(LLOY.L) Lloyds Banking Group PLC Buy/Sell

The Sunday Times
M&B TARGETS RETAIL PARKS
Mitchells & Butlers is this week to announce plans to open hundreds of outlets in out-of-town shopping centres and retail parks. The expansion by the pubs giant forms the core of a strategic review led by chairman John Lovering. Lovering is also to announce cost-cutting plans which will hit head office.
ACTIVIST'S DELTA CALL
Activist investor Crystal Amber is calling on fellow shareholders in Delta to reject a 284.5 million pound cash takeover bid proposed by the board. Richard Bernstein at Crystal, which holds a 3.77 per stake in the British engineering firm, said the offer from Valmont, Delta's US rival, 'clearly undervalues the business'.

LK Bennett is planning to expand overseas following last year's sales rise of 18 per cent. The women's fashion chain reported a slight drop in profits to 9.58 million pounds to August 1, 2009, but sales shot up to 67.2 million pounds as the company improved performance and opened new stores. The chain is majority owned by Phoenix Equity Partners.

The Mail on Sunday
COVENTRY FINALISES DEAL TO TAKE OVER STROUD & SWINDON
Coventry Building Society will this week confirm that it has reached agreement to take over struggling mutual Stroud & Swindon. The takeover, which needs approval by Stroud's 265,000 members in a vote this summer, would cement Coventry's position as the country's third-biggest society. Stroud is set to report losses for the second consecutive year. In 2008, the mutual lost 3.4 million pounds and it is believed that losses for 2009 will be greater.

Clive Cowdery, who leads Insurance buyout group Resolution, will use this week's full-year results to disclose that up to 200 million pounds of fresh funds have been released from Friends Provident, bolstering Resolution's takeover war chest to 500 million pounds. Resolution is looking at Lloyds Banking Group's insurance business which saw two third's of its one billion pounds profit come from life insurance, the area that interests Resolution.

Jamie Mitchell, Daylesford's managing director, has claimed that the upmarket organic food business is on the verge of a surge in growth. Mitchell says that he plans to at least triple Daylesford's 10 million pound turnover over the next five years. Daylesford has stores in Notting Hill and Pimlico in London and has recently agreed to supply retailer Ocado and opened a store and cafe in Munich.

The Observer

Communications watchdog Ofcom has moved to ease the hold that BSkyB satellite broadcaster has over Briton's television viewing habits. This week the regulator will be forcing Sky to reduce the fees it charges to broadcasters for its Sky Sports channel. Price cuts are expected to be in force by next season, giving rivals BT and Virgin Media the opportunity to mount a price war. So far BT has hinted that it would charge just 15 pounds for sports programming and said some of its premium customers could get Sky Sports for free by signing up to BT Vision - a hybrid Freeview-plus-broadband television service. Meanwhile, concerns have been raised by sporting bodies over losses in revenue from sales of television rights.

Government ministers mounted talks aimed at brokering a deal to end the British Airways airline cabin crew strike over reductions in staffing, in a bid to prevent the dispute from scuppering its preparations for the general election. Labour officials were in negotiations with Tony Woodley, joint general secretary of the Unite union on Saturday, to agree a deal to stop the dispute spreading into next weekend. However, industry sources say there was no basis for a deal and no further talks would be scheduled. Despite the strike action BA said it expected to fly 65 per cent of its passengers over the weekend. Meanwhile, the political row surrounding the dispute has gathered momentum after it emerged Unite is paying Labour four million pounds to finance its general election campaign.
RED KNIGHTS AIM TO WIN CONTROL OF MAN UTD IN JUNE.
A group of investors calling themselves Red Knights are preparing to table a 1.25 billion pound bid for Manchester United football club, aimed at giving fans a majority stake. The bid is designed to remove control of United from the US Glazer family, who have come under criticism for the huge debts they brought to the club when they acquired it in 2005. Proposals being studied by the bidder's financial adviser, Nomura, will see 30 wealthy Red Knights investors including Paul Marshall, the founder of London-based hedge fund Marshall Wace, taking control of United through a newly created company, giving fans across the world the opportunity to subscribe to new shares.
The Sunday Telegraph
NORMAN: UK FACES 'NATIONAL CRISIS'
Archie Norman, the chairman of broadcaster ITV, has said that the UK faces an economic "national crisis" more severe than the situation faced at the end of the 1970s by Margaret Thatcher. In his first interview since becoming the company's chairman, Norman also warned that slower growth and lower employment would last for years if the crisis was not confronted quickly. Calling for cuts to the BBC's 3.7 billion pound annual budget, he added that regulations on advertising pricing were threatening the future of commercial broadcasting by ITV, Channel 4 and Five.

