WHAT THE OTHER PAPERS SAY THIS MORNING
THE SUNDAYS
The Sunday Telegraph
RATE HIKE THREATENS EXISTENCE OF RURAL PETROL STATIONS
Hundreds of rural petrol stations face closure if an “outrageous” increase in business rates is pushed through next April, forecourt owners have warned. Owners of the UK’s 6,000 independent petrol stations will this week launch a major MP-backed campaign to urge a government body to reconsider its “flawed” methodology before rates are increased on 1 April 2010.
AVIATION RIVALS RALLY FOR ‘GREEN MANIFESTO’
The UK aviation industry is to publish a “green manifesto” detailing how it will hit CO2 emission targets and demanding that it faces no new domestic taxes or unilateral action by the British Government. Commercial enemies within the sector have agreed to sign up to the document.
THE SUNDAY TIMES
SIR RICHARD BRANSON MOVES STEP CLOSER TO CAMELOT BID
Sir Richard Branson is one of half a dozen parties that have got through to the next stage of the bidding to acquire an 80 per cent stake in Camelot, operator of the national lottery. The entrepreneur is bidding in a personal capacity rather than through his Virgin companies. He wants to run the lottery for good causes.
BP BATTLES EXXON MOBIL OVER GHANA OILFIELD
A battle between Exxon Mobil, the American oil giant, and BP over one of the largest oilfields in the world is set to intensify this month ahead of a key January deadline. Exxon Mobile agreed in early October to pay $4bn (£2.4bn) for a quarter stake in the Jubilee field, which lies off the coast of Ghana.
TODAY
FINANCIAL TIMES
THIRTY FINANCIAL GROUPS ON SYSTEMIC RISK LIST
Thirty global financial institutions make up a list that regulators are earmarking for cross-border supervision exercises. The list, which is not public, contains many of the multinational bank names that would be widely expected: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America Merrill Lynch and Citigroup of the US; Royal Bank of Canada; UK groups HSBC, Barclays, Royal Bank of Scotland and Standard Chartered; UBS and Credit Suisse of Switzerland; France’s Société Générale and BNP Paribas; Santander and BBVA from Spain; Japan’s Mizuho, Sumitomo Mitsui, Nomura, Mitsubishi UFJ; Italy’s UniCredit and Banca Intesa; Germany’s Deutsche Bank; and Dutch group ING.
The Daily Telegraph
CO-OP JOINS CHRISTMAS PRICE WAR
The Co-op will enter the supermarket price war by cutting prices by £200m in the run-up to Christmas. In its largest ever promotional campaign, which launches today, the retailer will offer triple “divi” points for the first time on selected lines. Earlier this month rival Asda unveiled £150m of price cuts while Tesco has dropped prices by £250m. The Co-op’s triple divi will give shoppers savings equivalent to 6p in the pound.
NEW BIDDERS EMERGE FOR CAR MAKER SAAB
Saab, the embattled Swedish car maker put on the block by its American parent General Motors, is in talks with at least two potential buyers following the collapse of the sale to sports car maker Koenigsegg, including Beijing Automotive Industry Holdings (BAIC).
THE TIMES
GATWICK BUYER SENDS ‘BLACK-BELT’ SQUAD TO FIX WOES
Gatwick’s new owners are expected to promise the elimination of long security and check-in queues when they take control of Britain’s second-largest airport this week. Global Infrastructure Partners (GIP) is buying Gatwick from BAA for £1.5bn. The deal should be completed on Thursday or Friday, subject to European Commission approval.
PIRRIE BROTHERS RETURN TO POWER
The entrepreneur Pirrie Brothers who pocketed £60m when they sold their family business to Speedy Hire have made a foray back into power generation with the acquisition of an Airdrie-based company through their private equity vehicle, Nevis Capital. The Glasgow private equity company was launched by John and James Pirrie after the sale of LCH Generators.