Sunday newspaper round-up: HSBC, Glencore, easyJet

Glencore is set to unveil a deal to bring in at least $500m as part of its frantic efforts to slash its debt. The commodities giant is in advanced talks on a “streaming” deal, under which it would hand future precious metal production from a mine in Chile to American gold specialist Franco-Nevada, in exchange for an upfront payment. The agreement could be unveiled as soon as this week. It is part of a $13bn (£9bn) fundraising campaign that Glencore launched last year to scotch concerns over its $30bn net debt. - The Sunday Times

Shareholders in easyJet have rejected calls by Sir Stelios Haji-Ioannou, the carrier’s founder, for the budget airline to boost its dividend, just days before he plans to stage a protest over its pay-out policy. Sir Stelios, whose family owns almost 34% of easyJet and so receives the lion’s share of its dividends, has urged the airline to lift its pay-out from 40% of post-tax profits to 50%. As a “token protest”, the outspoken founder plans to vote about 5% of his family’s stake against the re-election of John Barton, easyJet’s chairman, at Thursday’s annual general meeting. - The Sunday Telegraph

Stricken mining giant Anglo American has been forced to revamp a two-month-old restructuring plan after pressure from disgruntled shareholders. Anglo is expected to cut deeper into costs and slim its sprawling range of products to focus on just three commodities — diamonds, platinum and copper. It may also say that it has begun the hunt for a successor to Rene Medori, the company’s long-serving finance director. - The Sunday Times

The billionaire owner of Iceland and New Look considered a bid for Argos before J Sainsbury sealed its £1.3bn takeover of the catalogue retailer last week. Christo Wiese, a South African tycoon whose British empire includes Virgin Active gyms, is understood to have looked over the company with Andy Bond, the former chief executive of Asda. Bond now runs Pep & Co, a discount clothing start-up that is backed by Wiese. He also advises the 74-year-old on new opportunities. A well-placed source said the pair had stalked Home Retail Group, Argos’s parent company, but decided to focus on other deals. - The Sunday Times

The owners of BHS are planning a radical overhaul of the struggling high street chain that is expected to trigger significant store closures, the restructuring of its massive pension scheme and further job losses. The management team has appointed KPMG to draw up options that will enable the retailer to drastically reduce its 170-strong store estate, as it wrestles with attempts to turn the ailing retailer around. - The Sunday Telegraph

Rolls-Royce is due to stun the stockmarket by issuing its sixth profit downgrade in two years, and taking the axe to its dividend. It is thought Rolls, a FTSE 100 company, could even halve its final dividend, after it reports an anticipated £300m drop in profits as the company’s problems spread to its power systems unit. The division, which makes diesel engines, is the only part of the company yet to be downgraded in previous alerts. - The Sunday Telegraph

Former Royal Bank of Scotland boss Stephen Hester is on course for a final payout from the bailed-out organisation of up to £500,000 – more than two years after he left. RBS will also confirm next month that it awarded Hester £1.7m in shares last March under a previous incentive plan, taking his total pay for five years at the helm to around £13m. The payouts come despite an expected eighth year of losses at the Edinburgh-based bank and with the taxpayer’s stake worth less than half the amount the Treasury paid for it. - The Mail on Sunday