Press Round-Up Short (Premium)
Sunday newspaper round-up: Britvic, Prices of UK homes, BT Group
Aviva, one of the ten largest shareholders in Britvic, thinks that Carlsberg needs to raise its takeover offer. During the preceding week, Britvic had let it be known that it had already rebuffed two acquisition offers from the Danish brewer, the highest of which had been for £3. 1bn. In particular, Aviva said that Carlsberg was not taking sufficiently into account how Britvic's finances were expected to improve over the next few years. - The Financial Mail on Sunday .
Friday newspaper round-up: Port Talbot, Elon Musk, Amazon
Tata Steel has told workers it could to cease operations at its steel plant in Port Talbot months earlier than planned because of a strike. The company had been planning to shut down one of the blast furnaces by the end of June and the second one by September. But workers at the south Wales site have been told that Tata plans to cease operations at both furnaces no later than 7 July because of the strike by members of Unite, which starts the following day. – Guardian.
Thursday newspaper round-up: Betting advertising, Ferrari, Mike Ashley
The UK’s current trade deal with the EU is not working and the country must stop “walking on eggshells” around the issue of building closer ties with its biggest trading partner, the director general of the British Chambers of Commerce (BCC) is expected to say. At the annual BCC global conference in London on Thursday, Shevaun Haviland will say that the UK must forge closer ties with the EU and the next government should focus on improving trading relations to grow the economy.
Wednesday newspaper round-up: Post Office, Aston Martin, Stellantis UK
The UK needs a system for recording misuse and malfunctions in artificial intelligence or ministers risk being unaware of alarming incidents involving the technology, according to a report. The next government should create a system for logging incidents involving AI in public services and should consider building a central hub for collating AI-related episodes across the UK, said the Centre for Long-Term Resilience (CLTR), a thinktank. – Guardian.
Tuesday newspaper round-up: Energy suppliers, Boeing, Thames Water
EDF, Utilita and British Gas have been named as the worst energy suppliers for customer service, as research shows industry standards have slipped sharply. Citizens Advice said customer service ratings across the industry were among the lowest ever between January and March and average ratings had fallen by 10. 5% compared with the same period in 2021. – Guardian.
Monday newspaper round-up: John Lewis, heat pumps, THG
The outgoing chair of John Lewis has insisted that the retail group is “back on track” and “more fit for the future” with an improving financial position enabling it to spend money refurbishing Waitrose supermarkets and opening convenience stores. Sharon White, who will retire as chair of the John Lewis Partnership in September, said the upmarket Waitrose brand was “underrepresented in convenience” as it sought new avenues of growth. – Guardian.
Sunday newspaper round-up: Revolut, Brexit, Chinese subsidies
Revolut is aiming for a £32bn at an upcoming share sale. If it succeeds the fintech start-up's valuation would surpass that of NatWest. According to the Financial Times, the firm is looking to sell approximately £395m in order to finance its expansion. - The Financial Mail on Sunday .
Friday newspaper round-up: Royal Mail, council tax, GSK
The owner of Royal Mail is facing a near £900m class action claim over accusations it abused its “dominant position” in the market for sending out bulk mail, including bank statements and weekly magazines. International Distribution Services (IDS) has been served with an £878m action by a newly formed company that said it represents an estimated 290,000 customers who claim they were overcharged as a result of Royal Mail’s behaviour. – Guardian.
Thursday newspaper round-up: Amazon, Chinese carmakers, Asos
Labour’s plans for ending Britain’s long-term economic stagnation have been backed by a group of leading economists, including three Nobel prize winners and a former Bank of England deputy governor. In a boost to the shadow chancellor, Rachel Reeves, the 16 UK and internationally based economists said change was “desperately needed” after the policy mistakes and failures of the past 14 years since the Conservatives took power. – Guardian.
Wednesday newspaper round-up: Unsecured household debts, Space Forge, Nvidia
UK households are expected to rack up extra unsecured debts of more than £1,600 this year, including on loans and credit cards, as the cost of living crisis continues to bite, according to a TUC analysis. The TUC said its analysis showed that unsecured household debt – including loans and credit cards but excluding mortgages and, for this exercise, student loans – was on course to increase by 9. 4%, or £1,660, in real terms on average per household this year.
