Sunday Papers Round-Up

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The Independent Online
Independent on Sunday

The Stock Exchange has upheld at least one of the complaints against SG Warburg, the City's leading merchant bank, over its handling of a controversial market raid for 10 per cent of Lasmo, the oil group. The complaint is thought to be from Swiss Bank Corporation, alleging that it was unable to sell Lasmo shares despite pre-placing a sell order with Warburg Securities in anticipation of the raid.

Peter Brooke, the former national heritage secretary, is being sounded out for a job by his former employer, the headhunters Spencer Stuart. But many companies are becoming less enamoured with the idea of former politicians becoming outside directors.

Standard Chartered, the British- based international bank, has shelved plans for share listings in the Far East following two scandals involving its operations there.

Mail on Sunday

An academic from the London Business School spotted the fatal flaw in Atlantic Computers, the leasing firm, that led to the collapse of the financial services group British & Commonwealth. In October 1988, in preparation for a seminar, Professor Kenneth Simmons took two hours to realise that the structure of many of Atlantic's lease arrangements left the company with huge contingent liabilities. The company took all profits on a lease up-front while the lease gave customers easy cancellation terms.


More than 40 pensioners once employed by Hillsdown Holdings' meat processing subsidiary, FMC, have complained about pounds 18m being repaid to the company from a substantial pension scheme surplus. The Pensions Ombudsman is investigating.

National newspapers could lose pounds 109m in revenues because of the price war started by Rupert Murdoch, with Mr Murdoch himself the biggest loser, according to analysts at Smith New Court.

Howard Davies, director-general of the Confederation of British Industry, is understood to be the favourite candidate to replace Sir David Lees as chairman of GKN, the engineering combine.

Sunday Telegraph

Stephen Adamson, the administrator of British & Commonwealth, will support B&C's former chairman, John Gunn, in his battle to retain the right to hold company directorships.

Following the publication last week of a damning report on B&C's collapse, the President of the Board of Trade wants to disqualify Mr Gunn.

The Cayzer family, which sold its 30 per cent stake in B&C seven years ago, is building a strategic stake in Ivory & Sime, the Scottish fund manager.

The Council of Mortgage Lenders could report that home repossessions in the first half of 1994 were 26 per cent down on the same period last year, according to Birmingham Midshires building society.

Sunday Times

New car sales are expected to set a new record next month. Sales of more than 500,000 are predicted in the vital first month of the new registration year.

John Gunn, former chairman of B&C, is selling his pounds 2.75m London home to fight the DTI's bid to have him disqualified as a company director.