Wednesday newspaper round-up: SoftBank, EU summit, Philip Green

Not for the first time in his career, a problem of resources was preventing Masayoshi Son, the billionaire Japanese technology investor, from realising his ambitions. His company SoftBank had recently stretched its balance sheet to splash $32bn on UK chip designer Arm. But the serial dealmaker, who believes in his ability to see into the future, wanted more. – Financial Times

Britain’s prime minister heads to her first EU summit this week with fellow European leaders wondering if she is finally ready to flesh out her sound bite: “Brexit means Brexit”. They are likely to be disappointed — Theresa May has insisted she will not show her hand before Brexit negotiations start. – Financial Times

Sir Philip Green has made a last ditch plea to save his knighthood, hinting that he is close to agreeing a rescue deal for the failed retailer BHS’s pension fund and stating he is “very, very, very sorry” for the collapse of the business. On Thursday MPs will debate the BHS saga in parliament. The backbench motion calls on Green to resolve the deficit in the company pension fund while an amendment demands his knighthood “be cancelled and annulled” by the house’s honours forfeiture committee. – Guardian

Gap is to close all its Banana Republic stores in the UK as the ailing fashion retailer focuses on North America to revive its sales. The company said it expected to close the majority of the eight UK stores by the end of this year, a Gap spokeswoman told Reuters. - Guardian

National Grid is to be guaranteed a minimum of £1.3bn income for building the world's longest subsea power cable to import electricity from Norway. Energy regulator Ofgem on Tuesday announced plans for consumers to guarantee the utility giant at least £53m annual revenues for 25 years in return for its 50pc investment in the £1.4bn North Sea Link interconnector. – Telegraph

The Financial Conduct Authority has been told to say when it will publish its delayed report into the abuse of distressed companies by the Royal Bank of Scotland. Andrew Tyrie, chairman of the Treasury select committee, has stepped up the pressure on the City watchdog after the leak of documents detailing the practices employed by the lender’s turnaround division. – The Times

The government is considering extending the remit of the supermarket watchdog to cover farmers and other producers amid concerns about unfair practices. Ministers launched a statutory review of the Groceries Code Adjudicator yesterday and also began a consultation on whether the body should cover more of the supply chain. – The Times