Below are the key morning headlines from today's papers, featuring the Financial Times, The Times, The Telegraph, The Daily Mail & more - see the full Press section here.
- Retail tycoon Mike Ashley is facing a showdown with shareholders at Sports Direct International (SPD) annual meeting next week – piling yet more pressure on the billionaire as he battles to rescue House of Fraser from administration. US shareholder advisory giant ISS has accused him of ‘continued failures’ as chief executive of Sports Direct and has blasted him over a proposed £5 million payment to his future son-in-law. ISS is also opposed to Keith Hellawell – a former policeman and government drugs tsar who has been in the post since 2009 – continuing as chairman following a string of investor votes against him.
- Love Island outfitter Boohoo.com (BOO) eyes sales of £1.5bn within three years as it targets US growth. The Manchester-based fashion retailer has already been targeting the US, Europe and Australia which has lifted sales in the past six months by almost 50%, according to forecasts drawn up by analysts at broker Peel Hunt.
- Banknote printer firm De La Rue (DLAR) set for shareholder showdown after losing British blue passport contract bid. Crystal Amber, an activist investment firm which has built up a stake of nearly 5% in De La Rue, is due to meet the company later this month, The Mail on Sunday understands.
- Fears of parcel crime wave as Royal Mail (RMG) plans ‘massive jobs cuts’ to its investigation unit. The Royal Mail’s investigations department, which catches thieves and fraudsters intercepting parcels and letters, is facing “massive job cuts”, inside sources told the Telegraph.
- Finsbury Food Group (FIF) has seized on the burgeoning popularity of gluten-free diets with a £25m takeover of family-owned specialist Ultrapharm. Ultrapharm, based in Pontypool, Wales, makes gluten-free bread, rolls, muffins and cake for clients including Marks & Spencer.
- Train operators should be forced to pay higher compensation for delays to “level the playing field” with airlines, the chief executive of Flybe Group (FLYB) has said. Christine Ourmieres-Widener said payouts should be set at three times the value of rail tickets.
- A looming crackdown by regulators on equity release mortgages could push retirement specialist Just Group (JUST) towards a fire sale with Legal & General Group (LGEN) viewed as the “ideal home”, according to City sources. The life insurer will find out at the end of the month if rules will be tightened by the Prudential Regulation Authority (PRA) – a move which Just has warned could put strain on its balance sheet.
- Mid-size lenders including TSB and Metro Bank (MTRO) are preparing a new campaign against regulation of smaller banks, claiming post-crisis red tape has gone too far and puts them at an unfair disadvantage to the big six. Smaller members of bank trade body UK Finance are working on research that is expected to conclude that the regulatory burden on second tier lenders is damaging competition.
- Costa sale threatens Premier Inn. A stalwart of Britain’s corporate landscape faces the threat of possible extinction as the City bets that Whitbread (WTB) £3.9bn sale of Costa Coffee to the Coca-Cola Company could spark bid interest in its Premier Inn business.
- London pubs add food and fuel to Restaurant Group’s recovery. Restaurant Group (RTN) , which has had a torrid three years, announced a £14.9m deal to buy Food and Fuel, which owns the Prince of Wales in Putney and Lots Road in Chelsea, from Karen Jones, Chairwoman of the Prezzo chain and a Co-Founder of Café Rouge.
