Sunday newspaper round-up: Saudi Aramco, IMF, new pound coins, Bank of England, EDF
Britain’s largest investors have turned up the heat on the City watchdog over its controversial plan to allow Saudi Arabia’s state-owned oil giant to float in London. The Financial Conduct Authority (FCA) has proposed bending stock market rules to accommodate Saudi Aramco, which is aiming to go public next year in a mooted $2 trillion deal. However, the Investment Association, the lobby group for fund managers, has warned the FCA that any changes could damage London’s status as a global financial centre. - The Sunday Times
Insurers pose a mounting threat to the international financial system as they pour money into risky investments to shore up profits, according to market watch dogs. The International Monetary Fund (IMF) has issued a stark warning about the potential for a giant shock from the industry amid some serious dangers lurking “under the surface”. - Sunday Telegraph
Southern rail has been struck by delays again, but this time it is in adapting to the new pound coin. An unknown number of the operator’s ticket machines will not be ready to accept the new coin on Monday when the old round pound is phased out. About 400m round pounds were thought to remain in circulation over the weekend after 60m were spent in the preceding week. - Observer
Bank of England governor Mark Carney is heading for another Brexit row, as rising prices may force him to write to the Chancellor to explain why the Bank is overshooting its inflation targets. Figures out on Tuesday are set to show that the official measure of inflation hit 3.1 per cent last month, say several big City forecasters. That would compel Carney to account for the Bank’s failure to come close to its target of 2 per cent. - Mail on Sunday
Part of the giant Hinkley Point nuclear plant will have to be demolished and rebuilt after inspectors found problems with its concrete foundations, in the latest setback for the £20bn project. EDF, the owner, is understood to have found weaknesses in a small area of the foundations that have been laid on the Somerset coast. The French energy giant insisted the problem is isolated to 150 cubic metres where pipes and cables are due to be laid, and said it will not delay construction. - The Sunday Times
The Norwegian raider plotting a coup at Johnston Press has branded the debt-laden newspaper publisher’s board as “fee suckers” who are failing to represent the interest of shareholders. Christen Ager-Hanssen, the owner of the Swedish Metro newspaper, is expected on Thursday to seek an Extraordinary General Meeting of Johnston Press shareholders to oust chairman Camilla Rhodes. - Sunday Telegraph
Sir Vince Cable has accused Network Rail and the company behind the HS2 rail link of being secretive at a crucial time for transport infrastructure in Britain. The Liberal Democrat leader said a repeated failure to publish the minutes of board meetings amounted to “a growing lack of transparency” at both state-funded organisations. - Observer
Major retailers are using factories in crisis-hit Myanmar despite growing concerns over rising violence committed by the country’s military. High street giants including Marks & Spencer, Primark, Next, Sports Direct and H&M are among retailers which sell clothes manufactured in Myanmar, which is also known as Burma. - Mail on Sunday
Royal Bank of Scotland boss Ross McEwan has launched a blistering attack on former business customers, accusing them of “bad mouthing” the lender and making “false accusations” about its controversial Global Restructuring Group (GRG) division. McEwan’s broadside comes amid increased political pressure for the Financial Conduct Authority to publish its year-old report on the conduct of GRG, which, it alleged, deliberately stripped assets from small businesses to bolster profits. - The Sunday Times
Bibby Line Group, the 211-year-old mini conglomerate that includes the Costcutter convenience store chain, has suffered its first loss in 30 years. The family-run business, which is still controlled by Merseyside millionaire Sir Michael Bibby, said that 2016 was “one of the most challenging years in recent memory”. Mr Bibby cited Donald Trump’s shock election victory, Brexit uncertainty and the slump in oil and gas investment for the tough backdrop, which resulted in the business swinging from pre-tax profits of £30m to a loss of £66m. - Sunday Telegraph
The success of British cinema is being threatened by a loss of funding caused by Brexit, according to the chief executive of a major film company, who warned that hits like Slumdog Millionaire and the King’s Speech may no longer be made in the future. Zygi Kamasa, chief executive of Lionsgate UK and Europe, warned: “Between 2007 and 2013, over €100m was invested in UK film. It is a big amount for indigenous British productions. The concern is that, with Brexit, we will lose that funding.” - Observer
The claims by Sting that there will not be much money for his children to inherit might sound implausible but accounts just filed by the former Police frontman are in the red. The latest figures from Steerpike Limited, of which Sting is the major shareholder, reveal the company recorded sales of £14.1 million for the year to December 31, 2016, but it made an overall loss of £1.2 million. - Mail on Sunday
Families will have to pay more for their weekly shop if Britain leaves the EU without a trade deal, the chairman of Sainsbury’s has warned. David Tyler said customs delays and tariffs would add to the costs facing shoppers. His warning comes after Theresa May said she was making plans for a “no deal” Brexit, which would see Britain trading with the EU under World Trade Organisation rules. - The Sunday Times
The latest bid to develop technology which traps and stores carbon emissions is already in doubt after a key European partner scaled back its plans, days after UK ambitions were reignited. Norwegian ministers slashed the expected state investment in a trailblazing industrial carbon capture project by 90pc in response to growing political doubts over its costs. The swingeing cut emerged the same day UK ministers pledged to work with international partners in a second bid to develop a carbon capture and storage (CCS) industry, after the failure of its £1bn scheme two years ago. - Sunday Telegraph
A futuristic family car that not only uses the sun as power but supplies energy back to the grid has been hailed as “the future” as the annual World Solar Challenge wrapped up in Australia. The innovative bi-annual contest, first run in 1987, began in Darwin a week ago with 41 vehicles setting off on a 3,000km (1,860-mile) trip through the heart of Australia to Adelaide. - Observer
The publisher of magazines including Men’s Fitness, Viz, Cyclist and The Week is for sale, the Mail on Sunday has learned. A trust set up by the late publisher Felix Dennis has appointed advisers from Livingstone to find a buyer for Dennis Publishing, which is likely to fetch about £150 million. The proceeds will go to the Heart of England Forest charity, which was the brainchild of the media mogul who died of cancer three years ago.