Thursday newspaper round-up: Bonus reforms, sovereign debt downgrades, Eurostar

The government plans to make it easier to claw back bonuses paid to executives of failed companies in what is being billed as the biggest shake-up of Britain’s corporate governance rules in decades, with ministers vowing to target negligent auditors and rogue directors. Part of a sweeping series of reforms designed to break the dominance of the big four accounting firms, the new measures were outlined by the business secretary Kwasi Kwarteng in a consultation launched on Thursday. - Guardian

Sovereign debt downgrades are in prospect for Britain, the US and scores of other countries around the world unless they urgently step up their efforts to reduce greenhouse gas emissions, according to a study. In the first attempt to adjust credit ratings to take account of the economic consequences of the climate emergency, a team of academics led by Cambridge University said failure to act would leave governments paying billions of dollars more to borrow. - Guardian

Eurostar has increased the pressure on the UK and French governments to strike a bailout deal after the boss of its biggest shareholder said it needed a cash injection within weeks to survive. The Channel Tunnel train operator has been left at risk of bankruptcy after passenger numbers plummeted by 95pc during the pandemic. Jean-Pierre Farandou, chief executive of French state rail company SNCF, told the Financial Times: “We are getting closer to the moment when Eurostar will have real cash flow problems … by next month, we have to conclude these discussions.” - Telegraph

The government could intervene in the crisis at Liberty Steel, Britain’s third-largest steelmaker, the business secretary has hinted. The collapse of Liberty’s main financial backer, Greensill Capital, has sparked fears for thousands of UK jobs. Asked whether the government could intervene, Kwasi Kwarteng told The Times: “We have done in the past. I think Liberty Steel is consonant with our decarbonisation agenda. I think it’s a fundamentally good product ... I can’t anticipate or guarantee forms of intervention. - The Times

The Bank of England and City regulators are among the financial institutions to miss targets to increase the representation of women in senior roles. When it launched its women in finance charter five years ago, the Treasury gave signatories until the end of 2020 to meet a target of 30 per cent of senior roles to be filled by women. Organisations were allowed to set themselves more ambitious targets. - The Times