Tuesday newspaper round-up: Investment in the UK, London productivity, EPC
Investment in the UK has trailed other G7 countries including the US and Germany since the mid-1990s, according to a report that urges Labour and the Conservatives to reverse planned cuts to investment or risk long-term damage to economic growth. The Institute for Public Policy Research (IPPR) thinktank found the UK was bottom of the G7 league for investment in 24 out of the last 30 years, using figures from the Organisation for Economic Co-operation and Development (OECD).
Monday newspaper round-up: Manufacturers, landlords, Blackstone
The UK’s tax authority has not fined a single “enabler” of offshore tax evasion or noncompliance in five years, despite landmark powers to impose huge fines. Tory ministers claimed new laws introduced in 2017 allowed HM Revenue and Customs (HMRC) to pursue accountants, lawyers and bankers who facilitate offshore tax evasion would “create a level playing field”, with potential fines of several millions of pounds. – Guardian.
Sunday newspaper round-up: Hargreaves Lansdown, Crest Nicholson, Michael Kors
Hargreaves Lansdown's three private equity suitors have until Wednesday to either table a formal bid for the investment platform or walk away. A £4. 7bn offer presented in April was rejected. In particular, the bidders have been attracted by the firm's ability to deposit client cash at the Bank of England for a rate of 5. 25%, whilst paying just 3% on a cash Isa of up to £10,000. That netted its £269m last year at no risk. - The Financial Mail on Sunday.
Friday newspaper round-up: Insecure work, Stellantis, Nationwide
The UK has seen an “explosion” in insecure, low-paid work in the past 14 years, according to a new report. The TUC said its study had found that the number of people in insecure work had reached a record high of 4. 1 million. The analysis of official statistics shows the number of people in “precarious” employment – such as zero-hours contracts, low-paid self-employment and casual or seasonal work – increased by nearly 1 million between 2011 and 2023.
Thursday newspaper round-up: Revolut, BT Group, housing market
Pensioners and people on disability benefits are the winners from radical changes to the welfare system made by the Tories over the last decade, while working-age families are losing out by thousands of pounds every year, according to a report by the Resolution Foundation. The Conservatives’ 14-year overhaul of social security has shifted spending away from children and housing to supporting elderly people, and broken the link between entitlement and need for some of the poorest households in the country, the report says.
Wednesday newspaper round-up: Entain, Invesco, Deltic Energy
The owner of South West Water has warned that global heating will increase the risk of outbreaks of the parasite that caused diarrhoea and vomiting in south Devon. Pennon Group said that “gradual and significant increasing average and high temperatures” could pose “risks to water quality and water treatment” – including the cryptosporidium parasite – in its annual report, published this week. – Guardian.
Tuesday newspaper round-up: Asda, Apple, Elon Musk
One in three Asda staff have been attacked at work, according to research that included reports of workers being stabbed, punched and threatened with syringes. The poll of almost 1,000 members of GMB, one of the UK’s biggest unions, returned stories of delivery drivers being chased by people in cars, while store workers had food thrown at them. More than half (58%) of respondents said they had suffered injury or illness on the job. – Guardian.
Monday newspaper round-up: Macron, THG, LSE Group
France’s president, Emmanuel Macron, has been accused of gambling with French democracy after announcing that he will dissolve parliament and call snap legislative elections in the wake of his allies’ crushing defeat to Marine Le Pen’s far-right National Rally (RN) in Sunday’s European parliament elections. - Guardian.
Sunday newspaper round-up: Tax increases, Ashtead, Stamp duty
Tax increases worth £800 per year for the average household are on the way regardless of who comes out on top in the next general election, the Resolution Foundation says. Measures that have already been announced thus far will raise the tax haul by roughly £23bn by 2028-29. That is because freezing extant tax rates drives higher revenue for the Treasury. None of the two main parties has pledged to do away with a six-year freeze on income tax and national insurance thresholds or the coming spring's reversal of temporary reductions in business rates, fuel duty, stamp duty or land tax.
Friday newspaper round-up: Boohoo, Post Office, Mike Lynch
A group of investors in Boohoo are seeking more than £100m in compensation from the online fashion specialist after reports in 2020 alleging its suppliers in Leicester were mistreating workers caused its share price to plummet. Shares in Boohoo dived more than 40% over several days, wiping more than £1. 5bn off its valuation, after a 2020 Sunday Times report of labour rights violations at the group’s suppliers’ factories in Leicester suggested some workers were paid as little as £3.