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Press Round-Up Short (Premium)
03 Jul
Friday newspaper round-up: Elon Musk, Co-op Bank, BP

The US Securities and Exchange Commission has reportedly opened an investigation into whether recent stock sales by Tesla CEO Elon Musk and his brother Kimbal Musk violated insider trading rules. The SEC inquiry – first reported by the Wall Street Journal on Thursday – was sparked in part by the Tesla CEO’s own tweets. - Guardian.

03 Jul
Thursday newspaper round-up: North Sea drilling, Ikea, Studio Retail

The chancellor, Rishi Sunak, will say he wants to cut taxes “sustainably” and downgrade the role played by the state as an engine of growth, in a landmark speech that aims to quell concern among Tory backbenchers about the tax burden rising to its highest level in 70 years. Spelling out a personal philosophy on Thursday in his first major speech since Downing Street scandals opened the door for a change of leadership at the top of the Conservative party, Sunak will say only a market economy, driven by private sector spending, will create the dynamism needed to maintain sustainable growth.

03 Jul
Wednesday newspaper round-up: Petrol prices, Facebook, Jes Staley

UK petrol prices are poised to hit a record 150p a litre later this week after the worsening tension in Ukraine added fresh pressure to the cost of living crisis facing households. Crude oil prices reached more than $99 a barrel at one point on Tuesday in response to Vladimir Putin’s decision to recognise the independence of two breakaway regions in eastern Ukraine. Prices later slipped back after markets viewed the west’s initial sanctions response as weak. - Guardian.

03 Jul
Monday newspaper round-up: Russian banks, Arm, British visa system

The EU has announced it will ban the Russian state-backed channels RT and Sputnik in an unprecedented move against the Kremlin media machine. The European Commission president, Ursula von der Leyen, said: “Russia Today and Sputnik, as well as their subsidiaries, will no longer be able to spread their lies to justify Putin’s war and to sow division in our union. So we are developing tools to ban their toxic and harmful disinformation in Europe. ” - Guardian.

03 Jul
Tuesday newspaper round-up: GFG Alliance, supermarkets, gas markets

Sanjeev Gupta’s GFG Alliance metals empire has launched an action in London’s high court in a last-ditch attempt to reclaim a prized aluminium smelter in northern France from a US private equity fund. Two GFG Alliance companies have filed a legal claim against a fund controlled by American Industrial Partners (AIP), which has run the smelter in Dunkerque since October after gaining approval from the French government. - Guardian.

03 Jul
Wednesday newspaper round-up: Boohoo, electric cars, Atom Bank

A promotion by the fast-fashion retailer Boohoo that used “sexually suggestive” images of a model in an oversized T-shirt and thong-style bikini bottoms has been banned by the UK advertising watchdog for objectifying and sexualising women. The online retailer used several images of the model, including a shot taken from the rear of her kneeling and another of her sitting with her legs apart, which prompted a complaint to the Advertising Standards Authority (ASA) that the promotion was offensive, harmful and irresponsible.

03 Jul
Thursday newspaper round-up: Post Office, Boohoo, gas supplies

The Post Office and the government need to speed up compensation payments to workers who were victims of the Horizon IT scandal, according to a report by an influential group of MPs. MPs from parliament’s Business, Energy and Industrial Strategy (BEIS) committee have expressed concerns about the time taken to make settlements to former Post Office operators who were wrongfully convicted as a result of errors in the company’s computer accounting system. - Guardian.

03 Jul
Friday newspaper round-up: Apple, NatWest, Elon Musk

The UK competition watchdog is teaming up with its counterparts in the US, Canada, Australia and New Zealand in a drive to detect and investigate collusion between suppliers or shipping groups to hike prices. The Competition and Markets Authority said it was linking up with its fellow agencies in other “five eyes” nations after receiving “multiple complaints” from businesses about supply chains, where, for example, fees for shipping have soared by up to 10 times compared with pre-pandemic levels in the past two years.

03 Jul
Monday newspaper round-up: House prices, second-hand cars, Covid cash

Asking prices for homes coming on to the market in Britain rose by a record 2. 3% in February, according to the property website Rightmove. The listing site said it was the biggest monthly increase in the 20 years it has kept records and meant the average advertised cost of a home was up by £7,785, to £348,804. Over the past 12 months, asking prices have gone up by 9. 5%. - Guardian .

03 Jul
Tuesday newspaper round-up: NatWest, working from home, Tripledot

NatWest has become the first bank in 2022 to announce it will close some of its outlets as customers shun branches for mobile banking. The high street lender will shut 32 branches across its NatWest and Royal Bank of Scotland brands in England and Wales over the next year. - Guardian .

