Sunday newspaper round-up: Brexit, IWG, Lloyds Bank, Sir Philip Green, Stobart, Nationwide
By Josh White
Date: Sunday 24 Jun 2018
(Sharecast News) - Britain's top business groups have united to make an unprecedented joint assault on the government's handling of Brexit, warning that companies are queuing up to move investment out of the country. - The Sunday Times
IWG, the £2.9bn serviced office giant behind Regus, is mulling a takeover approach from Terra Firma Investments, the sixth of its kind in recent months. - Sunday Telegraph
Fraudsters involved in scams costing the Treasury almost £100m have bought a string of luxury apartments in Dubai - now considered to have replaced Spain's Costa Del Crime as the place to launder money - a major leak of a secret Dubai property database has revealed. - Observer
The chief executive of Lloyds Banking Group, Antonio Horta-Osorio, is facing a public grilling by MPs over a notorious fraud which targeted small business customers. - Mail on Sunday
One of Sir Philip Green's American private equity partners expressed concerns over the accuracy of financial statements from Topshop provided for due diligence. He also raised the spectre of Bernie Madoff, the Ponzi scheme fraudster. - The Sunday Times
President Donald Trump has fueled trade war fears by pledging to impose tariffs of 20pc on imports of EU cars if trade barriers are not "broken down". - Sunday Telegraph
Britain's energy minister will have to explain to MPs why no decision has been made on whether to support a tidal lagoon in Swansea - nearly 18 months after. - Observer
Millions of households are routinely overpaying or losing out by hundreds of pounds a year by falling victim to the 'default penalty' sting - one that shunts people into poor financial deals and costs £8 billion a year. - Mail on Sunday
The former boss of Stobart Group worked with the billionaire retail tycoon Philip Day on a bold deal to reunite the aviation and energy conglomerate with the haulage firm Eddie Stobart. Andrew Tinkler, the former chief executive of Stobart Group who has just been sacked over an attempted boardroom coup, held detailed talks with Day as recently as last month on merging the two companies into a single listed group, worth £1.6bn. - The Sunday Times
The number of shareholder revolts involving board appointments has soared on last year as investors direct their frustrations towards UK bosses. The Investment Association (IA), the trade body for Britain's £7 trillion funds industry, said there has been a 15pc rise in the number of rebellions this year as some of the world's best-known companies come under fire. - Sunday Telegraph
New laws to ban shops from offering special "two for the price of one" deals near supermarket checkouts for food high in sugar, fat or salt are to be introduced in an attempt to ease an obesity crisis that has made the UK the most overweight nation in western Europe. - Observer
Customers of Nationwide are being urged to vote against the fat-cat pay being enjoyed by the board's 'gang of four' executives at next month's annual general meeting. The call to action has been made by the Building Societies Members Association, a longstanding organisation that passionately believes mutuals such as Nationwide should be run primarily for the benefit of those who own them - savers and borrowers - and not for the personal gain of top executives. - Mail on Sunday
The founder of Poundworld is trying to buy back 186 of its stores from administrators in a bid that would save 3,000 jobs. Chris Edwards, a former market trader who sold Poundworld to the private equity firm TPG for £150m three years ago, is understood to be in talks with Deloitte, which was appointed to handle the discount chain's collapse this month. - The Sunday Times
The City's takeover referee could force Disney or Comcast to pay a much higher price for Sky as their US bidding war over the Murdoch empire escalates. The Takeover Panel is watching the unprecedented situation closely and has powers to demand more. Murdoch-controlled 21st Century Fox is selling most of its assets including its 39pc stake in Sky. - Sunday Telegraph
The head of Netflix has told his staff he needs to "set a better example" after sacking the company's head of communications for twice using the N-word during work meetings. Reed Hastings, the video streaming company's founder, told staff in a memo he had decided to "let go" of Jonathan Friedland for using the racial slur in a "descriptive" sense. - Observer
Britain's ten biggest builders have seen the value of their shares drop by a combined £3.6 billion in the last two weeks as fears grow that the housing market is heading for a downturn. Fears of a rise in interest rates - and mortgage costs - are growing after three members of the Bank of England's monetary policy committee voted in favour of a hike. - Mail on Sunday
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