Wednesday newspaper round-up: Odeon, HS2, Metro Bank
By Michele Maatouk
Date: Wednesday 14 Oct 2020
(Sharecast News) - The parent company of Odeon has warned that the lack of new blockbusters fuelling record low movie-going could mean it will run out of cash as soon as the end of the year. Shares in US-listed AMC Theatres, the world's largest operator of cinemas, plunged 12% in early trading as rattled investors reacted to a warning that it will need to raise a significant amount of cash to keep operating if the dire conditions persist. - Guardian
HS2's costs have risen by another £800m, the government has admitted, barely a month after the official start of construction of the high-speed rail network. The reshaping of Euston station is likely to cost at least £400m more than planned, while the discovery of more asbestos than expected in demolitions along the line of the route has added around another £400m. - Guardian
Rishi Sunak must bury the hatchet with Sadiq Khan and finalise a £5.7bn bailout of London's debt-ridden transport network to stave off disaster, some of the capital's biggest companies businesses have said. The Chancellor needs to urgently reach an agreement with the London Mayor over the future of Transport for London (TfL) or face the capital grinding to a halt, according to a slew of executives including the bosses of British Land, Canary Wharf Group and Heathrow airport. - Telegraph
Metro Bank has become the latest lender to stop opening new accounts for businesses, despite the Bank of England calling for credit to keep flowing. Metro suspended openings because of a deluge in demand from businesses seeking government-backed bounce back loans, for which borrowers must have a current account. - The Times
The World Trade Organisation has ruled that the European Union can retaliate against the United States over its support for Boeing, the aircraft maker, in the latest twist of the world's largest corporate trade dispute. Brussels can now legally impose tariffs on American goods worth $4 billion, although it emphasised yesterday that its "strong preference" was to end a 16-year transatlantic trade battle over illegal subsidies for Boeing and Airbus, the European manufacturer. - The Times
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