Friday newspaper round-up: Monsoon Accessorize, Woodford, Slack, Facebook currency
Monsoon Accessorize is asking landlords to reduce rents on more than half its 258 leased stores in return for a £10m share of profits and an £18m interest-free loan to keep the company afloat. The multi-millionaire owner, Peter Simon, has also promised to halve the £5m rent on the fashion business’s London head office, which he owns, to help reduce costs. – Guardian
Investment group Hargreaves Lansdown has urged investment manager Neil Woodford to look for alternative ways to return billions of pounds to clients trapped in his suspended flagship fund. In an online post addressed to Hargreaves customers, the chief executive, Chris Hill, said he was angry the situation was still unresolved and pledged to ratchet up the pressure on Woodford’s investment house. – Guardian
Britain’s biggest mobile operators face explosive claims of attempted price fixing and collusion as part of a £1bn High Court battle over the sudden collapse of Phones 4U. The former chief executive of the mobile operator O2 made “inappropriate” attempts to discuss pricing and smartphone sales plans with a direct rival, it is claimed. – Telegraph
Shares in Slack jumped by more than 60pc on its market debut as Silicon Valley’s hot streak of giant flotations showed no signs of slowing down. The office messaging app, which has been styled as an email-killer, climbed as high as $41.95 a share, against an earlier reference price of $26. – Telegraph
The governor of the Bank of England has warned Facebook that its planned digital currency would have to meet strict regulations before being adopted by the public. In the annual Mansion House speech Mark Carney said: “The Bank of England approaches Libra with an open mind but not an open door.” – The Times
MPs have clashed with the Financial Conduct Authority over whether it should widen its remit and assume responsibility for handling City firms’ compliance with the Equality Act. The regulator was given a dressing down by Nicky Morgan, Conservative chairwoman of the Commons Treasury select committee, who told it to rethink its response to a report published last month that recommended a range of measures to improve consumers’ access to financial services. – The Times