Monday newspaper round-up: Ted Baker, insurer Covid claims, UK councils

The fashion retailer Ted Baker is to axe at least 500 jobs – more than a quarter of its UK workforce – as the pandemic continues to batter the high street. It is understood that about 200 of the roles will go at the retailer’s London headquarters, the Ugly Brown Building, with the remainder from its shops – it has 46 in the UK and Europe – and store concessions. – Guardian

Almost two thirds of companies plan to cut investment spending over the next three years as they look ahead to a slow recovery that will delay almost half from clawing back pre-Covid-19 levels of sales before next summer. A survey of finance directors by the accountants Deloitte found that 65% said a combination of the coronavirus pandemic, the potential for a no-deal Brexit and worsening geopolitical conflicts has forced them to reduce capital spending. – Guardian

A groundbreaking legal action kicks off today to test insurers’ claims that they are not liable for payouts demanded by businesses during the pandemic. The Financial Conduct Authority will face off against eight insurers, including Hiscox, QBE, RSA and Zurich to clarify whether business interruption cover sold by the firms should compensate them for losses suffered due to Covid-19 and the national lockdown. – Telegraph

Many of Britain’s biggest companies do not expect business to recover until at least next summer. In the latest sign that a V-shaped economic recovery is unlikely, almost half of chief financial officers surveyed predicted that demand for goods and services would not return to pre-lockdown levels until next July at the earliest. – The Times

Struggling councils have for years turned to commercial property investment as a source of income, but now they face a fall in rent caused by the pandemic. To save money they have already held emergency budget meetings and cut jobs and frontline services or drawn on savings that had been set aside for specific projects. – The Times