News

Britain is set to endure an even deeper recession than is currently thought next year, with the economy shrinking for the first time since 1991, analysts at Capital Economics have warned, writes the Telegraph.

In a dire assessment that will fuel fears over the growing severity of the downturn gripping the nation, Capital Economics becomes the first significant forecaster to project that the slump will lead to a full-year drop in GDP over 2009, adds the Times.

The Government wants a deal between British Energy and EdF hammered out within the next two weeks, John Hutton said yesterday, as it emerged that the French utility was talking to the nuclear power generator over how to overcome shareholder opposition to its offer, writes the Telegraph.

Stephen Hester, chief executive of British Land, emerged as a candidate to succeed Sir Fred Goodwin at the helm of Royal Bank of Scotland, says the FT.

The Telegraph says Royal Bank of Scotland shareholders have demanded further boardroom changes after the appointment of three new non-executive directors to bolster governance at the bank

BP and its Russian partners in TNK-BP could have an outline agreement about how to restructure the management of the company by the time the Russian oil company's board meets at the end of September, but a detailed accord is expected to take longer, says the FT.

Marks & Spencer suspended the worker who blew the whistle on proposals to cut redundancy terms for more than 60,000 staff, says the Times.

America's biggest food workers' union has stepped up its pressure on Tesco's US operation, by reporting its ready-meals supplier in the US to a labour-relations tribunal yesterday for the alleged unfair firing of six employees, writes the Independent.

Alliance & Leicester has cut the rates on some of its most popular home loans - signalling that competition may be creeping back into the mortgage market, says the Telegraph.

Moss Bros has reshuffled its board and revealed that the Gee family, one of its founding families, has all but sold its stake in the retail group, according to the Independent.
Brit Insurance, the Lloyd's of London underwriter, will decide within the next six months whether to move its tax headquarters away from Britain, increasing pressure on the Government to act to stem a potential wave of corporate departures, says the Times.