Wednesday newspaper round-up: Brexit, EDF, Tata, Sports Direct, BoE

Bank of America is warning senior staff not to use the word “Brexit” when talking to clients as it tries to steer clear of the raging debate over the UK’s membership in the European Union. The US bank last week told managers “not to provide opinions, not to influence voters, not to assume a particular result and not to engage in campaigning” in the run-up to a June 23 vote on whether the UK should leave the EU. – Financial Times

Senior engineers at French utility EDF have called for at least a two year delay at the controversial Hinkley Point nuclear project in the UK and recommended a redesign of the reactor technology. An internal white paper written by dissenting EDF engineers, which has been seen by the Financial Times, argues that Hinkley Point is so complex and untested that the company should announce a later completion date than the target of 2025. – Financial Times

The steel industry was dealt a hammer blow on Tuesday as it emerged that Tata plans to completely withdraw from its British operation, putting thousands of jobs at risk. The Indian conglomerate’s board decided to pull out of the UK after rejecting a turnaround plan for Port Talbot, the nation’s biggest steelworks. The South Wales plant employs around 4,000 who face an uncertain future as Tata now seeks a buyer for its British steel assets. – Telegraph

Janet Yellen, the head of US Federal Reserve, has vowed to move with extreme care before tightening monetary policy in the face of lingering global deflation and trouble in China. She swatted aside vociferous hawks on the Fed’s voting committee (FOMC), more or less pledging to flood the economy with excess stimulus in order to guarantee a safety margin against any further deflationary shocks. – Telegraph

Sports Direct has upped its stake in Findel to nearly 30%, in the latest stage of its battle to wrest control of the online specialist. The sports retailer, controlled by Mike Ashley, announced it had acquired contracts for difference – a form of derivative – relating to 12.57% of Findel’s shares. That takes its total interest in Findel to 29.79% - just below the 30% level at which it would have to launch a full takeover bid. – Guardian

The Bank of England has given David Cameron a significant boost ahead of the EU referendum by warning that a vote to leave risks causing a run on sterling, a credit crunch and higher interest rates for mortgage payers and businesses. Threadneedle Street said the closely fought campaign posed the “most significant near term” domestic risk to financial stability, after one of its key policy committees weighed up the consequences of Britain ending its 43-year relationship with the EU. - Guardian

Twenty-five million savers with National Savings & Investments face a big fall in their incomes after the Treasury-controlled organisation said that it would cut interest rates, as well as reducing the number of premium bond prizes by nearly 300,000. NS&I announced yesterday that it would reduce the rates on five of its variable products, as well cutting the fixed interest part of its index-linked savings certificates. – The Times