PRESS DIGEST - Financial Times - Oct 10

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Financial Times

'TIME SHORT' FOR EUROZONE, SAYS CAMERON

David Cameron has urged European leaders to take a "big bazooka" approach to resolving the eurozone crisis, warning they have just a matter of weeks to avert economic disaster.

BANKS TO BE FORCED TO BOOST LIQUID ASSESTS

Global banking regulators will press ahead with the first worldwide effort to force banks to hold more liquid assets and cut back the industry's reliance on short-term funding, despite complaints that the rule changes could damage the broader economy, the new chairman of the Basel Committee on Banking Supervision has warned.

CAMERON WANTS 'SAFEGUARDS' FOR FINANCIAL SERVICES

David Cameron is to demand "safeguards" to prevent France and other eurozone countries from distorting the European Union's single market in an attempt to shift financial services from Britain to the single currency area.

LLOYDS SET FOR LOSS ON REAL ESTATE DEAL

Lloyds Banking Group seems poised to take a loss of about 35 percent on a 1 billion pound ($1.6 billion) basket of commercial property debt as it enters second-round talks with four remaining bidders for the portfolio, according to people familiar with the process.

IMI LOOKS TO SPEND BIG ON ACQUISITIONS

IMI , the UK engineering group, is investigating spending up to several hundred million pounds on acquisitions to bolster its position in niche fields.

UK REGULATOR CRITICISES FRENCH AUDITORS

French auditors have been lambasted by the UK's leading accountancy regulator for their performance during the Greek debt crisis.

LADBROKES TAKEOVER OF RIVAL UNDER THREAT

Ladbrokes may pull the plug on its potential takeover of Sportingbet even if the online gambling suitor removes a perceived stumbling block to the deal by selling its Turkish business, according to people with knowledge of the situation.

STEEL COMPANIES BRACED FOR PRICE FALL

The steel industry faces tough times with companies braced for falling prices as buyers delay orders because of extreme nervousness about global economic weakness.

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PRESS DIGEST - British business - Oct 10

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The Times

SOLICITORS UNDER THREAT FOLLOWING NEW RULES

Thousands of high street solicitors could go to the wall in a "seismic" upheaval of Britain's 14 billion pound ($22 billion) consumer legal market following new ownership rules that came into effect in the UK last week.

BANKS TOLD TO JUSTIFY BAN ON RIVAL CASH MACHINES

Two of Britain's biggest high street banks, Royal Bank of Scotland and Lloyds , have been criticised for preventing account-holders from using cash machines owned by their rivals.

PLANS MADE FOR BREAK-UP OF DEXIA BANK

France and Belgium reached a deal on Sunday on sharing the cost of dismantling Dexia , which last week became the first banking victim of the eurozone debt crisis.

The Telegraph

TAXPAYERS' FACE WINDFALL AS URENCO NEARS SALE

British taxpayers could be in line for a 3 billion pound windfall from the government's one-third stake in Urenco after the target price was increased in a series of meetings between private equity firms and the nuclear power company ahead of an expected sale.

BOE POLICYMAKER SAYS THERE'S 'MORE SCOPE' FOR QE

The Bank of England is likely to follow up last week's 75 billion pound of quantitative easing with even more cash injections into the British economy, a leading rate-setter has said.

SELECTA DISPENSES 800 MILLION POUND SALE

Insurance giant Allianz could be serving up its vending machines business Selecta in a potential 800 million pound sale.

The Guardian

CHINA EYES SHALE GAS AND URANIUM FIRMS

China's growing attempts to seize global natural resources has reached Britain with a link to the recent shale discoveries near Blackpool and a bid for a London-listed uranium company.

The Independent

HIGH STREET BANKS ATTACKED OVER POLICY

The Independent Commission on Banking (ICB) is under attack for failing to push for portable bank accounts - a basic reform that campaigners say would free consumers to switch banks and increase the efficiency of the wider economy.

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