Wednesday newspaper round-up: UK debt, Barclays, Royal Bank of Scotland
The cash eaten up by interest payments on Government debt will more than double in the next four years as investors take fright at Britain's ballooning budget deficit, the country's leading independent forecaster has warned.Within four years, almost 9p in every pound of tax paid by British individuals and companies will be spent directly on servicing the Government's debt, rather than on services. The National Institute of Economic and Social Research said that costs of servicing government debt will rise from Ł25.6bn this fiscal year to Ł50.7bn in 2013/14, reports the Telegraph.
Sir David Jones, the executive chairman of JJB Sports, held sensitive talks about company business with Mike Ashley, his rival, when his secret Ł1.5m personal loan from Mr Ashley could have been called in. Sir David met Mr Ashley, the Sports Direct founder, in late February to discuss the severance package of Chris Ronnie, JJB’s suspended chief executive, who is a close friend and former employee of Mr Ashley, the Times has learnt.
Barclays and Royal Bank of Scotland will have to find billions of pounds more capital if they are to continue growing their investment banks under new rules designed to protect against the higher risks of "casino" banking. According to JP Morgan, Barclays will need to find another Ł12.8bn and RBS Ł8.5bn to meet new capital rules under a reformed regulatory regime. Officials hope to implement the changes from the end of 2010, though Carla Antunes da Silva, banks analyst at JP Morgan, said the date may be delayed if the economy is not in recovery, the Telegraph reports.
About 4.5m workers are owed hundreds of millions in tax because of incorrect codes handed out by HM Revenue & Customs. The scale of the problem could force HMRC to pay back Ł1.6bn to around 4.5 million people who unwittingly had too much tax deducted from their paypacket, the National Audit Office has estimated, reports the Times.
Today's Headlines
BHP Billiton (BLT) | Price: 1,533.00p | Change: 2.55%
Temasek reveals surprise departure of Goodyear
The Independent | 22-Jul-2009
Barclays (BARC) | Price: 309.30p | Change: -1.18%
Barclays and RBS 'will need billions more in capital'
Telegraph | 22-Jul-2009
Temasek reveals surprise departure of Goodyear
The Independent | 22-Jul-2009
British Sky Broadcasting Group (BSY) | Price: 509.00p | Change: 0.99%
BSkyB warns 'crown jewel' panel on restricting rights
The Independent | 22-Jul-2009
Centrica (CNA) | Price: 230.75p | Change: 0.00% | P/E: 10.7 | Div Yield: 5.3%
Venture blow as ‘biggest ever’ gas find disappoints
The Herald | 22-Jul-2009
Venture still bullish despite disappointment on Andrea
The Scotsman | 22-Jul-2009
DTZ Holdings (DTZ) | Price: 43.75p | Change: -1.71%
Property woes see DTZ slide to Ł35m loss
The Scotsman | 22-Jul-2009
GlaxoSmithKline (GSK) | Price: 1,162.50p | Change: 1.67%
Glaxo to develop 1hr swine flu test
Telegraph | 22-Jul-2009
Hornby (HRN) | Price: 107.00p | Change: 0.48%
Hornby's 2012 deal
Sun | 22-Jul-2009
IG Group Holdings (IGG) | Price: 275.75p | Change: 2.50%
IG Group rides the wave of chaos in markets
The Herald | 22-Jul-2009
IG chief gives up rise despite big increase in profits
The Independent | 22-Jul-2009
Share punt boost to IG
Sun | 22-Jul-2009
ITV (ITV) | Price: 35.50p | Change: 0.00% | P/E: 13.1 | Div Yield: 1.9%
Between the Lines: So long old Bill, STV doesn't find you arresting enough
The Scotsman | 22-Jul-2009
JJB Sports (JJB) | Price: 26.00p | Change: 2.94%
Sir David Jones took part in JJB discussions with Mike Ashley after personal loan came due
Times | 22-Jul-2009
Lloyds Banking Group (LLOY) | Price: 73.80p | Change: 1.99%
State funded banks face asset sales under new EU rules
Guardian | 22-Jul-2009
Morrison (Wm) Supermarkets (MRW) | Price: 275.50p | Change: 8.19%
FTSE-100 boosted by positive news from top firms
The Herald | 22-Jul-2009
More reasons for expansion
The Herald | 22-Jul-2009
More reasons to buy Morrisons shares as profits set to top expectations
The Scotsman | 22-Jul-2009
Morr & more!
Sun | 22-Jul-2009
Morrisons and Waitrose take a bite of rivals’ market share
Times | 22-Jul-2009
Morrisons exceeds expectations with surprise sales update
Telegraph | 22-Jul-2009
Morrisons raises profit forecast as sales boom
The Independent | 22-Jul-2009
Next and Morrisons rush out better than expected profit forecasts
Guardian | 22-Jul-2009
Shares in Morrisons surge on profit forecast upgrade
The Herald | 22-Jul-2009
Next (NXT) | Price: 1,615.00p | Change: -1.58%
FTSE-100 boosted by positive news from top firms
The Herald | 22-Jul-2009
Morr & more!
Sun | 22-Jul-2009
Next and Morrisons rush out better than expected profit forecasts
Guardian | 22-Jul-2009
Next boss fears swine flu outbreak may have negative impact on sales
The Herald | 22-Jul-2009
Next forecast is buoyed by sunshine, but fears remain on swine flu
The Scotsman | 22-Jul-2009
Royal Bank of Scotland Group (RBS) | Price: 40.01p | Change: 0.06%
Barclays and RBS 'will need billions more in capital'
Telegraph | 22-Jul-2009
State funded banks face asset sales under new EU rules
Guardian | 22-Jul-2009
STV Group (STVG) | Price: 63.00p | Change: 0.00% | P/E: 3.5 | Div Yield: 0.0%
Between the Lines: So long old Bill, STV doesn't find you arresting enough
The Scotsman | 22-Jul-2009
Sainsbury (J) (SBRY) | Price: 326.50p | Change: 3.08%
More reasons for expansion
The Herald | 22-Jul-2009
Sports Direct International (SPD) | Price: 91.00p | Change: 3.70%
Sir David Jones took part in JJB discussions with Mike Ashley after personal loan came due
Times | 22-Jul-2009
Stagecoach Group (SGC) | Price: 132.25p | Change: -1.31%
Stagecoach pair win Ł17.8m court case
Telegraph | 22-Jul-2009
Venture Production (VPC) | Price: 832.00p | Change: -0.24%
Venture blow as ‘biggest ever’ gas find disappoints
The Herald | 22-Jul-2009
Venture still bullish despite disappointment on Andrea
The Scotsman | 22-Jul-2009
easyJet (EZJ) | Price: 286.00p | Change: -0.95%
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