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Friday newspaper round-up: British Steel, Metro Bank, Deliveroo, housebuilders

By Michele Maatouk

Date: Friday 17 May 2019

Friday newspaper round-up: British Steel, Metro Bank, Deliveroo, housebuilders

(Sharecast News) - British Steel has staved off the threat of collapse, despite the government refusing its request to participate in a bailout, after the firm's owners and lenders agreed to provide fresh funds. The deal, reached after talks at the Department for Business, Energy and Industrial Strategy (BEIS), secures the immediate future of 4,500 staff, most of whom work at the company's Scunthorpe steelworks, one of the last two left in the UK. - Guardian
Metro Bank has raised £375m from a fundraising call that will strengthen its balance sheet. The bank hopes the move will quash rumours about its financial health that caused customers to pull cash last weekend. A Metro Bank spokeswoman confirmed the lender had closed its share placing early on Thursday evening, less than three hours after it started. - Guardian

Deliveroo said on Friday that Amazon was the lead investor of a new £450m funding round in the British online food delivery company. The firm said that it would use the money to expand the tech team at its UK headquarters and tap new customers, as well as other initiatives. - Telegraph

Major international infrastructure investors are growing increasingly concerned over rise of the nationalisation agenda in the UK, according to National Grid's chief executive. In the wake of a Labour Party policy pledge to seize control of energy networks John Pettigrew warned that concern over the UK's political landscape was growing, particularly among the company's international investors. - Telegraph

Housebuilders are to be investigated over the mis-selling of thousands of leasehold properties after a U-turn by the competition watchdog amid pressure from ministers. The Competition and Markets Authority (CMA) said it would examine the scandal surrounding new-build homes sold on leases that were subject to substantial increases in ground rents and the charging of "permission fees" for home improvements.- The Times

The former retail chief of Apple and one of its most highly paid executives has joined the board of Airbnb in her first corporate position since leaving the tech giant. Angela Ahrendts, who was formerly chief executive of the fashion brand Burberry for eight years, said she was "elated" to be joining the board of the home-sharing platform, becoming the second woman to join. - The Times


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