Thursday newspaper round-up: Waitrose, Greece, Brexit, energy suppliers
Waitrose is planning to close six stores and remove a level of management in its supermarkets, putting 600 jobs at risk. The upmarket grocer began consulting with staff at the six stores – in Hertford, Staines, Leek, Huntingdon, Cardiff Queen Street and Palmers Green in north London – on Monday ahead of planned closures later this year. The company said it hoped to replace the Palmers Green store with a new outlet in nearby Winchmore Hill. – Guardian
McLaren Automotive is to open a £50m manufacturing plant in Sheffield that will create more than 200 jobs. The McLaren composites technology centre will build carbon-fibre chassis for future McLaren sports cars. Full production will begin at the site by 2020. - Guardian
The Greek crisis intensified on two fronts as the likely US ambassador to the EU said the eurozone might break up, and the Netherlands warned it will not take part in another bailout if the International Monetary Fund drops out of the process. Ted Malloch, President Donald Trump’s pick as the US representative in Brussels, said there is a question mark over the survival of the euro. – Telegraph
British politicians have “lost touch” with voters and elitist bids to suppress the EU debate made the referendum on membership that led to the Brexit vote “inevitable”, Mervyn King has said. The former governor of the Bank of England said he “resent[ed]” suggestions by friends and acquaintances that Britons who “even contemplated” voting for Brexit were “ignorant” or “racist”. – Telegraph
New energy suppliers could face strict financial checks and existing companies could be subjected to stress tests, under a regulatory shake-up being considered by Ofgem. The energy watchdog is expected to announce today that it will carry out a review of the rules governing suppliers, amid growing concern that they can be set up too easily and that more could go bust after the demise of GB Energy Supply last year. – The Times
An influential consultancy that advises institutional shareholders on whether to veto company bonus schemes has triggered concern by touting a service to boards to help them to sidestep investor revolts in the coming AGM season. Institutional Shareholder Services, the world’s biggest proxy voting agency, has told UK-listed company boards that it can identify potential problem pay schemes and suggest tweaks and favourable language to ensure that they win shareholder approval. – The Times