News

Lord Browne, BP's chief executive, will play a role but not have the final say in choosing the company's new chief operating officer, the executive who will be expected to succeed him at the end of 2008, says the FT.

Ryanair's attempt to buy its rival, Aer Lingus, received a further setback last night after the European Commission began an in-depth investigation into the takeover proposal, reports the Independent.

The Telegraph meanwhile says Ryanair is to drop its current €1.4bn (£990m) hostile takeover bid for rival Aer Lingus following the regulatory scrutiny.

Vodafone's board is set to meet to consider a proposed $13.5bn-plus offer for Hutchison Essar, the fourth biggest mobile operator in India, in a move likely to spark a bidding war with Reliance Communications, writes the FT.

One of the City's leading fund managers has expressed concern about the fortunes of HSBC and the merits of its chairman, writes the Telegraph.

Park Group, the country's biggest saving club, has admitted the collapse of rival Farepak will make life tougher for the industry but went out of its way to say its customers' savings were safe, reports the Telegraph.

Hoare Govett, the UK broker that has suffered a series of client defections including that of J Sainsbury, was dealt a fresh blow yesterday when mortgage provider Northern Rock said it was appointing Merrill Lynch to act as a joint broker, says the Times.

Regulators are threatening an intensive crackdown on mis-selling and other abuses in the UK telephone and broadband markets, according to Ed Richards, the new chief executive of Ofcom, who said that the media and telecommunications watchdog was keen to avoid a dramatic loss of consumer confidence in the industry, reports the FT.

Fidelity, the UK's largest retail fund manager, has poached one of Schroders' most high-profile executives. Robert Higginbotham will join in April as president of its European mutual funds division, writes the Times.