Fund manager Schroders is urging Gulfsands Petroleum to open discussions with Indian Oil Corporation (IOC), after India's largest company by revenue tabled an unsolicited 400 million pound takeover bid last week. Schroders is the London-listed oil explorer's largest shareholder, with a 21 per cent holding spread across three of its funds, and Andy Brough, who manages one of the funds, has previously said he would be interested in selling Gulfsands above 300 pence. Gulfsands, whose next audited reserves report is due at the end of the month, has rejected the approach, IOC's third in the last year, and Brough suggested that one reason its management might hold back from talks would be if oil reserves were higher than previously thought.

According to a source close to the situation, Pearl Group is working on a full London listing in the next three months. The insurance group, which will rebrand as Phoenix Group prior to the listing, is expected to lose its primary listing on the Amsterdam-based Euronext market over the course of next year. The group is also thought to be close to resolving a dispute with bondholders, including Aviva, Axa and Fidelity, who had threatened to block a potential fund-raising by telling their equity departments not to buy shares.

The Independent on Sunday
ANGER AT LLOYDS OVER DANIELS'S PROFITS CONFUSION
Fund managers have criticised Lloyds Banking Group chief executive Eric Daniels over his recent comments on the bank's finances. At last month's results presentation, Daniels refused to say if Lloyds would make a profit this year. However, Daniels announced last week that the bank would return to profit in 2010, meaning shares jumped over eight per cent on Friday. One analyst who sold Lloyds shares before the increase said Daniels "should have been more upbeat" at the presentation. Lloyds may sell all or part of its 60 per cent stake in asset manager St James's Place Capital this week.

Clothes retailer Next is likely to reveal that it has beaten many of its high street rivals when it announces full year results on Wednesday. Pre-tax profits are predicted to have risen by 66 million pounds to 635 million pounds, with profits at Next's retail arm up about 12.4 per cent to 325 million pounds. Next, led by chief executive Simon Wolfson, has just become the 27th British sponsor of the London 2012 Olympics. Elsewhere, analysts forecast a tough year for supermarket Sainsbury, due to give a fourth-quarter trading update on Thursday.

Following failed approaches for both Close Brothers and Ardent Partners in the last three years, City brokerage Cenkos is understood to have been unsuccessful in its recent attempt to acquire JM Finn. It is thought that the independent broking and fund management group was unimpressed by the price being offered by Cenkos and chose to end discussions. The sector is set for a long-anticipated wave of consolidation, with interdealer broker Prebon Tullett said to be in takeover talks with an unnamed party.

Keywords: PRESS DIGEST BRITISH SUNDAY PRESS MARCH 21

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Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

The Sunday Times
M&B TARGETS RETAIL PARKS
Mitchells & Butlers is this week to announce plans to open hundreds of outlets in out-of-town shopping centres and retail parks. The expansion by the pubs giant forms the core of a strategic review led by chairman John Lovering. Lovering is also to announce cost-cutting plans which will hit head office.
ACTIVIST'S DELTA CALL
Activist investor Crystal Amber is calling on fellow shareholders in Delta to reject a 284.5 million pound cash takeover bid proposed by the board. Richard Bernstein at Crystal, which holds a 3.77 per stake in the British engineering firm, said the offer from Valmont, Delta's US rival, 'clearly undervalues the business'.

LK Bennett is planning to expand overseas following last year's sales rise of 18 per cent. The women's fashion chain reported a slight drop in profits to 9.58 million pounds to August 1, 2009, but sales shot up to 67.2 million pounds as the company improved performance and opened new stores. The chain is majority owned by Phoenix Equity Partners.

The Mail on Sunday
COVENTRY FINALISES DEAL TO TAKE OVER STROUD & SWINDON
Coventry Building Society will this week confirm that it has reached agreement to take over struggling mutual Stroud & Swindon. The takeover, which needs approval by Stroud's 265,000 members in a vote this summer, would cement Coventry's position as the country's third-biggest society. Stroud is set to report losses for the second consecutive year. In 2008, the mutual lost 3.4 million pounds and it is believed that losses for 2009 will be greater.

Clive Cowdery, who leads Insurance buyout group Resolution, will use this week's full-year results to disclose that up to 200 million pounds of fresh funds have been released from Friends Provident, bolstering Resolution's takeover war chest to 500 million pounds. Resolution is looking at Lloyds Banking Group's insurance business which saw two third's of its one billion pounds profit come from life insurance, the area that interests Resolution.

Jamie Mitchell, Daylesford's managing director, has claimed that the upmarket organic food business is on the verge of a surge in growth. Mitchell says that he plans to at least triple Daylesford's 10 million pound turnover over the next five years. Daylesford has stores in Notting Hill and Pimlico in London and has recently agreed to supply retailer Ocado and opened a store and cafe in Munich.

