Sunday newspaper round-up: Glencore, Energy bills, RBS...

5th Dec 2010 10:38

Glencore, the world's biggest commodities trader, is poised for a £31bn float that should be one of the largest ever on the London Stock Exchange.The Switzerland-based group has lined up three investment banks ? Credit Suisse, Citigroup and Morgan Stanley ? to prepare for a stock market debut as early as April. Insiders say Glencore, which was founded by Marc Rich, a controversial American trading tycoon, will sell only about one-fifth of its shares to raise $10bn (£6.3bn), the Sunday Times reports.More utility companies are set to push up their gas prices next month, adding to the agony of consumers facing high energy bills because of the freezing weather. Eon and RWE, the German groups that are two of the biggest players in the British market, are expected to increase prices next month. The recent cold snap and an unusually low level of gas in storage have sent prices soaring. Industry sources said that Eon and RWE have both signalled their intention to push through a single-digit increase to energy bills within the next month to six weeks, the Sunday Times reports.The number of people shopping plunged by almost 50% in some areas of the UK last week as snowy conditions deterred people from doing their Christmas shopping. The number of people shopping in Yorkshire and Humberside fell by 42% between Monday and Thursday of last week, compared to the same week in 2009. Shopper numbers in Scotland fell by 36%, while the number of people visiting the UK's regional shopping centres - such as Bluewater in Kent and Lakeside Shopping Centre in Essex - fell by 33%, the Sunday Telegraph reports.Britain's banks face another tax on bonuses and new disclosure rules amid mounting tensions in Whitehall over City pay. George Osborne, the chancellor, is under intense pressure from his coalition partners to take decisive action ahead of the new year bonus round. Senior government sources have declared "all options remain open" to tackle the City bonus culture, including a new tax on bonuses, similar to the one-off 50% levy implemented by Alistair Darling, the former chancellor, the Sunday Times reports.George Osborne has ordered a review of the rules around the secrecy of official inquiries into the banking crisis after the Financial Services Authority refused to publish its investigation into the multi-billion pound failure of Royal Bank of Scotland. enior sources at the Treasury said that the Chancellor was frustrated by the lack of transparency around the RBS report and wants to see the law change, the Sunday Telegraph reports.Sir Fred Goodwin has called the financial watchdog's bluff on a controversial investigation into his conduct by letting it be known that he has no objection to the report's publication. The Financial Services Authority (FSA) last week said a lengthy inquiry into the near-collapse of Royal Bank of Scotland and the behaviour of Goodwin, its former chief executive, had found no case to answer. It immediately faced calls to publish the full report, which was drawn up with the assistance of Price Waterhouse Coopers, the accountancy firm, the Sunday Times reports.Vodafone is close to selling its 44% stake in SFR, the French mobile phone group, for £7bn, paving the way for a £5bn share buy-back of its own stock in 2011. Led by Vittorio Colao, the company is thought to be finalising a deal after negotiations with Vivendi, the French media firm that owns the remaining shares in SFR. Colao is also on the verge of announcing an £800m transaction involving the disposal of its 24% stake in Polkomtel in Poland, the Observer reports.Punch Taverns, Britain's biggest pub company with 7,600 bars, is in the sights of private equity group CVC which is thought to be plotting an audacious bid. The plans have emerged as new Punch chief executive Ian Dyson undertakes a review of the group, with a market value of £417m. Its leased and managed pub estates have combined debts of £3.1bn and Punch has been plagued by speculation that it will hand back the keys on many of its outlets, the Mail on Sunday.Rio Tinto is poised to make a £2bn purchase of African coal miner Riversdale Mining. The London-listed mining giant is in talks to buy Riversdale for around A$15 (£9.44) a share, according to sources. Riversdale's main projects are based in Mozambique and South Africa. Several of its mines are jointly owned with Indian conglomerate Tata Steel, which has a 24% stake in Riversdale, the Telegraph reports.Noddy and Big-Ears are close to recruiting a rich friend to help them launch a takeover bid for Thomas the Tank Engine. Their owner, Chorion, has shortlisted three private equity firms to fund a Toytown shake-up that would see it bid for Hit Entertainment, home of Thomas and Bob the Builder. Lord Alli, the chairman of Chorion, was forced to go hunting for backers after the company's owner, 3i, refused to support his ambitions to expand, the Sunday Times reports.David and Simon Reuben have lined up several sovereign wealth funds to buy a stake in their Global Switch data centres ahead of its float next year. The Reuben brothers are preparing to take a windfall of up to £1 bn from Global Switch, their fast-growing data centre business, following approaches from several sovereign wealth funds, the Sunday Times reports.The British Chambers of Commerce will cut its short-term forecast for growth in Britain's faltering economy today, warning of fragility in household finances and tepid consumer spending as the coalition's austerity measures begin to bite. The employers' organisation, which represents 100,000 businesses across Britain, is downgrading its expectation for growth in 2011 from 2.2% to 1.9%, although it remains bullish about prospects further ahead, the Observer reports.National Grid faces industrial action over pay by nearly one-quarter of its 10,500 workers in January, historically the coldest month of the year. Unison and Prospect, two of the four unions that represent the FTSE 100 group's British employees, wrote to its chief executive, Steve Holliday, last week warning that a ballot for industrial action will start over the next few days, the Sunday Independent reports.The US owners of Cadbury are to switch control of the company to Switzerland in a move that could deprive Britain of more than £60m in tax every year. The plan has been hatched by food giant Kraft, which took over the iconic British chocolate manufacturer earlier this year after a bitter £11bn bid battle. It will see ownership of much-loved Cadbury brands including Dairy Milk, Crunchie and Twirl handed to a holding company in Zurich, where Kraft already has a major base, the Mail on Sunday reports.