Monday Papers: CQS plans its first UK fund flotation - money news

Financial Times

* CQS, one of London’s biggest hedge funds, is to announce plans to float a new fund on the UK stock market – the usually low-profile firm’s first public offering. 

* Royal Bank of Scotland is sounding out potential buyers for £1 billion of Spanish commercial property loans.

* Delays to public spending cuts would spark a sell-off in the bond markets, destabilise the economy and increase borrowing costs for the government, investors have warned.

* The dividend paid out climbed to £17.6 billion between July and September, a 1.6% gain on £17.3 billion paid in the same quarter last year, a third-quarter review by Capita Registrars showed.

* George Osborne is planning further big cuts in welfare spending this week, releasing cash for those areas that Labour had promised to protect from the cuts: hospitals, schools, overseas aid and the police.

* Enel begins a roadshow on Monday for Enel Green Power IPO; the company plans to raise as much as €3.4 billion worth of shares in potentially Europe’s largest IPO in three years.

* Fannie Mae and Freddie Mac and other big users of the $350,000 billion interest-rate swaps market will back the CME Group’s swap-clearing house; the futures exchange is expected to announce details of its interest-rate swaps clearing plans on today.

* John Varley, Barclays’ chief executive, has broken ranks with the rest of the global banking industry, arguing that the availability of credit should be unaffected by tough new capital rules for banks, which he regards as fair.

* Financial services and professional services are the most vulnerable to information theft, with four out of 10 companies reporting some sort of loss or attack in the past 12 months, the Kroll annual survey of corporate fraud has found.

* ‘Vulture funds’ are circling the debt of the company behind the M6 toll road, highlighting concerns that Britain’s only pay-per-use motorway is struggling to meet its targets.

* George Osborne has announced a much tougher approach to tax avoidance by banks, after it emerged that only four out of the 15 biggest banks operating in Britain have signed up to a code of conduct.