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Sunday newspaper round-up: British Airways, US tariffs, RBS, Sir Martin Sorrell, Visa meltdown

By Josh White

Date: Sunday 03 Jun 2018

Sunday newspaper round-up: British Airways, US tariffs, RBS, Sir Martin Sorrell, Visa meltdown

(Sharecast News) - British Airways and other airlines are plotting to take over building the proposed third runway at Heathrow from the airport's owner, because of fears that the costs will spiral to more than £20bn. - The Sunday Times
British officials are using a sensitive joint programme - the construction of next generation, ballistic missile submarines - to argue against the steel tariffs in a fierce lobbying drive in Washington, The Daily Telegraph has learnt. - Sunday Telegraph

Get your credit card finances in order or we'll pull the plug on your plastic! That is the warning to millions of credit card holders from the Royal Bank of Scotland/NatWest group, who are being sent new terms and conditions giving the company the right to "freeze spending" or withdraw it altogether. - Observer

The backers of Sir Martin Sorrell's new venture have ploughed in millions of pounds without seeking or receiving reasons from the adman for his mysterious exit from WPP. - Mail on Sunday

The number of women running the 350 biggest public companies in Britain has not risen in the past decade - despite a series of government-backed initiatives to make boards more diverse. - The Sunday Times

Visa was thrown into chaos Friday evening when its payment system crashed across Europe, causing thousands of people to have their cards declined at supermarkets, major retailers and on public transport. - Sunday Telegraph

The European Union is pressing ahead with countermeasures in response to what it said was Donald Trump's "pure protectionist" and "illegal" decision to impose trade tariffs on steel and aluminium. - Observer

Mothercare is to close a third of its stores and slash hundreds of jobs in a brutal overhaul. On another grim day for the High Street, the babywear retailer won support for a rescue that will shut 50 shops and put 800 jobs at risk. - Mail on Sunday

They say an Englishman's home is his castle, but for many small business owners, a house is also a cash machine. Research by the Bank of England shows that nearly half of borrowing by Britain's small and medium-sized enterprises - with fewer than 250 staff - is backed by the boss's home. - The Sunday Times

A two-way battle is taking place to rescue the struggling retailer Poundworld from the brink of insolvency. US private equity house Flacks Group and Alteri Investors, the former owner of Austin Reed, are vying to take control of the loss-making discount chain. - Sunday Telegraph

Football fans heading to the World Cup this summer are going to get an education in Chinese TVs, mobile phones, electric scooters and Mongolian dairy products. As western companies, including Sony, Johnson & Johnson and BP's Castrol, have pulled out of sponsoring the tournament after the Fifa bribery and corruption scandal, Chinese firms have secured an unprecedented presence at Russia 2018. - Observer

Ryanair boss Michael O'Leary has cashed in shares worth nearly £30m. The outspoken 57-year-old sold 2m shares in the budget airline on Wednesday at €16.49 each, earning him £28.9m. The move is a year after he sold 4m shares for £63m. - Mail on Sunday

TSB is facing an exodus of staff "fed up" with the way management has handled the crisis caused by the bungled IT migration six weeks ago. Sources said workers were quitting in frustration over the crisis, which has led to a chorus of criticism for the bank and chief executive Paul Pester. Customers are also said to be defecting in droves, although TSB has refused to reveal how many have left. - The Sunday Times

Spotify has scrapped a hateful conduct policy it introduced just last month after facing a fierce backlash from musicians and record labels who threatened to pull their music from the platform. - Sunday Telegraph

Thousands of small businesses based in railway arches across the UK are facing "extermination" as Network Rail seeks to push through a billion-pound asset sale. - Observer

Outgoing Vodafone boss Vittorio Colao was handed a £1.7m pay rise in his last full year before leaving the company. After the Italian steered the firm through a decade-long overhaul, his departure - planned for September - was announced last month. - Mail on Sunday

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