Friday newspaper round-up: Fossil fuel, London economy, WeWork, Flannels

Major oil and gas companies have invested $50bn (£40.6bn) in fossil fuel projects that undermine global efforts to avert a runaway climate crisis, according to a report. Since the start of last year, fossil fuel companies have spent billions on high-cost plans to extract oil and gas from tar sands, deepwater fields and the Arctic despite the risks to the climate and shareholder returns. – Guardian

London’s economy has outstripped all other English regions with a 19% surge in growth since 2012, highlighting the divide between the capital and the rest of England. The Office for National Statistics underlined the city’s disproportionate economic heft in its first set of regional GDP figures for England and Wales, which showed the north-east with the slowest growth over the same period at 5.9%. – Guardian

WeWork is considering slashing its valuation in half in its upcoming flotation, a move that would cost its private backers billions and will increase fears that “unicorn” start-ups have become dangerously overhyped. The US office space giant, which is backed by SoftBank’s tech-focused Vision Fund, is considering a valuation below $25bn (£20bn) as it prepares for an investor roadshow due to start next week, a source said. – Telegraph

Small businesses must be given "a seat at the table" at the government's new business finance council, the sector's lobby group has said. Mike Cherry, chairman of the Federation of Small Businesses, said that while the council was "undoubtedly needed", it would require "direct input from firms on the ground" to understand how best to support small and medium size businesses (SMEs) through a possible no-deal Brexit. – Telegraph

“Mike Ashley, shame, shame, shame on you,” animal welfare protesters chanted outside the sportswear tycoon’s latest offering to the world of retail. The opening of Flannels’ four-storey emporium on Oxford Street was supposed to proclaim to the fashion world that Sports Direct could be trusted to sell luxury brands to discerning customers. However, it was far from smooth, as security shut down the London store in the face of a mob. The shop, originally scheduled to open in June was “fashionably late”, according to Flannels’ Instagram. Exacting Italian architects were blamed for insisting on four types of flooring that required the building to be re-engineered to make it flat enough for clothes rails. – The Times

The chief executive of Boden is to leave as it posted a rise in sales but warned that weaker trading and investments will weigh on future profits. The fashion retailer aimed at the middle classes was founded in 1991 by Eton-educated Johnnie Boden, who started the brand with a sketch of eight outfits from his kitchen table. – The Times