Vodafone Share News (VOD)

The President of Cyprus has flown to Brussels to broker an arrangement with the Troika. An earlier proposal, which seemed to have been reached on Saturday, was described as in 'flux.' "The negotiations are at a very delicate stage," Christos Stylianides, a government spokesman, told The Financial Times. The latest obstacle is the idea floated by the Troika to also wind-down the island's largest lender. Vodafone, the FTSE-100's most generous dividend payer, has been maintaining contacts with US joint-venture partner Verizon Wireless which may see it divest its American holdings. This comes as its American partners have blocked the possibility of a full merger, as they wish to avoid exposure to the British company's troubled European assets. The companies involved are understood to have maintained "fluid and free- form" contacts, and the transaction may take place as soon this next summer, writes The Sunday Times, but a deal cannot be assured. Nevertheless, the UK-based giant has identified ways to mitigate the hit from capital gains taxes which would result from a sale. That suggests that it has made up its mind to sell, the newspaper adds. Half of the 'wind-fall' would be expected to be returned to investors. Ahead of the Monday deadline for European Central Bank (ECB) financial support to Cyprus's banks to expire the Mediterranean nation has announced a reduction in the daily limit for withdrawals, to €100 a day from €260m previously, The Sunday Telegraph reports, citing Reuters. Although the bank levy for deposits has been relaxed or eliminated in most cases, a new 20% charge for deposits of over €100,000 - aimed at the island's largest lender - has apparently been proposed. As well, there are demonstrations in Nicosia against the possible loss of 10,000 jobs at Laiki, Cyprus's second largest financial institution. Jaguar Land Rover is preparing a £660m debt issue this year, with June or July seen as the most likely months. The thinking is that the operation, which is in its early stages, will see the funds raised in China. The Asian nation last year became its main market. One source told The Sunday Times the funds will be used to pay for the company's joint-venture with Chery, the Chinese vehicle producer. Another option being mooted is to employ those resources to finance the company's £10bn expansion in Britain. Hedge funds have amassed an enormous £260m short position in shares of Home Retail, with over 20% of the company's stock now in their hands, data from Markit reveals. That comes despite the firm recently unveiling a 5.2% rise in like-for-like sales and increasing its full-year profit expectations. Some analysts believe the company will suffer the same fate as other electronics retailers, after their customers migrated 'on-line.' There are hedge-funds, however, such as Odey Asset Management, who have abandoned their strategy, fearing the shares may keep rising, The Sunday Times says.BAE Systems has won a 5-year £512m contract to continue producing so-called insensitive IMX-101 ordnance for the US Army. Such munitions are seen as a safe and effective replacement for TNT in artillery rounds, given their ability to withstand mechanical shocks, fire and impact by shrapnel. That means they can be transported and handled relatively safely, but can be exploded to destroy their targets, The Sunday Telegraph says.Some states in the US are pushing for the ability to sign agreements with foreign countries so as to create a global market of regulated gambling jurisdictions, the Financial Times has learnt. That may be the first step in a process which could transform the fortunes of operators on both sides of the Atlantic, greatly expanding the number of potential players. Copper miner Kazakhmys is expected to confirm a huge write-down of about $2bn (£1.3bn) in the value of its 26% stake in fellow Kazakh miner ENRC. That will come on top of ENRC's dive in full-year profits, already announced last month, which dragged Kazhakmys' operating profits by 52% to $816m, The Independent on Sunday says.Retail restructuring firm Gordon Brothers Europe yesterday bought 264 Blockbuster stores out of administration, safeguarding over 2,000 jobs. Meanwhile, Deloitte is also striving on behalf of HMV to strike a deal with the music retailer's landlords and its suppliers so that it can be brought out of bankruptcy soon. A deal to reduce the group's long-term rents is being demanded by restructuring firm Hilco, the potential suitor. Such a sale would save 1,500 jobs and 110 stores, while ensuring the survival of the brand, The Sunday Express reports. Ed Milliband was on Saturday expected to react to rating agency's Fitch's decision, last Friday, after the close, to place the United Kingdom's sovereign debt rating on watch with negative implications. In his opinion the current government is 'out of ideas.' Former Business Secretary Lord Mandelson, however, launched his own invective against focusing too narrowly on whether the deficit is being cut too fast or not and income redistribution. In a speech given at a Confederation of British Industry dinner he said the debate must move on to the future of the economy, economic transformation and how to achieve prosperity, The Guardian wrote. AB