Friday newspaper round-up: WPP, Trump, Google, Playtech

WPP will name company insider Mark Read as its new chief executive next week after the world’s largest advertising group decided against an external hire to replace its founder, Sir Martin Sorrell. Read has been running WPP on an interim basis since Sorrell resigned in controversial and acrimonious circumstances in April. Read is a WPP veteran whose time at the group includes 10 years on the board, and had been tipped as the favourite internal candidate for the job. He previously ran WPP Digital, the arm responsible for the group’s digital investments, and more recently served as chief executive of WPP subsidiary Wunderman, the international marketing network. – Guardian

Donald Trump has threatened to pull the United States out of the World Trade Organization if it doesn’t “shape up” and treat the US better. The US president issued the threat against the international trade body during an interview with Bloomberg news. “If they don’t shape up, I would withdraw from the WTO,” Trump said, making public a proposal he has reportedly made to top aides in the past. According to Axios, Trump expressed consternation that the US was still a part of the global trade body. – Guardian

The Government has been attacked by a mysterious group of former Ladbrokes Coral shareholders, which claim delayed reforms to Fixed Odds Betting Terminal (FOBT) stakes have left them £700m out of pocket. Ladbrokes Coral was acquired by GVC in March, creating a £5.3bn bookmaking powerhouse. The deal received regulatory sign-off before the Government finalised its decision on minimum FOBT stakes in May. – Telegraph

A powerful US senator has urged competition regulators to investigate Google’s dominance, intensifying the pressure on the internet giant in Washington. Orrin Hatch asked the Federal Trade Commission (FTC) to re-open a probe into the company closed five years ago, saying Google had “harmed consumers” and failed to address monopoly concerns. – Telegraph

The American investor who helped reshape the gambling industry by driving Bwin.party into the clutches of GVC Holdings has quietly built a $100 million stake in Playtech, the troubled gaming technology group. Springowl Asset Management, the New York hedge fund led by Jason Ader, is expected to use the holding to press for asset disposals or a sale of the company, although its initial focus is understood to be corporate governance. – The Times

The struggling Manchester Building Society has been pushed deeper into losses after paying £2.3 million in damages and legal expenses to Grant Thornton, its former auditor, and warning that it is likely to incur further costs. The building society sank to a £1.6 million loss before tax in the six months to June 30, compared with a £700,000 loss in the same period last year. – The Times