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Sunday newspaper round-up: EasyJet, Direct Line, Cairo

Sun 03 Mar 2024 15:16

(Sharecast News) - EasyJet founder Sir Stelios Haji.Ioannou has called time on his long-running feud with the "scoundrels" running the carrier. Haji-Ioannou has admitted that his war with easyJet boss Johan Lundgren was motivated by his fear that it would not get through Covid-19. His latest remarks come as the company is preparing to re-enter the ranks of the FTSE 100. They also come after attempts by easyJet to fill the gap in the market left by the collapse of Monarch and Thomas Cook, with Lundgren and chairman Stephen Hester having tried to shift focus towards selling holidays instead of just flights. - The Sunday Times Sir Peter Wood believes that Direct Line, the insurer he founded in 1985 has been "terribly" managed for years, leaving it a potential target for bidders. Indeed, given a decent price, that is exactly what he thinks should happen, Wood told the Mail on Sunday. Belgium's Ageas tabled a £3.1bn bid during the previous week, but that was not enough, Wood added. Wood further described the share and cash deal offered by Ageas as "messy". He was also "sure" that other offers would materialise. - Financial Mail on Sunday

A delegation of Hamas officials arrived in the Egyptian capital for talks to try and reach a ceasefire deal. It followed indications that Tel Aviv was ready to accept a phased six-week agreement for the release of hostages and a truce before the start of Muslims' holy month of Ramadan. Negotiators from Qatar and the U.S. had also arrived in Cairo to take part in the talks. A response from Hamas was anticipated on Sunday or Monday. - Guardian

Ministers are under pressure to present their plans should Thames Water collapse, an outcome that could cost taxpayers billons of pounds. The rescue plans drawn up by the Department for Environment, Food and Rural Affairs are known as "Project Timber" and according to Thames Water executives have a value of £5bn. The supplier is facing a £190m loan in April that its bosses have already said that it will not be able to meet. - The Sunday Telegraph

St.James's Place has put aside £426m to cover compensations to clients who allege that it fraudulently charged for annual reviews of client portfolios that were never conducted. The provision also follows the 15,000 complaints lodged with law firm AMK Legal on their behalf over the past three months. - The Sunday Times

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(Sharecast News) - Government borrowing costs in several advanced economies hit their highest level since the 2008 financial crisis, or even earlier, on Monday as investors feared the Middle East crisis would keep inflation persistently high. Concerns over rising prices and government spending pushed up the cost of debt issued by Paris, Berlin, Washington DC, Tokyo and London as investors fretted that rising prices would push up interest rates. The yield, or interest rate, on 30-year French bonds rose to its highest level since September 2008 at 4.8558%, up one basis point (0.01 percentage point), LSEG data showed. - Guardian

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