingly buoyant mood on the high street this week with much improved half-year profits, as figures out today show that growth in retail spending accelerated last month. Marc Bolland, the new man in charge of M&S, will lay out his ideas for the company tomorrow after six months of studying its workings. He is likely to put online growth and improving efficiency in Britain at the centre of his plans, the Times reports.The global biotechnology business model is "breaking down" as investors tighten purse strings and the industry's research base shifts to emerging economies, a report suggests. Last year, biotech companies in Europe managed to raise just $1.1bn (£678m) in venture capital - the lowest haul since 2003. The auguries are also dim: 84% of the participants at a recent biopharmaceutical conference in Monaco view funding as the industry's prime challenge, the Independent reports.Most British businesses fail to comply with government guidance on reporting their carbon footprints, a Deloitte survey of 100 listed firms reveals. Of the companies polled, only a handful came "within striking distance" of complying with the guidance, suggesting that reporting practices would need to undergo a significant overhaul if the rules become mandatory, the Independent reports.The long-term unemployed could be forced to carry out manual work to retain their benefits under plans to be announced within days. Iain Duncan Smith, work and pensions secretary, will announce the plan as part of his welfare shake-up to be set out in a white paper on Thursday. Under his idea, those who have been out of work for a certain time may have to take up four-week placements - at 30 hours a week - to get them used to having a full-time job, the FT reports.