Sunday newspaper round-up: IWG, Brexit, US-China relations, Asda, Neil Woodford
IWG, the shared offices group formerly known as Regus, is exploring a listing for its American business as founder Mark Dixon looks to cash in on the co-working boom fuelled by WeWork.
IWG is in talks with investment banks about spinning off its US business, but Dixon has said he will only appoint them if they are not involved in WeWork’s imminent listing, according to Sky News.
The plans for a US listing are at an early stage and are among several options being considered by Dixon, who is said to believe his company’s American arm could be worth as much as £3bn on a standalone basis. - The Sunday Times
Half a dozen household gas and electricity suppliers are predicted to go bust in the coming months – and many more in the next few years.
The fallout of these failures can create an administrative headache for customers.
A lower energy price cap – the maximum price per unit of energy that a supplier can charge – from October and an expected rise in wholesale energy prices could put suppliers under increasing financial strain. - Mail on Sunday
Boris Johnson has asked the attorney general, Geoffrey Cox, whether parliament can be shut down for five weeks from 9 September in what appears to be a concerted plan to stop MPs forcing a further extension to Brexit, according to leaked government correspondence. - The Observer
Brussels has threatened to refuse to start trade talks with the UK if it fails to pay the £39bn Brexit divorce bill in full after Boris Johnson suggested he would keep most of the cash if Britain crashes out of the bloc without an agreement.
Mr Johnson said yesterday that 'strictly speaking' the UK would not owe all of the money in the event of a No Deal split. - Mail on Sunday
Asda is cutting back on product development as its US owner ramps up cost-cutting ahead of a possible float.
The supermarket, owned by Walmart, has told suppliers it is postponing product range reviews. Two suppliers said the move was to save on staffing costs in commercial teams. Range reviews let suppliers and retailers lift sales with new products. After the collapse of its mooted £14bn merger with Sainsbury’s, Judith McKenna, head of Walmart International, said last May it was “seriously considering” an Asda float. - The Sunday Times
Donald Trump has told Boris Johnson he wants to strike a trade deal by next summer.
The US President hailed the Prime Minister as the "right man" to deliver Brexit, as they met for the first time since Mr Johnson entered No 10.
Mr Trump pledged to do a "very big" deal with Britain once it is free from the EU, which he said had been an "anchor" around our ankle. - Mail on Sunday
Thousands of holidaymakers face disruption after British Airways pilots confirmed they will strike across three days in September.
Travellers received emails overnight saying flights on 9, 10 and 27 September would be hit by a "large number of delays and cancellations". - The Observer
Chinese officials called his administration Sunday evening begging to make a deal, says Donald Trump, and trade talks are resuming between the two nations.
"We've had calls. We've had calls at the highest levels," he told reporters in Biarritz.
Trump did not say when the next round of talks would be held but assessed that Beijing's enthusiasm is higher than it's ever been before. - Mail on Sunday
Two of Neil Woodford’s star investments are now almost worthless, months after he put in money — the latest embarrassment for the beleaguered fund manager.
Days after Woodford’s double blow from a huge write-down for Industrial Heat, an energy start-up linked to Brad Pitt, and a suspension of shares in Eddie Stobart Logistics, it has emerged that two early-stage healthcare companies he ploughed new money into in February have dropped in value to almost zero. - The Sunday Times