Tuesday newspaper round-up: WPP, auditing, trade, food

The outcome of an inquiry into the personal conduct of Sir Martin Sorrell could be published as early as next week as potential successors for the top position at WPP continue to emerge. WPP, the world’s largest advertising agency, hopes that publishing the findings of an investigation into its long-serving chief executive next week will draw a line under a scandal that has left the group and Sir Martin vulnerable. - The Times

Tough new punishments are on the way for bad or dishonest auditors in an effort to crack down on shabby performance in an industry wracked by scandals. “Seriously poor audit work” will land big four auditors with fines of £10m or more, the Financial Reporting Council said. - Telegraph

Criminal cyber-attacks on UK businesses increased last year, according to the annual report of the National Cyber Security Centre. Firms face a growing threat from ransomware, data breaches and weaknesses in the supply chain, according to the report, published on Tuesday. Emerging threats include theft from cloud storage, which the NCSC argues too many businesses put their faith in.

Chinese leader Xi Jinping has issued a veiled warning to Donald Trump as the threat of a trade war with the US simmers, calling on other countries to refrain from “seeking dominance” and “reject power politics,” adding that “arrogance ... will get [you] nowhere”. The Chinese president did not directly address his country’s ongoing tit-for-tat tariff dispute with the US on Tuesday, but said that those who ignored the “trend of the times” toward openness would be “left behind and assigned to the dustbin of history”. - Guardian

Britain may leaving but the European Union has provided UK businesses with the most revenue and the highest growth of anywhere in the world over the past two years, according to a survey of 800 leading directors. A report by the Institute of Directors said 63 per cent of business leaders that it surveyed said the EU was the largest source of revenue for their company of any global market, while 43 per cent said the bloc had provided the greatest growth for their business since the start of 2016. - The Times

British businesses are shrugging off concerns about Brexit uncertainty, with almost three quarters expecting to see trade increase over the coming year as they capitalise on the cheaper pound and rising overseas demand. A survey by HSBC of more than 6,000 companies operating in 25 markets around the world found that 72 per cent of UK companies expect trade volumes to increase over the next 12 months. - The Times

Junk food advertisements would be blocked on social media under plans being drawn up in the fight against obesity. Ministers are also looking at whether to force restaurants to label unhealthy foods as they finalise a strategy before the summer. - The Times

More than £4.3m was wiped off the value of Mothercare as the troubled retailer desperately battles to survive. The struggling baby goods retailer is reportedly looking to enter into a company voluntary arrangement – a type of insolvency that allows it to stay in business – to avoid having to close its doors. The move could see it close up to 50 of its 143 stores and negotiate down the rents on others in a bid to slash its costs. - Mail

Iceland is the first British supermarket to pledge a crackdown on palm oil by removing the environmentally devastating food ingredient from its own-brand food. The frozen food specialist said it had made an ethical decision to reformulate 130 food products to completely remove palm oil from its list of ingredients by the end of the year. - Telegraph

Tens of thousands of men will be recruited to take part in a £75 million boost to prostate cancer research ordered by Theresa May to close the funding gap with breast cancer. The prime minister will acknowledge today that the disease is still identified too late for patients to be saved as she promises funds for better diagnosis and treatment. - The Times

Facing a watershed week for Facebook, Mark Zuckerberg has shouldered the blame for failing to prevent damaging misuse of the social media network that he co-founded. In written testimony released yesterday before what is expected to be two days of gruelling testimony to Congress starting today, the chief executive of Facebook tried to highlight the constructive role that he said the company had played in society. - The Times

A top City banker at Goldman Sachs has been sacked after allegedly threatening his pregnant boss during a row over his performance. The vice president – who is in his mid-30s and worked on Goldman’s operations team – is said to have been ‘out of control’ during a meeting with her and another woman, according to a leaked letter from the bank. - Mail