Tuesday newspaper round-up: Private renters, TikTok, Mulberry
By Michele Maatouk
Date: Tuesday 23 May 2023
(Sharecast News) - Private renters are almost twice as likely to be struggling with problem levels of debt than the general population, with a sharp rise in the numbers in serious financial difficulty since January, research shows. The figures come against a backdrop of private rents in the UK hitting record highs, and days after the government announced a shake-up of the sector to tackle the "injustices" that many tenants are facing. - Guardian
TikTok has filed a federal lawsuit against Montana over the state's new law banning the short-video app. In the suit filed on Monday, the company argues the ban violates first amendment rights of both the company and its users. The suit also argues the ban is pre-empted by federal law because it intrudes upon matters of exclusive federal concern and violates the commerce clause of the US constitution, which limits the authority of states to enact legislation that unduly burdens interstate and foreign commerce. - Guardian
The sportswear entrepreneur Mike Ashley is mounting an incursion onto the board of the luxury handbag maker Mulberry, threatening to pit him against its majority owners in a boardroom battle of the billionaires. Frasers, the £3.6bn retailer controlled by Mr Ashley, owns 37pc of Mulberry's Aim-listed shares. However Mulberry is controlled by the Singapore-based billionaire hotelier Ong Beng Seng and his wife Christina, who hold sway over 56pc of the Somerset-based brand. - Telegraph
BP and Shell are "very excited" about investing in the EU after Brussels unveiled more favourable incentives for green projects, Michael O'Leary has claimed. The Ryanair chief said the two oil majors had indicated that a recently announced package of subsidies from Brussels had made investing in the Continent more attractive. - Telegraph
First Citizens, which acquired Silicon Valley Bank after its collapse, has sued HSBC over claims that the FTSE 100 lender illegally poached dozens of the collapsed American firm's employees. HSBC, which acquired the British arm of SVB following its abrupt failure in March, stands accused of "brazenly" seeking to "plunder" trade secrets. HSBC declined to comment. - The Times
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