Press Round-Up Full (Premium)
Friday newspaper round-up: WPP, NatWest, Amazon, UK economy
WPP is withholding hundreds of thousands of pounds in share awards from Sir Martin Sorrell after alleging that its former boss leaked “confidential information” to the media. In its annual report, the advertising group accused Sorrell of disclosing sensitive information about the company and clients in an apparent breach of his employment contract. WPP has exercised “malus” powers to withhold share-based bonuses that he would have received this year and next.
Thursday newspaper round-up: Apple, Facebook, BT Sport, Greensill, Nestle
Surging iPhone sales have given Apple its best-ever start to the year as the technology group continued to ride the latest wave in demand for its devices. Total revenues rose by 53 per cent, beating forecasts on Wall Street to hit $89. 6 billion - a record for its second quarter - amid unexpectedly strong smartphone and computer sales. - The Times.
Wednesday newspaper round-up: Banking scandals, OneWeb, Alphabet, Archegos, IAG
A scheme set up to provide compensation to victims of banking scandals has cost more than £23 million to establish, but is yet to issue a penny in redress to small business owners. The Business Banking Resolution Service, formed in 2019 after calls for small business lending to be regulated were rejected, has run up an “eye watering” bill for staff and third-party advisers, adding to pressure on it to start delivering compensation. - The Times.
Tuesday newspaper round-up: Serco, Tesla, Brexit, Kuflink, British Airways, congestion charge
Two former senior executives at Serco have been cleared of hiding millions in profits from electronic tagging contracts with the government after their trial collapsed following three weeks of evidence. The prosecution’s move yesterday to ditch charges against Nicholas Woods and Simon Marshall is the latest blow to the Serious Fraud Office, after eight years investigating the allegations. - The Times.
Monday newspaper round-up: Tate & Lyle, economic growth, Network Rail, United Utilities, EU
Tate & Lyle is in talks over the sale of its industrial ingredients business as the 160-year-old British food manufacturing group mulls a sweeping overhaul. The FTSE 250 company has confirmed that it has begun discussions with “potential new partners” interested in acquiring a controlling stake in its American-focused primary products division, paving the way for a separation of its sprawling empire. - The Times.
Friday newspaper round-up: Jaguar Land Rover, Greensill Capital, Alphawave, Foxtons, Irish border
Jaguar Land Rover has suspended production at two of its three car manufacturing sites as a worldwide shortage of computer chips forces the global automotive industry to slam on the brakes. Thousands of workers at the Halewood plant on Merseyside and the main Jaguar factory at Castle Bromwich in the West Midlands are to be stood down from Monday for an unknown amount of time. - The Times.
Thursday newspaper round-up: GDP forecasts, GFG Alliance, Aggreko, Ryanair, Irish tax rates
Britain is set for its sharpest economic growth since 1988 this year as the easing of Covid-19 restrictions encourages consumers to start spending, according to a monthly survey of independent economists by the Treasury. City analysts have upgraded their GDP projections for 2021 amid signs that households are itching to get out and spend the “accidental” savings they have built up during lockdown. - The Times.
Wednesday newspaper round-up: FTSE, Just Eat, Netflix, Asda, European Super League
The FTSE 100 endured its worst day for two months yesterday as concerns about rising Covid-19 infections hit travel companies and the threat of new nicotine rules in the United States led to sharp falls for tobacco stocks. London’s main index was part of a global stock market sell-off, ending the day down 140. 21 points, or 2 per cent, to 6,859. 87. The fall pushed it back below the 7,000 point mark that it had broken through last week for the first time since February last year.
Tuesday newspaper round-up: Arm, Nvidia, Air France-KLM, 'Britcoin', Tesco
Ministers have ordered a formal investigation into the proposed $40 billion takeover of Arm by America’s Nvidia, citing concerns the deal could diminish Britain’s national security. Oliver Dowden, the culture secretary, has told the competition watchdog to begin a “phase one” investigation of the acquisition of the microchip designer, which is considered the most successful technology to have emerged from the UK in recent decades. - The Times.
Monday newspaper round-up: Leon, Netflix, property prices, home working
Leon has been sold for an estimated £100 million to the billionaire brothers who are buying Asda. EG Group, Mohsin and Zuber Issa’s petrol forecourt and convenience retail business, said that it planned to step up the pace of expansion of the self-styled “naturally fast food” chain by opening about 20 Leon outlets a year, including several drive-throughs. - The Times.