Monday newspaper round-up: Barclays, JJB Sports, National Express
Barclays is planning to spin off a Ł4bn portfolio of complex credit assets as the bank presses ahead with a process to clean up its balance sheet and ease shareholder concerns over its investments.The bank is looking at a deal to shift up to Ł4bn of the assets off its balance sheet in an echo of a similar transaction it undertook last month with a Ł12.3bn portfolio, people familiar with the matter said. That deal involved a team of 45 Barclays staff, led by Stephen King, head of principal mortgage trading, leaving the bank, the FT reports.
A fire sale of public assets will be announced by Gordon Brown today to help cut the Government's mounting deficit. The Tote, the Dartford crossing, the student loan book, the Channel Tunnel rail link and the Government's stake in Urenco, which enriches uranium for nuclear power stations worldwide, will all be offered to private bidders in the next two years, in an attempt to raise Ł3bn, the Independent reports.
A funding package worth up to Ł1bn to help Britain to build the world’s first “clean coal” power station could be delayed by the Government after E.ON’s decision to freeze plans for a new coal plant at Kingsnorth in Kent for up to three years. In an interview with The Times, Paul Golby, the chief executive of E.ON UK, said that the Government had agreed to retain Kingsnorth in a competition for the funding, even though it would now be impossible for the project to meet a key deadline.
The embattled retailer JJB Sports last night insisted that its plans for a Ł100m cash call were "back on track" after a weekend of turmoil thanks to lurid – and false – reports about its chairman's finances that swept through the City. The cash call – suspended on Friday – could be relaunched as soon as today as the company's brokers worked furiously to shore up support, which was shaken by the rumours that began to spread on Thursday night, the Independent reports.
Today's Headlines
Anglo American (AAL) | Price: 2,154.50p | Change: -1.40%
Xstrata puts Anglo bid on hold for now
Sunday Times | 12-Oct-2009
BG Group (BG.) | Price: 1,101.00p | Change: 0.92%
Buyer lines up for BG's power arm
Sunday Times | 12-Oct-2009
British Airways (BAY) | Price: 218.00p | Change: -1.08%
BA cabine crew pressed on cuts
Sunday Times | 12-Oct-2009
British Sky Broadcasting Group (BSY) | Price: 582.00p | Change: 0.17%
Sky Songs service 'will rival iTunes'
Sunday Telegraph | 12-Oct-2009
Cattles (CTT) | Price: 1.00p | Change: 0.00% | P/E: n/a | Div Yield: 1930.0%
FSA investigates alleged market abuse at Cattles
Telegraph | 12-Oct-2009
Heritage Oil (HOIL) | Price: 541.00p | Change: -0.46%
Buyer lines up for BG's power arm
Sunday Times | 12-Oct-2009
JJB Sports (JJB) | Price: 33.00p | Change: -5.07%
JJB cash call 'on track' despite malicious rumour
The Independent | 12-Oct-2009
JJB rights issue may go through within days
Sunday Telegraph | 12-Oct-2009
JJB rights issue may go through within days
Telegraph | 12-Oct-2009
JJB rocked by Swiss bank smear
Sunday Times | 12-Oct-2009
National Express Group (NEX) | Price: 479.60p | Change: -0.23%
Bidder for National Express pleads for more time
Telegraph | 12-Oct-2009
Royal Bank of Scotland Group (RBS) | Price: 48.34p | Change: -1.25%
RBS 'is keeping Churchill'
The Scotsman | 12-Oct-2009
Sainsbury (J) (SBRY) | Price: 314.30p | Change: 0.87%
Sainsbury's finance reward
The Scotsman | 12-Oct-2009
Tullow Oil (TLW) | Price: 1,209.00p | Change: -1.71%
Buyer lines up for BG's power arm
Sunday Times | 12-Oct-2009
WH Smith (SMWH) | Price: 475.90p | Change: 0.57%
Investors hope WH Smith lives up to bullishness
The Scotsman | 12-Oct-2009
Xstrata (XTA) | Price: 954.50p | Change: -1.29%
Sunday Times | 12-Oct-2009
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