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RBS AND LLOYDS AIM FOR 54 BILLION POUND FUNDING

Royal Bank of Scotland and Lloyds Banking Group will outline on Tuesday moves to raise a combined 54 billion pounds in new funding. Chancellor Alistair Darling is set confirm the government will inject more than 30 billion pounds of the new capital in a bid to reshape Britain's finance industry. Darling will also announce an emergency 8 million pound "contingency equity" fund to rescue RBS in the event of a future financial crisis. Liberal Democrat treasury spokesman Vince Cable has described the move as "very precarious".

'END GAME' NEAR FOR FINAL SALARY PENSIONS

According to EEF, the manufacturing employers' association, the "end game" for final salary pensions is rapidly approaching as its latest figures pointed to a continuing fall in the number of schemes. EEF's annual survey showed that a third of businesses currently retaining final salary, or defined-benefit, pensions plan to close it to new entrants or to further contributions from existing employees. David Yeandle, head of EEF's employment policy, said: "As more and more companies go down this road, the closure of DB schemes will start to become something of a self-fulfilling prophecy."

EDF READY TO PROTEST OVER REGULATION

Electricity and gas group EDF is ready to call in the Competition Commission to investigate the regulation of electricity distribution networks. The French-owned company says that, in order to invest in the latest "smart grid" technology, the industry needs to be allowed to make sufficient profits. Energy watchdog Ofgem is soon due to reveal the results of its latest five-yearly review of the price control regime for local electricity networks. The review will cover the years 2010-2015.

BUILDERS GIVE TAX PROPOSALS A HAMMERING

Critics are lining up to oppose a proposed government crackdown on tax-dodging builders, saying such a move would penalise the genuinely self-employed, increase construction costs and boost the black economy. The Treasury is facing a mounting backlash against plans to collect an extra 350 million pounds of tax and national insurance contributions from an estimated 300,000 workers falsely described as self-employed.

HALF OF DIRECTORS SEE PAY STALL

According to the Institute of Directors, half of directors have had their pay frozen this year and many more are working longer hours because of the recession. The group is calling for the public sector to accept the need for pay freezes and to share the pain being felt in the private sector. The IoD's annual directors' rewards survey found that 44 percent of executive directors had faced having their pay frozen and 6 percent had taken a pay cut.

FRIENDS SITE SALE HITS OBSTACLE

Friends Reunited has been referred to the Competition Commission over concerns its sale could damage the online genealogy market. In August ITV agreed to sell the networking site for 25 million pounds to Brightsolid, a division of newspaper and magazine publisher DC Thomson. However, the Office of Fair Trading says it believes the sale would lead to reduced competition in a fast-growing market. OFT is concerned about Brightsolid's plan to combine the history arm of Friends, namely Genes Reunited, with its own genealogy properties: FindMyPast.com and 1911census.co.uk.

MARK WARNER REVIEWS OFFERS

Mark Warner has asked PwC to review a number of approaches from interested parties over a sale of the travel operator. The company's shareholders have asked PwC to "give strategic advice" and review its business plan as they consider a sale in light of this year's weaker outlook. Mark Warner frequently attracts potential bidders and the recession is making consolidation in the sector a more compelling strategy.

YELL POISED TO DETAIL CAPITAL-RAISING PROPOSALS

It is likely that Yell will unveil plans to raise at least 500 million pounds next week following an agreement with more than 300 creditors to restructure its business. It is thought that the fundraising will take the form of a placing and open offer which will help diversify its shareholder register. Further details of the equity raising could come on Nov. 10 when Yell releases first-half results. Its shares climbed 4 percent to reach 51.25 pence on Monday.

TELECITY SET TO DOUBLE CAPACITY

Telecity is facing the prospect of its data centres becoming full in just over a year's time and the group is preparing to raise its capacity significantly, in facilities across Europe, to cope with the demand. Chief Executive Mike Tobin said plans could be announced next year and involved further centres in Amsterdam and London. Telecity, which saw its shares rise 2.5 pence to reach 337.5 pence on Monday, is completing an expansion that will see it double capacity over four years, reaching 60MW of power by 2011.

PRIVATE COMPANY PURCHASE VALUE FALLS

A report by accountants UHY Hacker Young has revealed that the value of private company acquisitions dropped by two-thirds in the year to July. The fall came as banks stopped financing takeovers and the economic uncertainty meant managers held back from launching buy-outs. Chris Lowry, a partner at UHY Hacker Young, said: "Before this hiatus there was always a belief that owning your own business was a good thing to do, but now that is not clear, because of the uncertainty." In the year to July 31, there were 1,453 private companies acquired for a total value of 6.8 billion pounds. This is down from 2,336 private company acquisitions for a total of 19.5 billion pounds in the previous year.

Prepared for Reuters by Durrants. Keywords: BRITAIN PRESS/FT

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