Sunday newspaper round-up: North Korea, Turkey, Tesco

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Sunday newspaper round-up: North Korea, Turkey, Tesco

Mon, 17 April 2017
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The US and China are working on a response to the North Korean missile crisis, Donald Trump's top security adviser has said. General HR McMaster said China had joined an international consensus that Kim Jong-un's "threatening behaviour" could not continue. The countries are working on a "range of options" in response to a failed missile test by the regime and growing tensions over its nuclear programme. - The Sunday Times

Turkey's President Recep Tayyip Erdogan has claimed victory in a referendum granting him sweeping new powers, hailing the result as an "historic decision". The leader called on the international community to respect the result and discouraged his critics from "belittling" the outcome, saying they "shouldn't try, it will be in vain". - Independent on Sunday

Tesco will see the business rates bill for its biggest stores fall by £105m over the next five years, highlighting another anomaly created by the controversial tax. Earlier this year, the government came under pressure to take action on business rates after a revaluation of property in Britain hit independent shopkeepers hard in parts of the country where property prices had surged. - Guardian on Sunday

Tesco Bank has spearheaded a consumer borrowing binge over the past year, offering 'jumbo loans' - just as the Bank of England warns against excessive lending. Tesco's personal loan arm grew 19.9 per cent after it began allowing customers to borrow up to £35,000 without putting up property - or other assets - as collateral. The Bank of England has warned that offering larger unsecured loans represents a potentially dangerous loosening of the rules on consumer borrowing. - The Mail on Sunday

A North Korean missile launch that failed shortly after it was fired may have been thwarted by cyber attacks from the US. The medium-range missile exploded seconds after it was launched on Sunday from a site near the port city of Sinpo, as Mike Pence, the US vice president, arrived in Seoul for talks with the South Korean government over how to deal with Pyongyang's belligerence. - The Sunday Telegraph

The Israeli diamond tycoon Beny Steinmetz is suing George Soros for $10bn, alleging that the hedge fund billionaire orchestrated a global campaign of defamation and fraud to strip him of mining rights in Guinea, west Africa. The suit, filed in a New York federal court on Friday by Steinmetz's company BSG Resources, is the latest twist in a decade-long power struggle over the giant Simandou iron-ore project - a development that has also embroiled Rio Tinto in bribery allegations. - The Sunday Times

The FTSE 100 paper napkin supplier Bunzl faces fresh concern over pay as it plans to increase bonus and share awards for chief executive Frank van Zanten. The company's shareholders are due to vote on a new remuneration policy this week that increases the maximum cash bonus to 180pc of Mr van Zanten's £800,000 salary, compared with 115pc under the existing structure. - The Sunday Telegraph

The tracksuit tycoon Mike Ashley has taken control of two US outdoor chains through an aggressive debt deal. Sports Direct, the billionaire's cut-price retail business, has swooped on Eastern Outfitters, the parent company of Bob's Stores and Eastern Mountain Sports. - The Sunday Times

The new boss of Debenhams will unveil plans this week to overhaul the retail chain's 165 shops and cull some in-house brands in a bid to lure shoppers back to its stores. Sergio Bucher, a former Inditex director who joined from Amazon's fashion arm in October, is expected to announce a significant investment to boost the number of restaurants and beauty services, such as brow grooming and blow-dry bars, in Debenhams stores. - The Sunday Telegraph