According to The Independent, the government is searching for banks to handle a possible initial public offering for Royal Mail this week. A flotation this year is the preferred option.
The Telegraph says that Primark, the fashion chain owned by Associated British Foods, is to pay compensation to victims of the clothing factory collapse in Bangladesh which supplied the retailer.
The Guardian says that oil giant BP has been “rebuked” by a Norwegian watchdog over a leak at a major platform in the North Sea in 2012. Authorities blamed BP for poor maintenance and “serious breaches of regulations”.
Alfredo Sáenz, the Chief Executive Offier of Santander who resigned yesterday, is to retire with one of the largest pension pots in executive history, The Times says. He is leaving with a pension pot with a value of €88m.
The Financial Times reports that Italy’s new Prime Minister, Enrico Letta, has cancelled up to €6.0bn of planned tax rises after saying that Europe had to change its focus on austerity.
A deal by the UK pension fund of Kodak is helping the US company exit bankruptcy, reports The Independent. The fund will buy the firm’s consumer and scanner operations for $650m to wipe out its $2.8bn debt to 15,000 fund members.
Rising cases of suicide, HIV infection and even a malaria outbreak are as a result of cutbacks in Europe and North America, building the case against Chancellor George Osborne’s “relentless austerity push”, The Guardian reports, citing new research.
