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Tuesday newspaper round-up: RBS, Fiat, The Co-op…

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28/05/2013
Royal Bank of Scotland prepares for new boss; Possible deal with Chrysler bumps up carmaker Fiat's share price; former HSBC boss joins the Co-op's banking arm.
Tuesday newspaper round-up: RBS, Fiat, The Co-op…

The Telegraph says that RBS is preparing its restructuring boss Nathan Bostock for the Chief Executive Officer role as part of the company’s long-term plans to replace Stephen Hester.

Shares in Italian carmaker Fiat raced higher on Monday on speculation that the company was close to a deal to buy up the rest of Chrysler that it does not already own, writes The Independent. The paper says that the move could come ahead of a potential public offering in the States by the combined business.

The Scotsman says that former HSBC North America frontman Niall Booker has become the CEO of The Co-op‘s banking arm.

According to The Times, a quarterly Confederation of British Industry survey has shown that British optimism in the services sector (which accounts for over three-quarters of the economy) is at its highest level since 1999. “Hotels, bars and restaurants have enjoyed their biggest rise in trade in almost six years, suggesting that long sought-for green shoots have finally appeared in the vital services sector,” the paper writes.

Economists have said that George Osborne‘s promised £3.0bn investment in infrastructure could be used to plug the gap in his overhauled Private Finance Initiative, reports The Guardian.

Pharmaceuticals group Valeant has launched an $8.7bn takeover of ophthalmology firm Bausch & Lomb, creating an eyecare business with net revenues of over $3.5bn, according to the Financial Times.

The Resolution Foundation think tank has found a jobs gap of 930,000 needed to take the adult employment rate in the UK up from the current level of 58.5% to its 2008 level of 60.3%, The Independent reports.

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