Friday newspaper round-up: RBS, Fortnum & Mason, minibonds
RBS has launched its own standalone, Monzo-style digital bank, and as is now customary, it comes with a quirky name: Bó. Royal Bank of Scotland reportedly approached Monzo with a potential takeover back in 2017 but was put off by the price tag (Monzo was recently valued at about £2bn). So the lender has decided to build its own version. – Guardian
Upmarket department store Fortnum & Mason has reported another year of bumper sales and profits but said its new Hong Kong store had been hit by the pro-democracy protests. Its chief executive Ewan Venters said sales in the territory were running at only half the level expected since it opened its doors last week but he was optimistic that trade would improve with its restaurant – with its view of Hong Kong harbour – receiving 4,000 bookings for December. It is the first standalone Fortnum & Mason shop outside the UK. – Guardian
The scandal surrounding minibonds has escalated after a property developer that has raised more than £25 million using the controversial securities delayed interest payments to thousands of investors. Blackmore Bond told The Times last night that it will miss its self-imposed deadline of paying quarterly coupons today to the more than 2,000 savers who hold its securities. – The Times
Labour has been accused of making a GCSE-level blunder over corporation tax in its election manifesto. Party officials are facing questions over whether they know “the difference between turnover and profit” after amending their plan for government. – The Times
Being an estate agent in London’s torturous rental market requires a bit of creativity and a lot of nerve. “This one is a real steal,” they say as the door swings open and the 1980s stare back. “Here is cosy bedroom number three. Yes, the one that has replaced the living room.” Or another: “I understand £800 a month sounds a lot but surely such good access to the Tube, and the high street view, are priceless?” – Telegraph