03 Jul
Wednesday newspaper round-up: NI rise, BrewDog, Sensyne Health

Almost a third of bus services in England could be axed within weeks if the government does not make “critical decisions” to extend emergency funding, bus operators have warned. Bus services were supported by grants during the pandemic when customers were advised to avoid unnecessary travel, but funding is due to expire on 5 April, with passenger numbers still only about 70% of pre-pandemic levels. - Guardian.

03 Jul
Thursday newspaper round-up: Sportsbet, Camelot, Vodafone

Wealth taxes will be needed to fund a £76bn a year increase in government spending by the end of the decade, caused by an ageing population and more expensive healthcare, a thinktank has said. The Resolution Foundation said the UK was on course to see the size of the state match that of Germany by 2030, and warned new methods of raising money to pay for higher spending would be needed. - Guardian.

03 Jul
Friday newspaper round-up: Covid fraud, Cuadrilla Resources, working from home

HM Revenue & Customs has been accused by an influential group of MPs of “ignorance and inaction” on recouping £6bn of fraudulent Covid-19 support payments, drawing an angry backlash from the tax authority. The public accounts committee (PAC), which monitors state spending, issued a litany of criticisms of HMRC, warning that money surrendered to fraudsters would ultimately add to the cost of living crisis engulfing Britain. - Guardian .

03 Jul
Monday newspaper round-up: Wages, freeports, NFTs, bank bonuses

British employers are expecting to award pay rises of 3% in 2022, the highest in at least a decade, though well below the rate of inflation, as they try to recruit and retain workers, according to a new survey of businesses. The expected pay rise comes amid persistent signs of a tight labour market, with almost two-thirds of employers expecting to have difficulties filling job vacancies in the coming six months, according to a survey of more than 1,000 recruitment and human resources workers by YouGov for the Chartered Institute of Personnel and Development (CIPD).

03 Jul
Tuesday newspaper round-up: Arm takeover, Motorola, Silentnight

Thousands of homes could soon be paid to halve their electricity usage for a couple of hours daily when the UK’s power demand is high under a new scheme to help reduce energy bills and create a zero carbon power supply system. From next week the trial by Octopus Energy and National Grid’s electricity system operator will offer the household supplier’s customers the chance to earn money by cutting their power use by between 40% and 60% below normal levels during a set two-hour period.

03 Jul
Friday newspaper round-up: Road pricing, KPMG, Facebook

Motorists will have to pay by the mile to make up a £35bn tax shortfall that will arise from the shift to electric vehicles, MPs have warned, calling on the government to act urgently to bring in a national road pricing scheme. The cross-party Commons transport select committee said it saw “no viable alternative” to road pricing and work should start immediately on creating a replacement for fuel duty before it dwindled away with the transition. - Guardian.

03 Jul
Thursday newspaper round-up: Furlough scheme, KP Snacks, London offices

The Treasury is scrambling to complete 11th-hour plans capable of softening a national cost of living crisis, including a £200 rebate on energy bills and more help for the poorest households. No 10 and the Treasury have been under pressure from Tory MPs to act as millions of households brace for a record hike in energy bills from April, and the prospect of rising mortgage rates and tax increases. - Guardian .

03 Jul
Wednesday newspaper round-up: Fraud, cake war, London tube, Playtech

The government has been warned by an influential group of MPs to urgently tackle a “fraud epidemic” across Britain, amid concerns about the increasing financial toll on consumers and taxpayers from economic crime. The Commons Treasury committee said ministers needed to bring in fresh laws and beef up resources for fighting fraud after a dramatic surge in scams during the coronavirus pandemic. - Guardian.

03 Jul
Tuesday newspaper round-up: Tesco, Sony, Klarna

Treasury officials have quietly introduced a new “super tax” to deter energy company owners from cashing out lucrative contracts for gas bought in advance before leaving their supply business to go under. The government quickly pushed through the new laws late last week to counter industry concerns that Stephen Fitzpatrick, the founder of Ovo Energy, could use his almost two-thirds stake in the company to liquidate its long-term gas contracts and exit the supply market with a hefty profit.

03 Jul
Monday newspaper round-up: Fintechs, food prices, UK growth

Investment in financial tech firms in the UK grew sevenfold last year to $37. 3bn (£27. 5bn), according to KPMG, with London attracting more fintech funding than the rest of Europe, the Middle East and Africa (EMEA) put together. The investment total was boosted by 601 deals that were finalised in the UK in 2021, the financial services firm said, up from 470 the year before. - Guardian.