Tuesday newspaper round-up: House prices, Facebook, Deutsche Bank, gambling
House prices are falling in almost half of all London postcodes, according to new figures showing the most widespread collapse in property values across the capital since the 2008 financial crisis. The latest signs of distress will stoke concerns that sliding prices are far from confined to the most expensive homes in central London, with the figures showing a ripple effect spreading into the suburbs. - Guardian
The Dow Jones posted its biggest one-day gain in two and a half years today as US and Chinese officials held talks in an effort to de-escalate the chances of a full-blown trade war. US Treasury Secretary, Steven Mnuchin, said that talks were ongoing between US and Chinese officials in a bid to stop the tit-for-tat trade war from escalating further. Mr Mnuchin added that he was “hopeful” of a truce between the two sides. - Telegraph
Deutsche Bank has begun a search to oust its British boss amid an escalating boardroom row over the lender’s future and alarm at its performance. The German investment bank has approached one of Goldman Sachs’ most senior executives to replace John Cryan as chief executive less than two years into his tenure. - The Times
Facebook came under further pressure over the Cambridge Analytica data scandal yesterday when America’s consumer protection watchdog confirmed that it was investigating privacy practices. Facebook shares fell by as much as 6 per cent after the Federal Trade Commission revealed the existence of its investigation, a step it has taken only rarely. - The Times
The Gambling Commission is considering banning people from using their credit cards to place bets. The regulator said on Monday gambling on credit cards “increases the risk that consumers will gamble more than they can afford” and it would “consider prohibiting or restricting the use of credit cards” in order to protect gamblers from racking up huge debts that they cannot pay. - Guardian
The head of the world’s lender of last resort has waded into the row about greater fiscal and banking union among eurozone member states, throwing the institution's backing behind plans for a more economically integrated currency union. The move from International Monetary Fund chief and ex-French finance minister Christine Lagarde, may serve to further stoke tensions between member states. - Telegraph
Twitter is banning cryptocurrency adverts across its site from Tuesday, succumbing to mounting pressure to join Google and Facebook in a crackdown on the controversial promotions. Twitter said it would be banning adverts for both initial coin offerings and token sales, saying: "We know that this type of content is often associated with deception and fraud, both organic and paid, and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner". - Telegraph
The pressure is rising on Britain’s water companies. Jeremy Corbyn, the Labour leader, wants to renationalise the sector; Michael Gove, the environment secretary, has lambasted companies for failing to act in the public interest; and Ofwat, the water regulator, is threatening that its forthcoming price-setting review will be the toughest since privatisation. - The Times
One of retail’s most high-profile figures is leaving her job in the latest shake-up of Marks & Spencer’s struggling clothing business. Belinda Earl, the chain’s style director since 2012, is handing responsibility for womenswear to Jill Stanton, who has been appointed to a new role of womenswear and kidswear director. - The Times
Moves to boost Britain’s apprenticeships system are set to suffer another heavy blow this week, with the number of people signing up for the training programmes expected show a further plunge. The data are understood to reveal a drop of almost a third for the three months to February. - Telegraph
As many as 2,000 jobs are under threat as another high street retailer seeks to stay afloat by shutting stores and cutting its rent bill. Select, a fashion brand targeted at young women that operates from 183 stores, wants to enter a company voluntary arrangement to restructure its debt and secure rent reductions. - The Times
Tax avoiders’ accountants face being forced to give evidence before MPs after a Commons committee announced a series of inquiries in the wake of the Panama and Paradise Papers investigations. A subcommittee of the Treasury select committee will investigate tax avoidance and evasion, as well as whether HMRC offers “sweetheart deals” to multinationals, while the main committee holds an inquiry into VAT policy. = Guardian
E.On boss Michael Lewis has called out the UK’s “damaging” short-termist energy policy as the group prepares to refocus on the household supply market through a £38bn deal with RWE. The German energy giant’s chief executive urged the UK Government to reconsider using energy efficiency measures to cut hundreds of pounds off bills, in favour of a temporary energy price cap. - Telegraph