Monday newspaper round-up: Euro surge, bank bill, football deal

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Monday newspaper round-up: Euro surge, bank bill, football deal

Mon, 24 April 2017
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Monday newspaper round-up: Euro surge, bank bill, football deal

(ShareCast News) - The euro surged to its highest level in almost six months after early projections indicated that the runoff for the French presidency would come down to a second-round duel between independent centrist Emmanuel Macron and far-right leader Marine Le Pen. Investors cheered the early projections, which were announced an hour before foreign exchange markets opened in Australia. - Telegraph
Bank customers ripped off by "extortionate" overdraft fees will get support next week from a parliamentary bill that promises to protect the most financially vulnerable from escalating charges. Rachel Reeves, a Labour MP who sits on the Treasury select committee, will outline plans on Tuesday for regulators at the Financial Conduct Authority (FCA) to cap the maximum amount that banks can charge customers for unauthorised overdrafts, similar to the limit imposed on charges on payday loans of £24 a month. - Guardian

Experts have slammed the Conservative Party's pledge to cap energy prices if it is elected in June, calling it a "clumsy and counterproductive" move that would ring the "death knell for competition". Shares prices in energy companies are likely to slide when markets open on Monday after it was revealed that the Tory manifesto will outline plans to cap household bills for the seven in 10 households paying standard variable tariffs. - Telegraph

Europe's highest court could still rule the City years after Brexit under plans being considered by the government in order to win a wider agreement on access to the single market. The European Court of Justice could have ultimate jurisdiction for three to five years after Brexit and possibly longer in financial disputes, despite the fact Theresa May has said that ending its role over UK affairs was a "red line". - The Times

Britain's biggest five-a-side football operators have revived talks over a potential £170 million-plus merger. Goals Soccer Centres is set to confirm today that it is in preliminary discussions with Powerleague, its private equity-backed rival, about a potential combination. - The Times

The rise of the smartphone and apps such as Instagram and Snapchat mean traditional measures of growth are no longer fit for purpose, according to Google's chief economist. Hal Varian said the global nature of modern supply chains meant statisticians were miscounting growth in GDP and productivity, saying he thinks GDP "is larger and productivity is larger than indicated [by the data]". - Telegraph

The pound's fall after the European Union referendum has provided a fillip to shareholders by boosting dividend payouts. Excluding special dividends, payouts in the first quarter rose by 16.2 per cent to £15.3 billion, the strongest start to a year on record, according to Capita's dividend monitor. - The Times

Sir Philip Green has been warned that he could still be stripped of his knighthood and faces further questions from MPs, one year after the collapse of BHS. The veteran Labour MP Frank Field said Green had not done enough to keep his title amid lingering concerns over the £363m settlement struck between the retail tycoon and the Pensions Regulator. - Guardian

The upmarket burger chain Five Guys is in talks with its US parent to expand in Europe beyond the five countries it currently operates in. Five Guys' UK chief executive, John Eckbert, said the company had growth plans for the UK, France, Germany, Spain and Portugal, where it already has sites, but saw scope for the chain to thrive in other European nations. - Telegraph

A financial software specialist has hired a team of advisers to test the water for a potential £500m-plus stock market listing amid a dearth of floats in London. Alfa, which sells software used in the equipment leasing and car finance industries, is understood to have appointed bankers from Barclays and stockbroker Numis to gauge fund managers' interest in a share sale. - Telegraph

A plan to improve air quality could still be published before the election despite ministers' claims that rules prevent it. The government is attempting to delay revealing the proposals even though they would prevent thousands of lives being cut short by toxic emissions from diesel vehicles. - The Times

Car manufacturers are rushing out their dirtiest new diesel models before a tougher pollution test is introduced in September, according to an independent testing service. Levels of toxic nitrogen oxides emitted by new diesel cars have risen sharply in the past year, the tests by Emissions Analytics found. - The Times

Ministers and civil servants should be banned from taking up lucrative private sector jobs for two years when they leave office to end Whitehall's "revolving door" scandal, say MPs. The public administration committee says that unscrupulous ministers and officials are free to use insider knowledge for personal gain. - The Times

Saudi Arabia reinstated financial allowances for civil servants and military personnel on Saturday after better-than-expected budget figures, ending unpopular cuts to a key perk triggered by low oil prices and cheering the stock market. King Salman issued a royal decree restoring "all allowances, financial benefits, and bonuses" following calls for protests in four Saudi cities over the weekend, adding a two-month salary bonus for forces fighting in the kingdom's intervention in Yemen. - Guardian