WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
PORSCHE CHIEF AT RISK IN RESCUE
Porsche’s feuding family owners were last night locked in a board meeting trying to hammer out the terms of a rescue of the debt-ridden sports car maker and debating the future of Wendelin Wiedeking, the company’s chief executive. One person close to Porsche said that the prospect of Wiedeking’s departure had become likely.
LACROIX SEEKS CHEVALIER BLANC
Christian Lacroix, the French fashion house which is on the brink of financial collapse, will next week receive an offer from a Paris-based turnround firm which says it aims to save an icon of France’s cultural heritage.
Bernard Krief Consulting, a privately held investment business, said it would lodge its bid for Christian Lacroix on Monday, the deadline for offers for the company.
GALIFORM RESULTS HIT BY £4.4M CHARGE
Galiform, which supplies kitchens to builders, reported a first-half loss on Wednesday and said the building market remained tough. However, the group, which took a £4.4m charge relating to its old subsidiary Sofa Workshop, said its underlying performance was stable and added it would consider opening ”a small number” of new depots later this year.
NAB TO RAISE UP TO $2.25BN IN SHARE SALE
National Australia Bank on Wednesday launched its second large equity raising in eight months with a surprise move to secure up to A$2.75bn ($2.25bn) from investors to fund growth and bolster its capital position. Although analysts said the move appeared defensive, the capital raising comes as Australia’s banking sector faces a surge in bad debt charges.
THE TIMES
FIVE BIDDERS LINE UP FOR £75BN INSIGHT FUNDS
Schroders and the private equity group behind Gartmore are among five bidders to have submitted binding offers to buy a £75bn slice of Lloyd’s Banking Group’s fund management arm, The Times has learnt.
Bank of New York Mellon, the American custodian bank, and two other bidders also submitted offers for parts of Insight Investment last weekend.
GUINEA ACCUSES RIO TINTO OF THREAT TO CIVIL PEACE
The Government of Guinea has accused Rio Tinto of defying its authority and potentially destabilising civil peace. In an unusually blunt rebuke, the West African nation has told the mining group in a letter to stop trying to regain concessions for a multibillion-dollar iron ore deposit.
The Daily Telegraph
HELICAL’S MIKE SLADE WARNS PROPERTY A ‘CURATE’S EGG’
Property is beginning to show signs of improvement but remains a “curate’s egg” best left to experienced stock pickers, said Mike Slade, the veteran Helical Bar chief executive famed for his ability to calls the cycles in the market.
DRESDNER KLEINWORT BANKERS ‘WIN’ LEGAL BATTLE FOR BONUSES
Former investment bankers at Dresdner Kleinwort have recovered some of the bonuses the company’s new owner, Commerzbank, was refusing to pay in what could be a watershed moment for frustrated City workers. High flying former Dresdner bankers were contesting Commerzbank’s decision to slash compensation payouts in court and a number have now reached settlements.
WALL STREET JOURNAL
PEPSI PROFIT FALLS AMID CURRENCY CHANGES
PepsiCo reported yesterday that its second-quarter earnings fell 2 per cent on currency changes while its food and international divisions turned in solid performances. Shares rose 1.1 per cent premarket to $57 as earnings topped expectations and the company reiterated its 2009 view.
MICROSOFT FINALISES SOFTWARE CODE FOR WINDOWS 7
Microsoft passed a key milestone for one of its most anticipated products in years, finalising the code for its upcoming Windows 7 operating system. The company said the development team overseeing Windows 7 has signed off on the latest version of its operating system as part of a ritual called “release to manufacturing” that all Microsoft software products go through.