Wednesday newspaper round-up: Retailers, BMW, Cobham, annuity rates

Retailers and unions are calling for urgent government action to help struggling high streets as new data shows the number of shops, pubs and restaurants lying empty is rising at the fastest pace in nearly a decade. About 16 stores closed their doors every day in the first half of 2019 while only nine opened, resulting in a net decline of 1,234 chain stores on Britain’s top 500 high streets according to analysis by PricewaterhouseCoopers (PwC) and high street analysts the Local Data Company (LDC). – Guardian

BMW will make workers at its Mini plant in Oxford take unpaid leave for two weeks or more if a no-deal Brexit causes major disruption to its business. The German carmaker is ready to close the Cowley factory for at least a fortnight from the 31 October Brexit deadline if BMW has problems importing components for vehicles, its chief financial officer Nicolas Peter said. The shutdown could stretch to more than three weeks, he added. – Guardian

Homebuyers are stepping onto the housing ladder with ever-smaller deposits as the bumper mortgages popular in the years before the credit crunch regain a bigger foothold in the market. Just over one in 20 new mortgages was given to a borrower with a loan worth between 90pc and 95pc of the value of their home, meaning they put down deposits of between just 5pc and 10pc. – Telegraph

Opposition to Advent’s £4 billion takeover of Cobham has grown after a big shareholder in the British aerospace and defence company said it was minded to reject the bid. Sanderson Asset Management, which owns 2.4 per cent of Cobham, has said that it is “inclined to vote against” the 165p-a-share cash offer from the American private equity firm at an investor meeting to approve the deal on Monday. – The Times

Buying a retirement income is more expensive than at any time in at least 25 years because of an unprecedented fall in government bond yields. Annuity rates, which reflect the guaranteed annual income for life that can be bought with a lump sum, have slumped to a modern-day low, Moneyfacts, the financial information group, said yesterday. – The Times