The Observer

Communications watchdog Ofcom has moved to ease the hold that BSkyB satellite broadcaster has over Briton's television viewing habits. This week the regulator will be forcing Sky to reduce the fees it charges to broadcasters for its Sky Sports channel. Price cuts are expected to be in force by next season, giving rivals BT and Virgin Media the opportunity to mount a price war. So far BT has hinted that it would charge just 15 pounds for sports programming and said some of its premium customers could get Sky Sports for free by signing up to BT Vision - a hybrid Freeview-plus-broadband television service. Meanwhile, concerns have been raised by sporting bodies over losses in revenue from sales of television rights.

Government ministers mounted talks aimed at brokering a deal to end the British Airways airline cabin crew strike over reductions in staffing, in a bid to prevent the dispute from scuppering its preparations for the general election. Labour officials were in negotiations with Tony Woodley, joint general secretary of the Unite union on Saturday, to agree a deal to stop the dispute spreading into next weekend. However, industry sources say there was no basis for a deal and no further talks would be scheduled. Despite the strike action BA said it expected to fly 65 per cent of its passengers over the weekend. Meanwhile, the political row surrounding the dispute has gathered momentum after it emerged Unite is paying Labour four million pounds to finance its general election campaign.
RED KNIGHTS AIM TO WIN CONTROL OF MAN UTD IN JUNE.
A group of investors calling themselves Red Knights are preparing to table a 1.25 billion pound bid for Manchester United football club, aimed at giving fans a majority stake. The bid is designed to remove control of United from the US Glazer family, who have come under criticism for the huge debts they brought to the club when they acquired it in 2005. Proposals being studied by the bidder's financial adviser, Nomura, will see 30 wealthy Red Knights investors including Paul Marshall, the founder of London-based hedge fund Marshall Wace, taking control of United through a newly created company, giving fans across the world the opportunity to subscribe to new shares.

COPYRIGHT

Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

The Sunday Times
M&B TARGETS RETAIL PARKS
Mitchells & Butlers is this week to announce plans to open hundreds of outlets in out-of-town shopping centres and retail parks. The expansion by the pubs giant forms the core of a strategic review led by chairman John Lovering. Lovering is also to announce cost-cutting plans which will hit head office.
ACTIVIST'S DELTA CALL
Activist investor Crystal Amber is calling on fellow shareholders in Delta to reject a 284.5 million pound cash takeover bid proposed by the board. Richard Bernstein at Crystal, which holds a 3.77 per stake in the British engineering firm, said the offer from Valmont, Delta's US rival, 'clearly undervalues the business'.

LK Bennett is planning to expand overseas following last year's sales rise of 18 per cent. The women's fashion chain reported a slight drop in profits to 9.58 million pounds to August 1, 2009, but sales shot up to 67.2 million pounds as the company improved performance and opened new stores. The chain is majority owned by Phoenix Equity Partners.

The Mail on Sunday
COVENTRY FINALISES DEAL TO TAKE OVER STROUD & SWINDON
Coventry Building Society will this week confirm that it has reached agreement to take over struggling mutual Stroud & Swindon. The takeover, which needs approval by Stroud's 265,000 members in a vote this summer, would cement Coventry's position as the country's third-biggest society. Stroud is set to report losses for the second consecutive year. In 2008, the mutual lost 3.4 million pounds and it is believed that losses for 2009 will be greater.

Clive Cowdery, who leads Insurance buyout group Resolution, will use this week's full-year results to disclose that up to 200 million pounds of fresh funds have been released from Friends Provident, bolstering Resolution's takeover war chest to 500 million pounds. Resolution is looking at Lloyds Banking Group's insurance business which saw two third's of its one billion pounds profit come from life insurance, the area that interests Resolution.

Jamie Mitchell, Daylesford's managing director, has claimed that the upmarket organic food business is on the verge of a surge in growth. Mitchell says that he plans to at least triple Daylesford's 10 million pound turnover over the next five years. Daylesford has stores in Notting Hill and Pimlico in London and has recently agreed to supply retailer Ocado and opened a store and cafe in Munich.

The Observer

Communications watchdog Ofcom has moved to ease the hold that BSkyB satellite broadcaster has over Briton's television viewing habits. This week the regulator will be forcing Sky to reduce the fees it charges to broadcasters for its Sky Sports channel. Price cuts are expected to be in force by next season, giving rivals BT and Virgin Media the opportunity to mount a price war. So far BT has hinted that it would charge just 15 pounds for sports programming and said some of its premium customers could get Sky Sports for free by signing up to BT Vision - a hybrid Freeview-plus-broadband television service. Meanwhile, concerns have been raised by sporting bodies over losses in revenue from sales of television rights.

