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Friday newspaper round-up: HS2, British Steel, Goldman Sachs

By Michele Maatouk

Date: Friday 24 Jan 2020

Friday newspaper round-up: HS2, British Steel, Goldman Sachs

(Sharecast News) - The planned construction of HS2 is billions of pounds over budget and years behind schedule because of the failure across government to understand the risks involved, according to a damning independent report. In the first official indication that spending on the controversial rail project could escalate beyond £100bn, the National Audit Office has raised the possibility of a further increase by admitting that it is "impossible to estimate with certainty" how much it will eventually cost. - Guardian
British Steel is a step closer to being rescued by Chinese industrial firm Jingye, after a deal was agreed with trade unions wary of the impact on jobs and conditions. Workers' representatives and executives from the Chinese company, led by former communist party official Li Ganpo, are understood to have shaken hands about steelworkers' future terms of employment. - Guardian

One of the biggest takeovers of the last 12 months has been plunged into doubt after Britain's competition watchdog opened a shock investigation. Takeaway.com's £5.9bn swoop for rival Just Eat, signed off by European authorities two weeks ago, will be probed by the Competition and Markets Authority. - Telegraph

The incoming Bank of England governor has admitted that he is concerned about how ill-prepared the UK is for a prolonged fall in the stock market or house prices. Andrew Bailey, chief executive of the Financial Conduct Authority, the City regulator, said that increased exposure to asset values had been accompanied by declining understanding of the fallout from a decline in prices, saying that the issue was "one of the things that worries me most". - The Times

Goldman Sachs is to stop helping companies go public unless they have at least one woman or other "diverse" individual on their board. David Solomon, chief executive, said yesterday that he would implement the policy in Europe and the United States from July 1 and would stand firm even if the bank lost business as a result. It is the first time such a policy has been announced by a Wall Street bank. - The Times

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