SUNDAY TELEGRAPH:

RBS STAFF HELD AFTER TAX PROBE:

Four current and one former staff member of RBS's global banking and markets division were arrested at their homes on Wednesday in a series of raids, as HM Revenue & Customs (HMRC) investigated allegations that City financiers have been using film finance schemes to evade taxes.

The country's customs and revenue service said several British bankers had been arrested as part of an investigation into alleged tax-related criminal offences.

[RTRS-British bankers arrested in tax probe ]

UK BANKS FALL BEHIND U.S. RIVALS ON CASH BONUSES

British banks stand to fall behind their U.S. counterparts as major Wall Street banks continue to pay large cash bonuses to London-based staff.

INVESTORS TO BACK BOARD IN EASYJET PAY BATTLE

EasyJet's board has won the support of its three largest institutional shareholders in its increasingly bitter battle with founder Sir Stelios Haji-Ioannou over executive pay.

ROTHSCHILD SET TO STAY ON BUMI BOARD

Nat Rothschild is poised to remain on the board of Indonesian mining giant Bumi, despite shareholders' attempts to vote him off.

SUNDAY TIMES:

VODAFONE PLOTS 700 MLN STG BID FOR C&W WORLDWIDE

British mobile phone operator Vodafone is considering a 700 million pound ($1.10 billion) bid for Cable & Wireless Worldwide although no offer is imminent, the Sunday Times reported, citing industry and City of London sources.

Vodafone declined to comment on the article, which also reported that private equity firm Apax was "running the rule over Cable & Wireless Worldwide."

BAE BOSSES IN BONUS BONANZA

Bosses at aerospace group BAE Systems are set to be rewarded with multimillion pound bonuses and share awards.

INVESTORS DEMAND DIAMOND SLASHES PAY-OUT

Bob Diamond is under pressure from top Barclays investors to "tone down" his bonus amid political and public anger over bankers' pay.

INDEPENDENT ON SUNDAY:

GLENCORE BOSS RIDES TO RESCUE OF $90 BLN DEAL

Glencore boss Ivan Glasenberg will personally champion the commodity trader's proposed $90 billion megamerger with Xstrata to disgruntled investors this week after a series of big-name funds vowed to vote down the tie-up.

THOUSANDS OF PEACOCKS' STAFF BRACED FOR CLOSURES

The fate of more than 9,000 staff at Peacocks will be decided this week, as the high street's biggest administration since Woolworths in 2008 comes to a head.

TRAVELEX EYES THOMAS COOK'S INDIAN BUSINESS

Travelex has emerged as a leading contender to buy Thomas Cook's Indian foreign exchange business, which was put up for sale last week.

• A Permanent Economic Emergency