Government ministers mounted talks aimed at brokering a deal to end the British Airways airline cabin crew strike over reductions in staffing, in a bid to prevent the dispute from scuppering its preparations for the general election. Labour officials were in negotiations with Tony Woodley, joint general secretary of the Unite union on Saturday, to agree a deal to stop the dispute spreading into next weekend. However, industry sources say there was no basis for a deal and no further talks would be scheduled. Despite the strike action BA said it expected to fly 65 per cent of its passengers over the weekend. Meanwhile, the political row surrounding the dispute has gathered momentum after it emerged Unite is paying Labour four million pounds to finance its general election campaign.
RED KNIGHTS AIM TO WIN CONTROL OF MAN UTD IN JUNE.
A group of investors calling themselves Red Knights are preparing to table a 1.25 billion pound bid for Manchester United football club, aimed at giving fans a majority stake. The bid is designed to remove control of United from the US Glazer family, who have come under criticism for the huge debts they brought to the club when they acquired it in 2005. Proposals being studied by the bidder's financial adviser, Nomura, will see 30 wealthy Red Knights investors including Paul Marshall, the founder of London-based hedge fund Marshall Wace, taking control of United through a newly created company, giving fans across the world the opportunity to subscribe to new shares.
Keywords: PRESS DIGEST BRITISH SUNDAY PRESS MARCH 21

COPYRIGHT

Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

By Michael Holden

LONDON, March 20 (Reuters) - Britain's opposition Conservatives would introduce a unilateral tax on banks similar to that planned by U.S. President Barack Obama if they win the upcoming election, leader David Cameron said on Saturday.
Prime Minister Gordon Brown's Labour government is expected to outline in next Wednesday's budget a global tax on investment banks as its preferred option for clawing back some of the billions of dollars of state funds swallowed up by the banking sector bailout.
The budget is expected to rule out creating an insurance fund against future failure.
The government has said any levy on banks would need international agreement to prevent an exodus from the City of London, but the Conservatives said they would push ahead without support from other countries.
"A Conservative government will introduce a new bank levy to pay back taxpayers for the support they gave and to protect them in the future," said Cameron, whose party is leading opinion polls before a national election expected in May.
"It won't be popular in every part of the City. But I believe it's fair and it's necessary," he said in a speech in south London.
Cameron said the plans would echo those of Obama, who put forward proposals in January for a 0.15 percent tax on the liabilities of big financial institutions.
The level at which a British tax was set would depend on the scale of international agreement, if any, for a levy, a Conservative spokesman said.
"We had the biggest bank bailout in the world. We can't just carry on as if nothing happened," Cameron said. "In America, President Obama has said he will get taxpayers back every cent they put in. Why should it be any different here?"

INTERNATIONAL ARRANGEMENTS "ESSENTIAL"
The British Bankers' Association said taxpayers money used to stabilise the banking industry was on track to be paid back and that it would work "on issues around a last resort intervention fund" to prevent future problems.
"But UK banks believe the best course is to wait for the outcome of next month's IMF proposals as the industry operates across borders and so international arrangements are essential," the BBA said in a statement.
IMF chief Dominique Strauss-Kahn will present to the G20 group of leading countries his proposals next month on how to make banks rather than taxpayers pay for bailouts.
Both Britain's major parties are looking at how to recover money from financial institutions that benefited from the huge bailouts during the financial crisis which struck in 2008. Britain was forced to use taxpayers' money to buy large stakes in both RBS and Lloyds.
Labour said it was committed to an international deal.

"We are part of a global banking system. That's why the Chancellor of the Exchequer (finance minister Alistair Darling) has been leading international negotiations along with the prime minister for coordinated international action," the party's election coordinator Douglas Alexander told Sky News.
Darling is also expected to say in the March 24 budget that money raised by any levy should go to national governments, instead of into an insurance scheme.
This would discourage banks from taking future risks and also help Britain to address its record budget deficit. "The banks may prefer an insurance fund. But in many ways it would be a free pass, entitling them to free help when things go wrong and encouraging them to take risks," a government official said.
Options for the levy include taxing a bank's liabilities, measuring risk-weighted assets or trying to tailor a scheme for individual institutions.

(Additional reporting by Matt Falloon; editing by David Stamp)

((Reuters messaging: michael.holden@thomsonreuters.com; +44 207 542 3213)) Keywords: BRITAIN BANK/TAX (For an Interactive factbox on David Cameron in his own words please click on: http://link.reuters.com/vaz92j)

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Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.