NESBITT COULD STAY AS ARNOTTS CHAIRMAN - The Irish Times reports that barrister Richard Nesbitt will be asked to remain on as chairman of Arnotts if the European Commission allows State-owned Anglo Irish Bank and Ulster Bank take control of the Dublin retailer.
The paper says the banks are understood to be keen to maintain the retailer's connection with the Nesbitt family - the founders of the business in 1843 - should the new controlling structure be approved by Brussels. The commission is due to report back on the plan on August 9.
The paper says that while Mr Nesbitt, whose family are 55% shareholders, is expected to remain on as chairman, his position will be as figurehead as the existing shareholders will lose their equity if the banks take control.
The banks, owed about €300m by Arnotts, plan to swap their debts for control of the business. While they may bring in new management to put the retailer on a sound footing, the Nesbitt family's tie to staff is a factor in the decision to seek to retain him as chairman, according to the Irish Times.
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APPLEBY CALLS FOR TIGHTER CFD RULES - The Irish Independent reports on comments from corporate enforcement watchdog Paul Appleby, who has said that holders of contracts for difference (CFDs), which were at the heart of the Quinn/Anglo Irish controversies, should face additional restrictions.
The paper says he has suggested that those holding CFDs in a company should be categorised as 'related parties' and, as a result, they could be restricted from receiving loans from the company.
The Indo says such an idea would most likely have prevented Sean Quinn and his family securing loans from Anglo during 2007 and 2008.
Mr Appleby has suggested that 'related parties' should simply mean anyone with an investment that 'exceeds 10% of the shares or voting rights'.
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UK WATCHDOG EXTEND BONUS CURBS - The Financial Times says the UK's financial regulator has dramatically expanded the number of companies that will be subject to tough restrictions on pay and bonuses, extending its rules to cover most hedge funds and investment managers as well as banks and building societies.
The FT says the Financial Services Authority, which has sought to set the global standard on responsible pay practices, is broadening the scope of its remuneration code from 27 large banks to more than 2,500 financial services companies, including the UK branches of many overseas businesses.
The shift, which will take effect January 1, makes the UK the first country to comply with EU legislation that last month brought into force some of the world's toughest restrictions on bankers' bonuses.
The FT says the planned changes, while not unexpected, are likely to anger bankers and hedge fund managers who fear London's competitiveness is under threat.
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CONSUMER CONFIDENCE ON THE RISE - SURVEY - The Irish Examiner reports on a survey which shows that consumer confidence has reached levels not seen since 2007, with more people feeling they and the country will be better off in the coming year.
The results of the latest Consumer Confidence Monitor show 22% of people surveyed this month believe the country will be better off, compared with just 9% in March and 8% last November.
There is also a growing sense of positivity when it comes to personal finances. In July, more than half of those surveyed said they expected their income in the next year to be higher or the same - a rise from the last figure in March.
