Sunday newspaper round up
Our summary of what the Sunday papers are reporting from the financial world this week.
OBSERVER
HMV is chart-topper for short sellers
Struggling entertainment retailer HMV is the most shorted stock in the FTSE All Share index, with nearly 24% of its shares out on loan to hedge funds and other speculators, according to Dataexplorers. Shorting is where investors bet on a share price being too high by borrowing the stock from a financial institution then selling in the market. The shares are later bought back at a lower price (at least, that is the intention) and returned to the lender, with the shorter pocketing the difference. ›› Read
GDP figures likely to show zero growth
Figures out this week are expected to show that Britain's economy came to a virtual standstill in the last three months of the year. GDP data on Tuesday will show the economy slowed from 0.7% in the third quarter to 0.2% or even zero in the run-up to Christmas, economists say. ›› Read
Nuclear power firms to face £1bn accident clean-up costs
Nuclear operators will have to pay the first £1bn towards the cost of any accident in the UK – seven times more than the current cap on their liabilities – the government will propose tomorrow. Energy secretary Chris Huhne said that he wanted to introduce the new rule to ensure that there would be no public subsidy for nuclear power. ›› Read
SUNDAY TELEGRAPH
Serco in $2bn bid to run US security giant
Serco, the services company that runs swathes of Britain's schools, trains, prisons and armed forces, has made a $2bn bid for the US spy firm SRA International. A deal with SRA would catapult Serco to becoming the biggest foreign company providing services to the United States government. ›› Read
V Ships prepares to set sale
The world's biggest provider of crews for cargo ships, oil tankers and ferries, could soon be sold for more than $550m (£350m). ›› Read
Greencore fight for Northern Foods against rival bid 'far from over'
Greencore is considering returning with a higher bid for Northern Foods after chicken giant Boparan's 11th-hour £342m bid for the own-brand food producer dealt a knock-out blow to its original advances. ›› Read
BP victim fund is 'inaccurate and misleading'
An expert witness for Gulf Coast residents suing BP over its giant oil spill has claimed that the energy major's $20bn (£12bn) compensation fund for victims is "inaccurate and misleading". ›› Read
SUNDAY TIMES
Online bingo trio share millions
The three founders of Gamesys, one of Britain's top online gaming groups, are set for a multi-million-pound payout after a bumper year. Figures filed at Companies House suggest the three will share almost two-thirds of a £25m dividend, with the rest going to a handful of private investors. The payout comes on top of last year's £14m dividend.
Qatar kicks off bid to buy Manchester United
A Middle Eastern sovereign wealth fund has held secret talks about a £1.5 billion takeover of Manchester United football club. The Glazer family, the current owners, held discussions last month with an investment group controlled by the Qatari royal family.
Double dip fears as recovery falters
Fears of a double-dip recession will return this week when official figures are expected to show the pace of recovery halved in the last months of 2010.
Unilever chairman tipped to take Vodafone reins
Michael Treschow, the chairman of Unilever, has emerged as a leading contender to take the chair at Vodafone, the mobile phone giant. The veteran Swede, who is also the chairman of Ericsson, the world's largest maker of telecoms equipment, is one of a small number of candidates to be considered as a replacement for Sir John Bond in one of the highest profile roles in British business.
INDEPENDENT ON SUNDAY
'Help us, or UK will lose its edge'
Britain's hi-tech manufacturers issued a warning to the coalition today that the country will lose its place in world rankings unless industry receives more help. The GE survey of 400 of the UK's hi-tech manufacturing companies reports that Britain could fall from sixth to eighth position in global rankings if it doesn't boost skills, get rid of red-tape and improve access to capital. ›› Read
Trade minister urged to expand export support to green firms
Lord Green, the new Trade minister, is being urged to embrace a wider spectrum of businesses when he embarks on a national tour tomorrow to promote British exports. ›› Read
BP and makers of iPod in line for 'shame' awards
The award for what environmentalists regard as the world's "most evil corporation of the year" will be presented this week to a reluctant winner, with finalists ranging from the manufacturer of your iPod to the troubled oil giant BP. ›› Read
Specialist butchers and bakers breathe life back into the high street
Traditional high-street food shops are defying the odds with their strongest sales in years, as shoppers opt for local retailers rather than supermarkets, official figures have revealed. ›› Read
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