Tuesday newspaper round-up: Thomas Cook, Goldman Sachs, Mothercare
MPs have criticised the government for failing to follow through on plans to rein in corporate excess, in a report examining the failure of 178-year-old tour operator Thomas Cook. Following an inquiry cut short by plans for a general election, the business, energy and industrial strategy select committee called on ministers to move faster to reform the audit profession, strengthen corporate governance and curb executive pay. – Guardian
Goldman Sachs is offering prospective parents on its staff up to $20,000 (£15,500) to cover the costs of extracting eggs or purchasing donated eggs as part of its latest efforts to boost equality and close the gender pay gap at the Wall Street investment bank. It is the first time that Goldman has provided funds for both processes, which can help increase the chances of parenthood for same sex couples, women who want to delay having children or others who struggle to conceive. – Guardian
Mothercare was racing to protect thousands of staff and former workers from pension cutbacks on Monday night ahead of calling in administrators. The toy and baby clothes seller is expected to dump its collapsing UK arm, putting 2,500 jobs at risk. Its retirement programme is almost £140m in the red, meaning if the British division goes bust then the pensions lifeboat will be forced to step in – triggering major cutbacks for 6,000 members of the scheme. – Telegraph
Advisers to the billionaire Barclay family have insisted that the tycoons are only days away from agreeing a crucial £150 million of financing needed to fill a funding hole at their Shop Direct online retail business. The claim that the deal is “all but done” comes despite volatile trading in the retailer’s bonds. – The Times
The former boss of Tesco Bank has been appointed chairman of AAB Wealth, the financial advisory firm. Benny Higgins, one of Scotland’s most prominent financiers, has been steadily building up a portfolio of non-executive roles since he stepped down from Tesco Bank last year. A former head of retail banking at HBOS and also a former senior executive at Royal Bank of Scotland, he spent more than a decade at the head of Tesco Bank. However, his tenure there was marked by an expenses scandal after it emerged that he had spent more than £18,000 on taxis in eight months. – The Times