Intense negotiations between the Conservatives and Liberal Democrats were underway in Whitehall on Sunday, as both sides attempted to agree an outline power-sharing pact before the markets open on Monday morning. David Cameron, Conservative leader, has offered Nick Clegg, the Lib Dem leader, cabinet seats in a coalition government, as he seeks to secure a stable government in “the national interest”, says theFT.
European Union finance ministers are expected on Sunday to set up a multibillion-euro emergency facility to protect the eurozone’s most vulnerable countries before financial markets open on Monday, writes the FT. The Sunday Telegraph adds that Alistair Darling has agreed to consult directly with George Osborne and Vince Cable as European leaders looked poised to push through a new multi-billion pound bail-out fund part-financed by British taxpayers.
His life-size waxwork statue greets shoppers at the famous department store, but that could soon be the nearest Mohamed al-Fayed comes to a physical link with Harrods after his £1.5bn deal to sell the Knightsbridge shop to the Qatari royal family, reports the Independent on Sunday.
In a major setback to BP’s battle to stem a massive undersea oil leak in the Gulf of Mexico, engineers on Saturday failed in their first attempt to use a 100-tonne steel and concrete containment tank to siphon the escaping crude safely to the surface, according to the FT.
The Sunday Times adds that the owner of the oil rig that exploded in the Gulf of Mexico, killing 11 people and causing a giant slick, has made a $270m (£182m) profit from insurance payouts for the disaster.
The Prudential will seek this week to renegotiate the price of its $35.5bn (£24bn) deal to buy AIG's Asian assets amid growing anger among investors about the proposed takeover., says the Independent on Sunday.
Guy Hands this weekend stands on the brink of losing control of EMIunless investors in his Terra Firma fund vote in favour of sinking £105m into the troubled music group. The financier must tomorrow secure the backing of 75% of investors to prevent the lender, Citigroup, from taking control, writes the Sunday Times.
BT will this week reveal it has cut 35,000 jobs as part of its battle to return to profitability. The Sunday Telegraph understands that the former state-owned telecoms giant will tell investors it has exceeded its headcount reduction target by about 5,000.
Alliance Boots has struck a deal with Procter & Gamble, the world’s biggest consumer goods company, to help expand its nascent skincare business in Europe, according to the FT.
Frogmore is preparing its third asset management fund, which could be worth up to £300m. Paul White, the managing director of the privately-owned commercial property group, has started talks with several placement agents – which raise private-equity style funds for companies – and will appoint one by the summer, reports the Independent on Sunday.
Goldman Sachs is to "sue for peace" in the fraud trial bought by the Securities Exchange Commission and offer to admit to a lesser charge of negligence if the main charges are dropped. The Sunday Telegraph reveals that the US investment bank has already opened an informal negotiating channel with the SEC over the charges which focus on a sub-prime mortgage financial vehicle called Abacus.
ECI Partners is preparing for a spending spree in the leisure sector. The London and Manchester-based, mid-market, private-equity group is believed to be considering bids for Shearings, the Wigan-based coach-holiday company, and the Ha Ha Bar & Grill and La Tasca chains, which are being sold by Bay Restaurant, says the Independent on Sunday.
Sir Roy Gardner is to become chairman of fast growing FTSE 250 support services company Connaught, writes the Sunday Telegraph.
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