The Independent on Sunday: Pressure on Bank to put extra £50bn into recovery
The Bank of England will come under more pressure to pump an extra £50bn into the UK's ailing recovery this week as Eurozone fears over Spain's banks and a Greek pullout of the euro sends bank funding costs soaring. The knife-edge decision comes after biggest slump in UK manufacturing since the aftermath of the Lehman Brothers collapse during May. The Bank could also cut interest rates below their 0.5 per cent record low.
The Sunday Times: Kremlin a bidder for BP's stake in Russian venture
The Kremlin has emerged as a bidder for BP's $25bn Russian business TNK-BP after the UK oil giant put its 50 per cent stake in the operation up for sale. State-owned Rosneftegaz, chaired by a key ally of Russian president Vladimir Putin, is said to have an approach for BP's share of the firm. Rosneft will face opposition from AAR, the consortium of four Russian tycoons which owns the other half of TNK-BP.
The Mail on Sunday: BAA legal action threat over Heathrow runway
Heathrow operator BAA is threatening legal action against the Government if it continues to rule out a third runway at the airport. BAA believes the refusal to look into the move is a breach of "proper process" and it has a good case to force politicians to consider an expansion. Downing Street insists its opposition was part of the Coalition agreement struck in 2010.
The Sunday Telegraph: Lender Wonga eyes a £1bn flotation in US
Payday lender Wonga is weighing up a potential £1bn flotation in the US as early as next year after lining up a beauty parade of three investment banks to handle the launch, the newspaper reports. The firm, which has recently come in for criticism from the Office of Fair Trading, is said to have rejected a London float and is also considering options such as raising cash from private-equity funders.