Thursday newspaper round-up: National Grid, Rolls-Royce, bookmakers

Rolls-Royce could face a shareholder rebellion at its annual meeting in May after it caved into pressure from an American activist demanding a place on the board. In a move that has taken aback leading institutional investors such as M&G and Standard Life, Rolls has appointed a representative of ValueAct Capital, the San Francisco-based activist investment group, as a director.- The Times

Aubrey McClendon, the founder and former chief executive of Chesapeake Energy, has died in a car crash just a day after he was indicted on charges of bid-rigging. The Oklahoma City Policy Department said in a tweet that Mr McClendon, 56, died in a crash on Wednesday morning. - The Financial Times

The growth of the buy-to-let sector poses a risk to financial stability, a deputy governor of the Bank of England has warned. Sir Jon Cunliffe said that there was a risk that if large numbers of buy-to-let landlords were to exit the market at the same time, there could be a “spiral of house price declines” in the property market. - The Times

The German stock market could sell off a key part of the London Stock Exchange to get its takeover of the company past regulators. Deutsche Börse launched a surprise bid for the LSE last week and bankers said yesterday that it may spin off Clearnet SA, the French part of London’s giant clearing operation for shares and other financial instruments. - The Times

Bookmakers will be forced to fill the financial black hole facing the horseracing industry under government plans to make it compulsory next year for their offshore gambling operations to contribute to the sport. The government will tomorrow say it will replace the controversial horseracing levy with a new “racing right” next April, a move the sport believes will help it plug its looming cash shortfall. - Daily Telegraph

The UK’s embattled steel sector faces fresh pressure after the US government stepped in to protect its domestic industry against the growing glut of cheap Chinese supply, industry groups have warned. UK steel producers have been dealt a double blow by the US plans to impose crippling import duties of up to 266pc against Chinese companies, and around 30pc against UK steel makers. - Daily Telegraph

A recession in Europe could lead to the collapse of the eurozone, as the single currency would buckle under the political turmoil unleashed by a fresh downturn, a leading investment bank has warned. In a research note titled "Close to the edge", economists at Swiss bank Credit Suisse warned the fate of monetary union hangs in the balance if Europe's policymakers are unable to ward off another global slump and quell anti-euro populism. - Daily Telegraph

Keith Hellawell has vowed to continue as chairman of Sports Direct in a snub to shareholders and campaigners calling for his head after the retailer’s relegation from the FTSE 100. In an interview with the Guardian, the former chief constable suggested the retailer’s difficulties with the City were largely cosmetic, despite concerns over the group’s trading and its treatment of workers – as well as longstanding investor complaints including the influence of 55% shareholder Mike Ashley and thefailure to hire a permanent finance director for two years. - The Guardian

The chief executive of Rolls-Royce Motor Cars, which is owned by BMW, has written to all its workers in Britain to warn that exit from the European Unionwould drive up costs and prices and could affect the company’s “employment base”. The letter, leaked to the Guardian, is one of six sent by the bosses of each of BMW’s British companies, including MINI, to their staff each warning of the dangers of UK withdrawal. It comes after the government warned that car-makers would be among those badly hit by Brexit in a civil service report. - Guardian

Seven years of quantitative easing (QE) and record low interest rates have cost savers an estimated £160bn, but supported strong increases in the prices of property, stocks and bonds. Analysis by financial firm Hargreaves Lansdown suggests that up to £106bn is being held in accounts paying no interest, as loose monetary policy has “annihilated” returns on cash. - Guardian