Sunday newspaper round-up: Goldman Sachs, ITV, RBS

25th Apr 2010 10:43

Goldman Sachs made big profits betting against the mortgage market even though it stated in its 2009 annual report to investors that it "did not generate enormous net revenues by betting against residential related products", according to initial findings of a Senate investigation into the bank, says the FT.ITV is weighing up a shock takeover of Five, a rival broadcaster, as it draws up a strategy to return to growth under new leadership. The company behind Britain's Got Talent and Coronation Street, whose new chief executive, Adam Crozier, starts work tomorrow, believes consolidation is inevitable as television advertising faces long-term decline, writes the Sunday Times.Government-controlled Royal Bank of Scotland will bow to shareholder pressure this week and overhaul its controversial executive pay scheme which has been attacked for potentially ­handing out multi-million pound bonuses, reports the Sunday Telegraph.Crest Nicholson has become the target of a potential takeover from Horizon Acquisition just over a year after the privately held UK housebuilder restructured its £1bn debt burden. Horizon, a quoted special purpose acquisition vehicle headed by Mike Fairey, the ex-deputy chief executive of Lloyds, has approached the company with an offer of £350m to £400m, according to sources close to the situation, says the FT.Pension Corporation,a specialist insurer and pension buyout firm run by Edmund Truell, has been told to explain aspects of its investment strategy by the Financial Services Authority (FSA), according to the Independent on Sunday.Fortunes in Britain are soaring as the world recovers from the 2008-09 crash. Stock markets are up, the banks are back from the brink and economic confidence is blossoming. As a result, the collective wealth of the 1,000 multimillionaires in the 2010 Sunday Times Rich List has climbed to £335.5 billion, up £77.265 billion on 2009.Ministers at the International Monetary Fund's spring meeting on Saturday welcomed the recovery in the world economy but either deferred agreement on or refused to discuss altogether the most contentious issues in front of them, writes the FT.John Cresswell, ITV's former interim chief executive, has been touted for the top job at newspaper company Guardian Media Group (GMG). The company announced on Friday that its finance director, Andrew Miller, would take over from its chief executive, Carolyn McCall, on 1 July, as an interim appointment. Ms McCall is leaving for budget airline easyJet, reports the Independent on Sunday.The Greek people must not fear the International Monetary Fund, its managing director has declared, as it prepares to take charge of overhauling the stricken country's economy, according to the Sunday Telegraph.Amec, the FTSE 100 engineering group, is understood to have teamed-up with US nuclear giant Energy Solutions to bid for the £2.6bn clean-up of Dounreay power station in the Scottish Highlands, says the Independent on Sunday.Apple is finalising plans to open a new flagship store in central London as it prepares for the British launch of its new iPad tablet computer. The Californian company is currently recruiting staff for the new "significant store" in the heart of Covent Garden, writes the Sunday Telegraph.Republic, the fast-growing fashion chain that sells the trendy Superdry and G-Star brands, has been put up for sale through Rothschild, the investment bank, according to the Sunday Times.Liberty International, the FTSE 100 property group behind the Lakeside megamall in Essex, is to freeze the basic salaries of its senior directors for a second consecutive year, says the Independent on Sunday.Kate Swann, chief executive of WH Smith, could bag a payday of more than £5m under a bumper management incentive plan being drawn up by the newsagent and stationery chain. It would keep her at the helm of the retailer for at least another three years, writes the Sunday Times.Homebase, owned by Home Retail, is likely to report sparkling results this week as the public has stocked up on DIY items rather than moving house during the economic downturn. City analysts expect the home improvement chain, which owns about 340 stores, to post a 168 per cent rise in operating profit to £40m for the year, reports the Independent on Sunday.Forth Ports will seek an end to months of bidding uncertainty this week when it asks the Takeover Panel to issue a "put up or shut up" deadline to a consortium of shareholders. Suitors for the FTSE 250 firm, which include Peel Group, which is owned by ports-to-property tycoon John Whittaker and a pair of infrastructure investors, Arcus and RREEF, an arm of Deutsche Bank, are expected to walk away, according to the Sunday Times.