WM Morrison is preparing to announce aggressive price cuts and 500m pounds of property sales this week, the Sunday Times reported. The price cuts aim to take on Aldi and Lidl, the German chains whose prices have lured MM Morrison customers. The £500m of property sales out of a total portfolio of £10bn aim to offset the impact of the price cuts. Sir Ken Morrison, head of the founding family, is said to be "apoplectic" about the company's recent decline.BP is seeking a trial to hear arguments about the environmental impact from the 2010 Gulf of Mexico oil spill, the Financial Times reported. In a filing to the US court hearing the oil spill case, BP said only one endangered bird, a piping plover, was found dead after the disaster and that there was no oil visible on it. BP is fighting a US Government attempt to keep evidence on the environmental consequences out of court. The US is also trying to get the court to consider BP's previous safety failures. Barclays will feed the controversy over bankers' pay when it gives Chief Executive Antony Jenkins a share award worth almost £5m, the Sunday Times reported. The payment will heighten shareholder disquiet about the bank's wages. Jenkins promised to rid Barclays of its excesses when he took over but the bank increased its bonus pool last year even as profits fell.Poundland's initial public offering will value the chain of bargain stores at £750m, the Sunday Telegraph said. Bankers will price the float at the top end of the 250p to 300p range discussed with investors. One source told the paper the shares would cost 300p but another said demand was so strong that the price could break through the top of the range. However, the banks, led by Citi and JP Morgan, want to make sure the offering is well covered. Poundland's pricing is expected on the morning of March 12th with details announced later that day.Serco has missed out on a £400m contract to privatise part of Britain's £21bn military estate, according to the Sunday Times. The contract has gone to a Capita-led group - a new blow for Serco, which is trying to recover from overcharging the Government for security services. Defence Secretary Philip Hammond is expected to name Capita as the preferred bidder as early as March 10th.The Bank of England is expected to appoint an outside "heavyweight" figure to investigate allegations about the BoE's role in the currency markets and how the central bank handled those allegations, the Sunday Telegraph said. The senior figure could be a judge, an academic or a City executive. The law firm Travers Smith was appointed last week but its role is as an information gatherer. The allegations require a "serious review" of data resulting in recommendations to the BoE oversight committee, a source told the paper.Photobox, the owner of Moonpig.com, is planning a flotation that could value the company at as much as £500m, the Sunday Times said. The transaction would value the online seller of personalized cards, mugs and T shirts at up to 25 times last year's earnings. It is the latest tech-related business to seek a stock market listing. Some analysts are worried that markets are in the middle of a second bubble for internet businesses.Pawnbroker Albemarle & Bond is in talks with Fortress, a giant US hedge fund, about a deal that would see the fund take control of the UK company. Fortress is trying to persuade Barclays and Lloyds to sell Albemarle's debt in a cut-price deal, the Sunday Times said. But the banks are considering a request from Albemarle for more financial support to enable a proper restructuring. Barclays and Lloyds are worried that Fortress would cash in through liquidation. Albemarle has warned its shares could be worthless.Premier Foods has paid out £1bn in fees and interest to repair the damage of its debt after last week's rights issue and refinancing cost £41m in fees, the Sunday Times said. Chief Executive Gavin Darby told the paper £41m was "an awful lot of money" but that the maker of Hovis and Mr Kipling was now "a normal company again".SF
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