Sunday's newspaper round-up: BAT, bonus culture, Pearl

16th Aug 2009 14:04

Richard Burrows, a former governor of the Bank of Ireland, is to take on one of the most powerful roles in British business. He is to become chairman of British American Tobacco, says the Sunday Times.The scale of the resurgent bonus culture at Britain's banks has been laid bare by Office of National Statistics, which shows £7.6bn of bonuses have been paid in the City this year and news that Barclays is attempting to poach five commodity traders with a $50m (£30m) package, reports the Sunday Telegraph.Alistair Darling is ready to legislate to curb City bonuses amid mounting public anger about the return of huge rewards for bankers, reports the Sunday Times. City bonuses are so high that they distort the employment market to the detriment of crucial sectors of the economy, according to leading academics, says the Observer.Pearl, the insurer, is believed to have set its sights on Richard Harvey, formerly chief executive at Aviva, as its new chairman, according to the Independent on Sunday.BAE Systems has warned that its supply chain is at risk from suppliers failing to obtain adequate credit, according the Sunday Telegraph.Clive Cowdery, the insurance entrepreneur who bought Friends Provident last week, has met with Treasury officials who assured him that the offshore structure of his company, the Guernsey-based Resolution, won't hamper his attempts to buy insurance assets up for sale by Lloyds Banking Group, writes the Independent on Sunday.Aviva Investors, the asset management business, is set to launch a £250m fund to take advantage of the downturn in the commercial property market, reports the Independent on Sunday. Raymarine, the troubled maker of electronic equipment for boats, has received a takeover approach from Garmin, the giant US manufacturer of mobile navigation systems, says the Sunday Times.Diageo, the world's biggest drinks company, has launched legal action against J Sainsbury, the supermarket chain, over copyright infringement of its Pimm's brand, reports the Sunday Telegraph.Royal Bank of Scotland has been accused of cashing in on customers after an investigation revealed that it charged more than any other high-street bank for minor breaches of overdraft limits, writes the Sunday Times.BAE Systems has warned that its supply chain is at risk from suppliers failing to obtain adequate credit, according the Sunday Telegraph.Novartis, the Swiss drugs giant, has launched a legal action against Glaxo Smith Kline claiming that its larger rival is infringing one of its patents, says the Sunday Times.Big City investors have warned the new chairman of Anglo American, Sir John Parker, that the mining giant needs to beef up its performance, according to the Observer. Royal Dutch Shell has made a A$3bn (£1.5bn) approach for Australian coal-seam gas producer Arrow Energy, reports the Sunday Telegraph.Willie Walsh, the British Airways chief executive, is poised to intervene personally in talks with the unions in an attempt to avert the threat of a cabin crew strike, writes the Sunday Telegraph.Britain's second-biggest cinema chain, Cineworld, is likely to post strong first-half numbers this week, as punters opt for cheaper entertainment at the flicks, reports the Independent on Sunday.Incisive Media, publisher of Accountancy Age and Computing magazines, is close to agreeing a debt-for-equity swap with its banks that could lead to management owning a quarter of the company, according to the Independent on Sunday. Online retailers using a Channel Islands VAT loophole as a way of dodging millions of pounds of tax on the sale of CDs and DVDs are facing a crackdown, according to a leaked Treasury letter, says the Observer.ING, the Dutch insurance conglomerate, has pulled its €1bn (£860m) European Infrastructure Fund (EIF) having failed to attract enough investors, says the Independent on Sunday. Amey, the Spanish-owned group upgrading the London Underground, is heading towards £2bn in revenue this year, which would make it one of the top 10 construction and housebuilding firms in Britain, according to the Independent on Sunday.Vanguard Energy, the cash-rich London venture run by Neil Ritson, is mulling a bid for Toronto Stock Exchange-listed Candax Energy, says the Independent on Sunday.Moelis & Co, a US boutique investment bank, is looking to quadruple the size of its London operation to 50 by the end of 2010, according to the Independent on Sunday. The collapse of Dubai's once-booming construction industry has created a backlog of legal claims totalling almost £3 billion, writes the Sunday Times.KBC Peel Hunt, the investment-banking minnow, has shown that the giants of the financial world are not the only City groups cashing in on the recession, reports the Sunday Times.