In brief: Radical bonus changes at Barclays and the mis-match in views between those buying, and those selling their homes.
FINANCIAL TIMES
Coe warns on sports funding
By Roger Blitz, Leisure Industries Correspondent
Britain must capitalise on the country’s Olympic gold rush by continuing to fund both top athletes and local clubs to increase sports participation, Lord Coe said on Sunday.
As the gold medals continued to rack up in sailing and tennis, the London organising committee chairman warned the government not to squander what he said would be “a limited opportunity” to build on Olympic success.
BBC.CO.UK
Italy's Monti warns Europe of 'psychological break-up'
Italy's Prime Minister Mario Monti has warned of a "psychological break-up" of Europe that must be contained.
In an interview with Germany's der Spiegel magazine on Sunday, he said the eurozone crisis was creating national resentments that could damage the EU.
Separately, the head of Italy's central bank, Ignazio Visco, insisted his country did not yet need a bailout.
THE GUARDIAN
Greece enters 'crucial weeks' with troika praise for €11.5bn cuts progress
By Helena Smith
The next few weeks will be crucial if Greece is to avoid defaulting on its mountain of debt and being ejected from the eurozone, the finance minister Yiannis Stournaras warned on Sunday as visiting EU-IMF officials took the rare step of concluding an inspection tour of the country with words of praise.
Six weeks after taking power, the conservative-led government of prime minister Antonis Samaras won plaudits from auditors who announced they would issue a final verdict on the near-bankrupt nation in September.
CITY A.M.
Signs of life after shoppers return
By James Titcomb
London’s retailers were handed a welcome boost over the weekend as shoppers flocked back to stores, though figures released today show Britain’s high streets have seen their worst monthly sales in almost a year.
Footfall picked up in the second half of last week and over the weekend, with the capital’s retailers reporting a leap in numbers, but the brief respite is unlikely to make up for a dismal set of economic figures released today, with the retail, manufacturing and construction industries all reporting disappointing trading.
DAILY MAIL
Buyers and sellers face housing stand-off due to differing opinions on how realistic prices are in tough economy
By David Baker
House buyers and sellers face a stand-off in the coming months due to an opinion gap about how realistic prices are in the tough economy, a study has suggested.
The mis-match in views could lead to sales stalling further in a market which is already seen as difficult and patchy, property search website Rightmove found.
THE TELEGRAPH
Barclays plans radical bonus reforms
By Philip Aldrick
Barclays is planning radical bonus reforms that could see staff having to wait until they retire to collect their awards.
The proposal is one of a number being considered by the board, which is trying to overhaul the bank’s culture and restore its reputation after the damage done by former Barclays chief executive Bob Diamond’s bumper bonuses and the Libor scandal.
THE EXPRESS
Brazil giant leads £10bn dight for RBS’s US bank
By David Shand
Bidders including one of Brazil’s biggest banks are circling Royal Bank of Scotland’s American business in a potential £10billion deal.
Itau Unibanco has emerged as a possible buyer of Citizens, the retail bank built up through acquisitions by former RBS chief Fred Goodwin, whose 1,500-plus branches are spread across a dozen US states.
THE TELEGRAPH
Frustrated JJB Sports investors plan action
By Louisa Peacock
JJB Sports’ leading shareholders could force through a major restructuring of the beleaguered retailer after losing patience with management over the company’s poor performance.
Up to 80 of the store’s 180 shops could be shut down – affecting thousands of jobs – as shareholders look to take a more active role in turning around a “company in crisis” following a string of profit warnings, according to analysts.
THE SCOTSMAN
Global gloom taking its toll on small manufacturers, says CBI
By Scott Reid
Fears of a protracted recession will intensify today amid signs that Britain’s manufacturing engine room is running out of steam.
Publishing its latest SME trends survey, the CBI said sentiment among small- and medium-sized manufacturers had deteriorated, while output had fallen for the first time since autumn 2009. The business lobby group, which polled hundreds of firms across the UK for the quarterly report, warned of a “challenging” domestic backdrop, uncertainty over the eurozone and a “broader loss of momentum” in the global economy.
THE INDEPENDENT
Venerable life assurer in secret talks with buyout firm
By Simon English
One of the oldest names in British life insurance could fall into the hands of a City private equity house in a deal that might prove controversial for both regulators and members.
MGM Advantage, founded in 1852, has been up for sale for months, with bankers at Evercore scouring the financial district for buyers.
FINANCIAL TIMES
Four-year silver probe set to be dropped
By Jack Farchy in London and Gregory Meyer in New York
A four-year investigation into the possible manipulation of the the silver market looks increasingly likely to be dropped after US regulators failed to find enough evidence to support a legal case, according to three people familiar with the situation.
The Commodity Futures Trading Commission first announced that it was investigating “complaints of misconduct in the silver market” in September 2008, following a barrage of allegations of manipulation from a group of precious metals investors.
THE TIMES
Oil giant puts safety first and pulls its cash out of Europe
By Juliet Samuel
Royal Dutch Shell is to pull some of its huge cash pile out of European banks because it fears that the Continent’s debt crisis has made it too risky a home.
The Anglo-Dutch oil group’s decision is a worrying new sign of capital flight from the eurozone, identified by economists as a leading source of stress for European credit markets and businesses.
