Monday newspaper round-up: Carillion, EI Group, Softbank, Dignity
The development charity Oxfam has called for action to tackle the growing gap between rich and poor as it launched a new report showing that 42 people hold as much wealth as the 3.7 billion who make up the poorest half of the world’s population. In a report published on Monday to coincide with the gathering of some of the world’s richest people at the World Economic Forum in Davos, Oxfam said billionaires had been created at a record rate of one every two days over the past 12 months, at a time when the bottom 50% of the world’s population had seen no increase in wealth. It added that 82% of the global wealth generated in 2017 went to the most wealthy 1%. – Guardian
Labour has warned that the crown representatives who are supposed to police public sector suppliers such as the failed construction company Carillion face potential conflicts of interest, as its own research showed that several hold external directorships and one is a Tory donor. A dossier produced by the party showed that the former admiral Sir Robert Walmsley, who is responsible to the taxpayer for monitoring the outsourcing multinational Serco, also sits on the board as senior independent director of two defence contractors, Ultra Electronics and Cohort plc. – Guardian
The UK’s economic growth potential held firm in the first year following the Brexit vote and could climb the global rankings in the years ahead, thanks in part to backing for emerging technologies such as Artificial Intelligence (AI). The accountant KPMG’s annual survey of global growth potential has ranked Britain 13th on its growth potential indicator, ahead of Germany which dropped two places to 14th place and France which failed to make the top 20 league table. – Telegraph
One of the UK’s largest pub companies is poised to launch a High Court challenge against the industry regulator, which could have major ramifications for thousands of tied tenants. EI Group, previously known as Enterprise Inns, has moved to try to overturn a decision against it by the Pubs Code Adjudicator, which ruled that a contract it has offered one of its tenants does not comply with new regulations. – Telegraph
Bankers are scrambling to attract an $18 billion telecoms flotation to London amid hopes that the deal could generate a bonanza in advisory fees. Softbank Group, the Japanese technology conglomerate, is considering the sale of 30 per cent of the shares in Softbank Corp, a subsidiary that is Japan’s third-biggest mobile phone operator, in an initial public offering. – The Times
Bosses at Dignity sold millions of pounds of shares before the funeral provider issued a profit warning that halved the company’s value. About £14 million of shares were sold in 16 transactions between March 2016 and September 2017, according to an analysis of management dealings. – The Times