Monday newspaper round-up: Co-op Bank, Lloyds, RBS…
The Independent says that the Co-op Bank will this week announce plans to fill a £1.5bn hole in its finances. The rescue, brokered with the Bank of England’s Prudential Regulatory Authority, will see 5,000 investors take a haircut on money they lent to the bank.
Conservative MP David Davis has told The Times that George Osborne interfered with Project Verde, the name given to the sale of 632 Lloyds branches. The paper says: “The Chancellor is accused of using the ‘invisible hand’ of the Treasury in 2011 to force the 39% state-owned bank to sell the branches to the struggling Co-operative Bank, ignoring warnings that the deal was bound to fall through.”
The Telegraph says that FTSE 250-listed sports media group Platform is to purchase Opta Sports Data, the supplier of sports statistics to broadcasters and bookmakers.
RBS chairman Sir Philip Hampton, whose job has been called into question following last week’s exit of chief executive officer Stephen Hester, has said that he has “no imminent plan” to quit until a new boss has “their feet under the table”, writes The Guardian.
Jake Molloy from the RMT union has said that safety on North-Sea oil platforms is being compromised because employees are too scared to speak out about safety breaches in case they lose their job.
Growth in Europe’s auto market is not set to begin until 2019, AlixPartners has forecast, according to the Financial Times. Car sales in Western Europe are expected to fall from 13.2 this year to 12m in 2014 and remain flat until the end of the decade, “raising the spectre of further plant closures across the continent”, the paper says.
“The French energy giant EDF is set for a showdown with British unions over pay for more than 5,000 workers at its money-spinning power stations, in a dispute that could lead to strikes,” The Independent reports.