Sunday newspaper round-up: Leon, Tesla, Bitcoin

Tesla boss Elon Musk is not known for admiring his competition, but when Chinese manufacturer Nio made its 100,000th electric car last week, he offered his congratulations. It was a mark of respect from a chief executive who had been through “manufacturing hell” with his own company. Yet it is also a sign of the growing influence of China’s electric carmakers. They are hoping to stake out a spot among the heavyweights of the new industry and bring a significant new challenge to Tesla – and to the rest of the automotive industry as it scrambles to catch up. - Guardian

The price of Bitcoin plunged by as much as 15pc on Sunday in the biggest slide for almost two months, just days after reaching a new record. The cryptocurrency was trading at $55,810 in Singapore after sinking as low as $51,707, while Ether, the second-largest token, dropped almost 18pc before paring losses. Several reports attributed the plunge to speculation the US Treasury may crack down on money laundering that’s carried out through digital assets. - Sunday Telegraph

The Indian billionaires behind the ailing Stanlow oil refinery have siphoned off more than £500 million in dividends in recent years. The Ruia brothers, whose Essar empire controls the refinery in Ellesmere Port that accounts for a sixth of Britain’s fuel supplies, have extracted $717 million (£518 million) from its UK arm since 2017. Stanlow is now fighting for its future after Covid crunched its finances. Essar Oil UK’s main business is Stanlow, which it bought from Shell for £801 million in 2011. - Sunday Times

Revolut's founder Nik Storonsky is planning a fundraising that would value the money transfer app at up to $15 billion (£10.8 billion). The company has lined up specialist fintech investment bank FT Partners to advise on an equity investment later this year, Sky News reported. Investors in Revolut expect the funding round to give Revolut a valuation of between $10 billion and $15 billion, making Storonsky a multibillionaire in dollar terms and one of Europe’s youngest fintech billionaires. - Sunday Times

US investment giant Vanguard aims to shake up the financial advice market with the launch of a cut-price service tomorrow. Already known for low fees for its funds, which track markets rather than using skilled managers to pick investments, Vanguard will charge 0.79 per cent a year for financial advice – including the cost of the investment funds and platform fee. The move could send shockwaves through an industry where the fees of fund managers and financial advisers often add up to more than double this. - Financial Mail on Sunday

Chancellor Rishi Sunak is facing mounting pressure over his private phone calls with David Cameron about the scandal-hit finance company Greensill Capital, amid claims that their discussions may have breached the ministerial code. Questions over the extent of Cameron’s lobbying of serving ministers ballooned last week, with seven inquiries now announced into various aspects of the new lobbying scandal. - Guardian