What the Sunday Papers said...
Monday 21 May 2012
Independent on Sunday: UK warned of credit downgrade
The UK will lose its triple-A credit rating next year as a result of the recession and euro crisis, according to the Legal & General bond fund manager Richard Hodges. "The question isn't will the UK be downgraded, but when," he said. "The ratings agencies haven't moved partly because they have bigger fish to fry. But as this crisis plays out it is inevitable they will downgrade the UK, by 2013 at the latest."
Sunday Times: Battle for control at Punch pubs
Britain's biggest pub operator has opened talks with its lenders over a controversial plan to give them control of the company in return for writing off millions in debt. Punch Taverns, which owns 5,000 pubs, is struggling under a £2.3bn debt pile built up during an ambitious expansion drive. The shares have slumped to 8p from a high of £13.97 just five years ago.
The Mail on Sunday: Hollywood blockbuster reprieve for BSkyB
A U-turn by the Competition Commission has lifted a threat to have BSkyB's grip on the pay-TV film market declared anti-competitive. In a report due as early as this week, the watchdog is expected to say that rivals such as Lovefilm and Netflix are undermining Sky's dominance and reducing the need to impose restrictions. The Commission provisionally found that Sky unfairly dominated the market.
The Sunday Telegraph: Prudential to name Manduca as chairman
Prudential is to name Paul Manduca as its new chairman following a five-month search to replace the departing Harvey McGrath. Mr Manduca, the former chief executive of Rothschild Asset Management, has been chosen by the FTSE 100 insurer's board after a lengthy search of candidates. The Financial Services Authority is in the process of vetting his credentials and experience.
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