Wednesday newspaper round-up: Huawei, Virgin Trains, Revolut, Amazon
Theresa May has ordered that Chinese telecoms supplier Huawei be banned from supplying core parts of the future 5G mobile phone network, following a meeting of ministers on the National Security Council (NSC). Huawei will be allowed to supply some “non core” technology to UK phone companies, insiders said, but several ministers in the meeting on Tuesday raised concerns even about that concession, arguing instead for a total ban on the supplier. - Guardian
Virgin Trains has called for a new national rail ticketing system with airline-style fares and reserved seats for every passenger on long distance services, ending the current practice that can involve standing for extended periods. The firm, which has run the west coast line – the UK’s biggest intercity service, since privatisation in 1997, also proposed that to stimulate competition on long distance routes operators should bid for bundles of station departure slots for train services – as airlines compete for landing slots at airports – rather than franchises. – Guardian
British digital bank Revolut is at risk of losing its European banking licences amid fresh questions over its alleged links to the Kremlin. The company, one of Europe’s fastest growing fintechs, was granted its European licences through the Bank of Lithuania in December. The move was designed to help the nation challenge the UK as Europe’s financial technology hub, but it also provoked fierce political debate in the country after it emerged that Revolut’s chief executive Nikolay Storonsky has links with Russia. – Telegraph
Less than half a million Brits are expected to sign up to Amazon Prime this year, new research has suggested, as the tech giant battles growing competition from US rival Netflix. Estimates compiled by Ovum show that UK subscriber numbers for Amazon's on-demand delivery and streaming service, Prime, have grown almost 400pc in the past seven years, from 1.1 million users in 2011 to 5.3 million in 2018. – Telegraph
The chief executive of Taylor Wimpey has moved to defuse a potential row by pulling out of plans to buy a luxury flat from the housebuilder at a £436,000 discount to the original asking price. The decision to scrap the plan came 24 hours after The Times reported how Pete Redfern, 46, was being offered the chance to buy the apartment in central London, which was originally priced at £2.48 million, for £2.04 million. – The Times
The City regulator is facing fresh questions over its handling of London Capital & Finance after it emerged that it authorised the investment firm even though it was linked to a company that the watchdog had already censured. London Capital & Finance, which went into administration in January owing £237 million to more than 11,500 investors, became regulated by the Financial Conduct Authority in June 2016. – The Times