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Monday newspaper round-up: Lloyds, Waitrose, British Gas

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13/05/2013
Lloyds chairman expected to resign; Waitrose fallout with Ocado over Morrison; British Gas to be confronted by angry pensioners and the disabled over profits...

Sir Win Bischoff, the Chairman of Lloyds since September 2009, is expected to announce his resignation ahead of Thursday’s shareholder meeting as the bank readies for privatisation, reports The Guardian.

The Financial Times says that May 17th is the deadline for a bidding consortium – made of a “trio” of men who founded ENRC and the government of Kazakhstan – to make a firm offer for the remaining 45% stake in the mining company.

The Times reports that British upmarket retailer Waitrose could launch a legal battle against online grocery firm Ocado over its plans to help rival supermarket Morrison develop internet shopping. “The upmarket food retailer is even prepared to walk away from the joint venture if it believes that Ocado will breach its contract by reaching a deal with Wm Morrison,” the paper writes.

According to The Telegraph, The Co-operative Bank could claw back pay and bonuses from its former executives in the aftermath of a surprise downgrade of its credit rating by Moody’s last week.

“Angry pensioners and disabled people will confront British Gas bosses today when the energy giant holds its Annual General Meeting,” writes The Independent. The utility provider, owned by FTSE 100-listed Centrica, is making soaring profits while increasing home energy bills, making it tough for those already struggling to afford to heat their homes, the paper says.

The Confederation of British Industry expects the UK economy to move from “flat to growth” this year, saying that inflation will begin to ease which will boost consumer spending, The Scotsman reports. Exports should also been given a lift by receding uncertainty in the Eurozone and elsewhere.

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