Tuesday newspaper round-up: Tesco, Bicester, Rouble...
Updated : 07:15
New Tesco boss Dave Lewis is planning to bring Matt Simister, one of the eight executives suspended after an accounting irregularity, back to the company as he takes direct control of the retailer, the Telegraph has said. Lewis said that Simister had actually "worked tirelessly to resolve the issues we faced”, as he confirmed that four of the other eight would be leaving.
The government is expected to reveal that Bicester in Oxfordshire will be the location for a new garden city, the Financial Times writes. Up to 13,000 homes will be built on the fringes of the town over the coming years and could potentially double its population.
The Russian rouble plummeted the furthest it’s fallen in once day since 1998 during the default crisis. Capital flight has accelerated, raising the risk of emergency exchange controls and greatly affecting companies currently holding onto more than $680bm in external debt, according to The Telegraph.
The Financial Conduct Authority has toughened regulations for loan brokers as some were found treating customers in a “blatantly unfair” way. The watchdog has claimed it will ban brokers from charging fees and requesting customer payment details unless it provides clear upfront information to people seeking credit, the Financial Times reported.
According to The Times, the US National Transportation Safety Board condemned Boeing for a string of failures that contributed to a fire that grounded its Dreamliner jets for over three months in 2013. "Boeing failed to ensure that the lithium-ion battery was tested under the most severe conditions possible because it made an underlying assumption, which turned out to be wrong, that the effect of an internal short circuit within a battery cell would not cause a fire," the paper said.
The Guardian says that millions of members of The Co-operative Group are expected to vote next year on whether to withdraw £1m in annual funding from the Co-op party. The Co-op party is allied to the Labour party with 32 MPs in parliament.