LONDON (ShareCast) - The trio of Central Asian oligarchs who founded FTSE 100 listed miner ENRC are expected to return tomorrow to the markets with an even lower offer for the company. The new bid is expected by analysts to value the company at 240p per share, less even than the 260p initially tabled. While the firm´s independent directors considered that the initial proposal “materially undervalued” the firm those three shareholders, together with the Kazhak government and Kazakhmys, who owns 26% of its rival, have more than enough heft than necessary to push it through, writes The Sunday Times.

Britain’s biggest building society - Nationwide - has been forced into bond issues days after the rescue of the Co-op Bank hit small investors. That is the result of the adoption, by the Bank of England, of a tough new rule change when accounting for a lender´s capital. Thus, Nationwide’s leverage ratio is now estimated at only 2%, although it must be said that Barclays also failed the test, though only just. The building society, which had already been planning a bond to raise money from investors, will go ahead with that and a second type of bond that would convert to shares in any future crisis, The Sunday Times reports.

Segro, the industrial property specialist, is in talks with the Canadian Public Sector Pension Investment Board (PSP Investments), over a joint venture on the Continent aimed at expanding its footprint in logistics infrastructure. That comes as companies scramble for such assets in light of the boom in internet shopping and after a spell of low investment in warehouse capacity in the aftermath of the financial crisis, according to The Sunday Times.

The Swiss-based Bank for International Settlements has warned that the cost-benefit trade-off between ultra-accommodative economic policies and financial stability has turned negative. It therefore calls for the former to be scaled back, even while warning that interest rate increases pose their own set of risks to financial stability and must be executed with great care. By its analysis global policymakers have squandered the time that was bought by those policies for them to put their budgets in order and tackle the deeper crisis of falling productivity, The Sunday Telegraph writes.

The number of entrepreneurs and employers in the UK owning and controlling their own business through a co-operative enterprise has reached an all-time high despite the recent crisis surrounding the movement. The number of co-operative businesses in the UK has risen by 28% since 2008 and 4% in the last twelve months alone according to a new report, says The Financial Mail on Sunday.

The People's Bank of China (PBOC) allowed the nation's lenders to approach crisis point this week as part of a crackdown on shadow finance, the government has indicated. That saw inter-bank rates spike as high as 25% at one point, fuelling fears in some quarters of a Lehman-style crisis. Yet onlookers suspect that the PBoC wanted to send a stern message to commercial banks to stop financing speculation and that it would step in prior to an all-out crisis, The Sunday Telegraph reports.

AB

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