News

Financier Jim Spowart believes there is a more than a 50% chance of a new bid for HBOS, which could potentially jeopardise its proposed takeover by Lloyds TSB, says the Sunday Times.

Jim Spowart, the Scottish financier who founded HBOS's internet bank Intelligent Finance, is working on a bid with a foreign bank whose identity is not known, adds the paper.

A last-ditch bid for HBOS which would derail the bank's agreed tie-up with Lloyds TSB has been dismissed by sources close to the Treasury, says the Independent on Sunday.

HBOS and Royal Bank of Scotland, which are to receive more than £30bn of taxpayers' money, will this week announce billions of pounds in asset writedowns and warn the City that full-year profits are likely to be lower than previously expected, writes the Sunday Telegraph.

The Observer says Royal Bank of Scotland will this week own up to more multi-billion-pound write-offs and announce a major overhaul of its strategy, as Chancellor Alistair Darling explains how he plans to keep all the bailed-out banks in check.

Sir Stuart Rose, executive chairman of Marks & Spencer, will this week seek to convince an increasingly sceptical City audience that he is the right man to continue to lead the ailing retailer through the high-street downturn, when the firm's interim results are unveiled on Tuesday, writes the Independent on Sunday.

Marks & Spencer is relying on stars such as Take That and Robson Green to win back disillusioned female shoppers this Christmas after its clothing market share losses accelerated over the last quarter, reports the Observer.

British Airways and Ryanair will announce severe falls in profits this week because of record fuel costs and a weakening demand for air travel, writes the Observer.

Meanwhile, the Sunday Times says British Airways planned an audacious, multi-million pound takeover of one of India's leading airlines - but the scheme was derailed by problems with industry-ownership laws.

European regulators are this week expected to threaten to stop the proposed takeover of Rio Tinto by BHP Billiton because of the dominance the pair have over the world's supply of iron ore, according to the Sunday Times.

Companies like BAE Systems and Rolls Royce fear that uncertainty over the fate of contracts worth billions of pounds may do irreparable damage to one of Britain's most important sectors, which employs 124,000 people, reports the Sunday Telegraph.

BT plans sweeping reforms to its £35 billion pension scheme as it seeks to chop costs after the telecoms giant's shock profit warning last week, writes the Sunday Telegraph.

VT, the FTSE250 support services group, is this week expected to be named as a member of the US-led consortium to manage the United Arab Emirates' civilian nuclear programme, writes the Independent on Sunday.

The supermarket giant Tesco is facing a supplier revolt over its drive to squeeze down prices to help fund a price war with rival Asda and discounters such as Aldi and Lidl, reports the Sunday Times.

Tesco, Britain's largest supermarket, is demanding vastly improved trading terms from wine and champagne suppliers in a bid to keep prices down on its shelves in the run-up to Christmas, says the Sunday Telegraph.

BSkyB has entered exclusive talks to acquire Tiscali, the troubled internet provider, after rival bidder Carphone Warehouse walked away from the long-running auction, writes the Sunday Times.

Daily Mail owner Daily Mail and General Trust is believed to be considering a bid for the Independent and its Sunday sister title, part of Independent News & Media, reports the Observer.

The Sunday Times says however that publishers of the Daily Mirror and The Independent are in talks to unify functions such as IT, accounting and sub-editing to save money. Independent News & Media sources said a tie-up with Trinity Mirror, headed by Sly Bailey, right, was possible although other groups were also in the running.

The bosses of Britain's leading public companies have seen the value of their combined personal shareholdings plunge by more than £3bn so far this year, underlining the financial pain being felt by chief executives as the country slides into recession, reports the Sunday Telegraph.

A company controlled by Amanda Staveley, the former girlfriend of Prince Andrew, will earn a £40m commission for brokering last week's capital injection into Barclays by Middle East investors, writes the Sunday Telegraph.

Lloyd's of London chairman Lord Levene is facing calls to resign as a director of French oil giant Total because of the firm's pivotal role as a business partner of the oppressive military junta that controls Burma, writes the Observer.

Nearly €30bn of German property funds were frozen between Tuesday and Friday last week in what industry experts fear could foreshadow a UK commercial real estate collapse, reports the Independent on Sunday.

Virgin Media, the communications and content group, could announce tomorrow that it has successfully delayed repayments on its £4.3bn debt pile for three years, reports the Sunday Telegraph.

One of Europe's largest hedge funds, GLG, is sending a letter to investors this weekend saying it is to launch a "liquidity review" of its funds, according to the Sunday Times.