Wednesday newspaper round-up: Rail fares, retailers, Rio Tinto, City fines
Rail passengers who spent 2018 wrestling with strike action, widespread cancellations and the worst punctuality in a decade will stage protests at railway stations around the country on Wednesday as fares rise by 3.1%. As commuters begin returning to work after the Christmas holiday, they face above-inflation ticket price increases described by Labour as an “affront” following well-documented disruption last year. – Guardian
The City is bracing itself, to discover just how brutal Christmas 2018 was for the UK high street, with a string of crucial announcements threatening to add to retailing’s woes. The key period comes as panic mounts within the sector after the Sports Direct tycoon Mike Ashley said last month that trading was so bad for many chains it “will literally smash them to pieces”. Music and film retailer HMV and regional menswear chain Greenwoods have both slumped into insolvency over the past few days. – Guardian
Mining giant Rio Tinto has further delayed the payment of a multi-million pound bonus to former boss Sam Walsh as it awaits the outcome of bribery investigations relating to its activities in Guinea. Mr Walsh has been waiting almost two years for the payment, which was first postponed in 2017 after Rio alerted the Serious Fraud Office and the US Department of Justice about payments in connection with the planned Simandou mine. – Telegraph
Payouts for top staff at hedge fund Cheyne Capital almost doubled to £37m last year as profits boomed. Senior management and other “risk-takers and control functions [staff]” at the investment firm took home the combined windfall, up from £19m the year before. Cheyne’s highest-paid member bagged a £7m payout as profits rocketed by around 80pc to £44m and turnover increased from £46m to £72m. – Telegraph
Smaller employers expect more of their staff to opt out of saving for their pensions when minimum deductions from their pay packets are increased this April, immediately after Brexit. According to a survey by the Association of Consulting Actuaries, 65 per cent of businesses employing fewer than ten people expect modest or substantial decreases in participation. – The Times
Fines in the City fell sharply last year after a drop in blockbuster penalties against companies. The Financial Conduct Authority levied £60.5 million in 2018, down by almost three quarters on the £229.5 million the previous year. It was the second smallest haul by the City regulator since the £35 million taken in 2009. Fines peaked at £1.47 billion in 2014, when banks were hit for rigging the Libor interest rate and for foreign exchange failings. – The Times