Monday newspaper round-up: Zuber Issa, Thames Water, BAE Systems
There is “no route to net zero” that ignores the real concerns of businesses, a cabinet minister has warned, as the government prepares to reduce financial penalties handed to carmakers not selling enough electric cars. Ministers are also looking at how cheaper loans could be introduced to help people buy an electric vehicle (EV), after a wave of job losses and closures in which carmakers blamed the onerous fines they were facing. – Guardian
Fears of a global trade war have risen after Donald Trump threatened to impose 100% tariffs on countries in the Brics group if they create a new currency to rival the US dollar. Writing on his social media platform, Truth Social, on Saturday, Trump declared that he would also act if they supported another currency to replace the dollar. – Guardian
The billionaire former co-owner of Asda is on the verge of striking his first deal since breaking up the business empire built with his brother. Zuber Issa has lined up financing to pursue a deal for Petrogas Group, the UK arm of Irish forecourt giant Applegreen. It would mark Mr Issa’s first takeover since his decision to carve up EG Group, the petrol forecourt empire that he ran alongside his brother Mohsin for 20 years. – Telegraph
The boss of Stellantis has resigned after overseeing a sharp drop in car sales, as the Vauxhall owner struggles with the shift to electric vehicles. Carlos Tavares stepped down from his role as chief executive of the world’s fourth-largest carmaker on Sunday, with his departure accelerated following a split with the board. - Telegraph
The water regulator has blamed Moody’s, the credit rating agency, for stoking the industry’s financial crisis by not calling out operators such as Thames Water when they took on unsustainable debt. Ofwat has reproached Moody’s for certifying Thames Water’s debt as investment grade until recently, despite evidence of a fall in shareholder support and the group’s poor performance over a long period. – The Times
Britain’s largest defence company will take on a record number of apprentices and graduates by next year. BAE Systems, which builds the nation’s nuclear submarines and fighter jets, plans to recruit more than 2,400 apprentices, undergraduates and graduates. Some 6,500 trainees will work for the FTSE 100 group, 15 per cent of its UK workforce. – The Times