Monday newspaper round-up: Inflation, HSBC, Destiny Pharma
Worries about rising inflation among UK consumers are at their greatest in three and a half years, while people’s confidence in Britain’s financial situation has worsened, according to a survey. A monthly poll by Lloyds Bank found that 65% of people felt negative about levels of inflation in July, up from 60% in June and the highest level since January 2014. – Guardian
HSBC has rushed to head off complaints from small businesses that found the bank had frozen or closed down their accounts as part of a crackdown on financial crime. Hundreds of small firms are thought to be affected, whose businesses range from an avocado importer to marketing and design companies. – Guardian
British biotech Destiny Pharma will announce a drug development tie-up with a Hong Kong-listed Chinese medicine company on its debut on London’s junior Aim market today. Destiny Pharma, which is developing a range of treatments to fight antibiotic-resistant superbugs such as MRSA, has raised £15.3m through its placing. Shares will be priced at £1.57 on admission today, giving it a market cap of £65.4m. – Telegraph
EEF, the trade association which represents 20,000 companies in the engineering and manufacturing sector, has unveiled a top civil servant as its new chief executive. Stephen Phipson will take the helm at EEF, replacing Terry Scuoler who has led the industry group for eight years. – Telegraph
One of the country’s biggest alternative loan providers channelled millions of pounds of investors’ money into investments offered by rivals without telling its customers. In a revelation that raises questions about the transparency of the peer-to-peer lending industry, Ratesetter connected some of its customers’ capital with investment opportunities offered by Wellesley and Archover, two of its competitors. About £10 million of property development loans were written in conjunction with Wellesley, a lending platform set up by Graham Wellesley, 8th Earl Cowley. – The Times
JPMorgan Cazenove has lost its crown as the City’s most popular stockbroker for the first time in 13 years. Analysis has found that Numis Securities has 195 clients across the London market, having won five since May. JPMorgan, which lost four over the same period, has 189. – The Times