Sunday newspaper round-up: Natwest, Shein, Nationwide
By Alexander Bueso
Date: Sunday 26 May 2024
(Sharecast News) - NatWest may not be selling shares to the public any time soon following the prime minister's decision to call an election on 4 July. The Treasury has said that an offer will not occur during the election period and Labour has not confirmed whether it would revive plans for the sale should it win. The sale had been expected to take place in June. - The Sunday Times
Some of Britain's biggest fund managers have voiced their dissatisfaction with the expected float of fast fashion outfit Shein in London due to its poor record when it comes to workers' rights. The managers include Aviva, Schroders and M&G. The capital is fighting New York for the £53bn public offering. The UK Sustainable Investment and Finance Association meantime wants to keep London from turning into the last resort for firms with poor human rights records to list. - The Financial Mail on Sunday
Nationwide looked into possible acquisitions of Co-op Bank, TSB and Metro before putting in a £2.9bn bid for rival Virgin Money. Nationwide boss Debbie Crosby said the financial benefits to its members of a bid for Virgin were "stand-out". Yet the offer has been criticised for not having given those same 16m members a say. Virgin Money shareholders on the other hand have accepted despite the seemingly low price on offer. - The Sunday Times
An unexpected decline in bank bonuses means that whichever party wins the next elections will be facing an even tougher environment. Income tax and National Insurance contributions undershot forecasts by nearly £5bn during the previous financial year, according to the Office for Budget Responsibility. Rishi Sunak called the snap vote after being told by Treasury officials that there was no money left for "meaningful" tax cuts to be announced at the autumn budget. - The Sunday Telegraph
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