Friday newspaper round-up: Brexit, PPI, Glencore

Plunging out of the European Union in two years without a new trade deal would open up a Pandora’s box for Britain’s businesses, Paul Drechsler, the president of CBI, has warned. As Theresa May prepares to trigger the formal talks process for leaving the EU, Drechsler used a speech at Mansion House in the City of London on Thursday night to warn that the two-year article 50 process would be a “roller-coaster” for businesses trying to plan for the future. – Guardian

Britain’s financial watchdog has admitted that only one in five potential complaints about mis-sold payment protection insurance had been made so far, as it set a final deadline of August 2019 for filing claims. The cut-off of 29 August 2019 provoked an outcry from consumer groups, but will be welcome news for UK banks, which have set aside more than £40bn to cover compensation payments and other costs relating to Britain’s biggest mis-selling scandal . – Guardian

Glencore paid at least $100m (£81m) to controversial Israeli billionaire Dan Gertler over the course of four years, it has emerged, in the latest revelations surrounding its activities in the Congo. The FTSE 100 giant handed over royalties and other payments to a company owned by the mining magnate between 2013 and 2016 to satisfy a contractual obligation with its partners. – Telegraph

The government’s industrial strategy lacks cohesion and ambition and does not constitute a strategy, a powerful committee of MPs has concluded. The withering commentary on the government’s green paper published in January was delivered by the business, energy and industrial strategy select committee. Business bodies lined up to back the MPs’ criticism. – The Times

The main City regulator has been accused of caving into the banks after agreeing to set a deadline for complaints about mis-sold payment protection insurance. Consumer champions said that the Financial Conduct Authority was putting the interests of the finance industry ahead of consumers after it announced a deadline of August 29, 2019. – The Times