Thursday newspaper round-up: BAE Systems, Ladbrokes, ITV

8th Oct 2009 06:28

The Serious Fraud Office (SFO) is considering dropping a part of its corruption case against BAE Systems in order to focus on areas most likely to result in a successful prosecution, says the Telegraph.The SFO is understood to be ready to abandon the case it has been pursuing against the defence company in South Africa in favour of concentrating its efforts on preparing a case against BAE in relation to the company's activities in Tanzania and Eastern Europe.Ladbrokes, the bookmaker, will join the race to raise new equity today when it announces plans for a £300 million rights issue to bolster its balance sheet in the face of a tough trading climate, writes the Times.Sir Michael Bishop, former chairman of Channel 4 and bmi, has become the frontrunner to take the chairman's role at ITV after Sir Crispin Davis pulled out of the running on Wednesday night, reports the Telegraph.Britain will not accept Magna's plan for the takeover of Vauxhall/Opel unless "shortcomings" identified in a report by PriceWaterhouseCoopers are addressed, Britain's business secretary, Lord Mandelson, said on Thursday, according to the FT.The position of Terri Dial, head of Citigroup's troubled US consumer bank, has been called into question after an external review of the bank's executives raised concerns over her managerial skills, says the FT.Microsoft could close the door on a 10-year legal battle with the European Union, after the regulator backed its moves to open up internet browsing on Windows to rivals, writes the Independent.The recent gains in UK house prices are likely to prove only a temporary respite before a further steep fall next year, according to Fitch, the global ratings agency, reports the FT.The new owner of Birmingham City football club is being sued by a former City adviser that claims to be owed £2.2m in unpaid fees. Seymour Pierce, the investment bank run by Keith Harris, has filed a High Court claim against Grandtop International, the Hong Kong-based investment company controlled by Carson Yeung Ka-Shing, which took control of Birmingham City earlier this month, says the Telegraph.The UK grocery sector has been transformed over the past 12 months by the biggest players opening smaller format stores, according to CACI. The location analyst also revealed that Tesco has lost its leading market share position in three postcode areas of the country, but is still the dominant force in 84 - equal to 70 per cent, according to the Independent.Royal Mail was on Wednesday night reported to have lost a £25 million contract with Amazon, its second largest customer, as a second wave of strikes looms over the crucial Christmas period, writes the Times.The fashion house Gianni Versace is to close its last three Japanese stores, after demand for its luxury goods slumped in the world's second-biggest economy, reports the Independent.