Thursday newspaper round-up: RBS, JustEat, Flybe
By Alexander Bueso
Date: Thursday 21 Feb 2019
(Sharecast News) - Derek Sach, the former boss of RBS's Global Restructuring Group, was among more than 50 executives whose "incentive and bonus" payments were linked to "performance targets" established by the Asset Protection Agency, an arm of the Treasury that insured RBS's toxic loans. Documents seen by The Times reveal that Mr Sach, 70, had 70 per cent of his 2010 annual bonus evaluated against such targets. The emergence of the scale of the agency's involvement in GRG will increase calls for a public inquiry into the government's influence over the actions of the restructuring unit. - The Times
Cat Rock Capital, a US investment firm which owns around 2 per cent of Just Eat, has published the transcript of a call it held with analysts discussing Just Eat's fortunes. Cat Rock's founder and managing partner Alex Captain said the 'management situation at Just Eat [was] worse than we had previously expected'. He slammed the food delivery company for failing to contact candidates his firm proposed as chief executive. - The Daily Mail
An American airline run by two former Virgin Express executives has emerged as the latest would-be saviour of Flybe, the lossmaking British regional carrier. However, the bid by Mesa Air, a company trading as American Eagle and United Express, which has teamed up with Andrew Tinkler, the former Stobart Group executive, has been rebuffed immediately by Flybe, which says it still wants to sell up for a penny a share to a consortium including Virgin Atlantic and Stobart. - The Times
Austerity policies from the Treasury have resulted in slower growth in every year since 2010 and left each household £300 a month worse off as a result, a thinktank has said. The New Economics Foundation said its analysis of the impact of tax and spending changes since the Conservatives came to power, first as part of a coalition with the Liberal Democrats, had left the economy £100bn smaller than it would otherwise have been. - The Guardian
The government should consider taxing online sales, deliveries or packaging and cutting property taxes for retailers as part of a package to help revive the UK's ailing high streets, according to an influential group of MPs. In a report published on Thursday, the housing communities and local government committee says local authorities need more help, including extra cash, to redevelop town centres. It also suggests an overhaul of planning regulations, including scrapping rules that allow developers to turn offices into flats without special permission. - The Guardian
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