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Tuesday newspaper round-up: Consumer credit, oil, housing, Love Island

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Tuesday newspaper round-up: Consumer credit, oil, housing, Love Island

Tue, 25 July 2017
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Tuesday newspaper round-up: Consumer credit, oil, housing, Love Island

(ShareCast News) - The Bank of England has told banks, credit card companies and car loan providers that they risk fresh action against reckless lending as it warned of a looming "spiral of complacency" about mounting consumer debt. In its toughest warning yet about the possibility of a rerun of the financial crisis that devastated the economy 10 years ago, Threadneedle Street admitted it was alarmed about the increase in the amount of money being borrowed on easy terms over the past year. - Guardian
Saudi Arabia's efforts to shore up global oil prices ahead of the planned listing of Saudi Aramco was met with a shrug from the markets as traders kept their eyes on US shale. The world's largest oil producer pledged to cut deeper into its export volumes and take a tougher stance against countries which fail to stick to their agreed targets. - Telegraph

Builders are to be banned by the government from selling houses as leasehold in England and ground rents on flats could be cut to zero following widespread outrage over exploitative contracts. In a blow for major housebuilders such as Taylor Wimpey and Persimmon, communities secretary Sajid Javid will on Tuesday set out plans to "ban new-build houses being sold as leasehold as well as restricting ground rents to as low as zero". - Guardian

A shortage of industrial space is threatening to curb British manufacturing after UK businesses experienced a post-Brexit vote boom brought about by the weakened pound. The UK has a little over one year's worth of industrial space left thanks to a rush to secure new or larger premises by British companies, according to new data from real estate advisers Colliers International. - Telegraph

A raft of top European companies will be forced to pull out of the Nord Stream 2 gas pipeline project with Russia or face crippling sanctions under draconian legislation racing through the US Congress. Berlin and Brussels have threatened retaliation if Washington presses ahead with penalties on anything like the suggested terms, marking a dramatic escalation in the simmering trans-Atlantic showdown over America's extra-territorial police powers. - Telegraph

The transport secretary, Chris Grayling, has declared his support for Crossrail 2, alleviating fears in London that the project could be shelved but sparking anger outside the capital after he announced last week that rail electrification schemes would be cut elsewhere. Grayling's call for a fresh public consultation on Crossrail 2, a new commuter rail line running north-south across the capital, was greeted with relief by the London mayor, Sadiq Khan, who said the project was "essential for the future prosperity" of the capital. - Guardian

The Serious Fraud Office has opened a corruption investigation in to Rio Tinto's activities in Guinea nine months after the mining giant reported itself to authorities in the UK and the US. The probe will focus on alleged multi-million pound bribery payments made in 2011 to a contractor in the African nation linked to the sprawling Simandou iron ore project. - Telegraph

The Low Pay Commission founding member tasked with enforcing workers' rights has pledged to jail rogue bosses and investigate failing industries as part of the government's latest response to workplace scandals uncovered at companies including Sports Direct. Sir David Metcalf, director of labour market enforcement, who reports to both the home and business secretaries, added that he will also consult on increasing both the resources available to investigators and the fines levied on guilty firms, as he questioned whether official statistics were an "understatement of the real level of non-compliance". - Guardian

Love Island may have come to an end last night, but analysts at Liberum believe the dating show has given its broadcaster ITV the boost it really needed ahead of its first-half results on Wednesday. Analysts said the show - which sees a group of scantily-clad 20-somethings romance each other on a Spanish island - demonstrated that the young will still watch television if the right content is there. - Mail

Millions of British motorists may be owed compensation for overpriced cars, campaigners said yesterday, after an inquiry was confirmed into allegations of a cartel by leading German manufacturers. The European Commission is investigating BMW, Daimler and Volkswagen for allegedly colluding over emissions, engines, brakes and other components and technologies in secret meetings dating back to the 1990s. - The Times

Ministers will announce a diesel scrappage scheme within days amid last-minute government wrangling over plans to reduce air pollution. Michael Gove, the environment secretary, is expected to announce a "very, very targeted scheme" on scrappage, which some sources claimed would cost the taxpayer less than originally envisaged. - The Times

EasyJet has announced the largest cabin crew intake in its 21-year history, with plans to hire more than 1,000 staff. More than 1,200 men and women will be given permanent and fixed-term positions at the budget airline. This will increase its total number of cabin crew to 8,100. - Guardian

Ryanair has tabled a bid for some or all of Alitalia as a part of a new push for European dominance. Europe's largest short-haul airline, which will carry 9 per cent more passengers than last year, has registered its interest in Alitalia with administrators seeking a future for an airline that went into bankruptcy protection nearly three months ago. - The Times

Household appliances could be switched off remotely when electricity supplies are scarce and programmed to run when power is plentiful under an energy revolution designed to save consumers up to £40 billion by 2050. Greg Clark, the business secretary, yesterday announced government proposals to overhaul the way Britons use electricity. - The Times

The UK's largest independent energy supplier is taking its challenge to the Big Six energy suppliers to the Big Four broadband giants by offering the market's lowest priced internet deal. First Utility is opening its £18.99 a month broadband deal to the wider market at a £270 discount to the largest broadband providers after offering the service to its almost 1 million energy customers for the first time in April. - Telegraph

Advisers working for St James's Place, the UK's biggest wealth manager, have come under fire after an undercover probe by consumer group Which? The clandestine investigation, involving 12 meetings with different financial advisers from the FTSE 100 firm, unveiled failings in how the cost of advice is communicated to clients. - Mail

Convenience chain McColl's has confirmed it is retendering its £2bn supply deal with retailer Nisa, in a potential blow to Sainsbury's planned £130m takeover of Nisa. McColl's has emerged as the unlikely kingmaker in Sainsbury's swoop on Nisa, as the 1,300-store group provides almost two fifths of Nisa's revenues through a five-year supply deal set to expire next year. - Telegraph

Prezzo has offered a fresh sign of the indigestion being suffered by the casual dining sector by hoisting a "for sale" sign over 27 of its restaurants and reining in new openings. The private equity-backed company is understood to have appointed JLL and AG&G, the property agents, to find buyers for almost 10 per cent of its estate, including eight Chimichanga Tex-Mex restaurants and nineteen under its eponymous Italian brand. - The Times

Some of the UK's biggest investment firms are placing a multi-billion pound bet that is triggering a startling rejuvenation of many neglected town centres. Customers have been turning their backs on local high streets to spend more cash at accessible out-of-town retail developments and on the internet. - Mail

The number of motorists clamped for not paying their road tax has more than doubled since the tax disc was abolished, figures have revealed. The Driver and Vehicle Licensing Agency said that since 2013/14 the number of wheel-clamping operations for non-payment of vehicle excise duty had increased by 166 per cent. - Mail