Tuesday newspaper round-up: Retailers, misbehaving banks, Ghosn, Apple
Online shopping and food retailers are forecast to be the winners this Christmas as consumers keep a tight rein on spending on clothing, homewares and other non-food items. Total retail spending is expected to rise 4% in December, compared with the same month in 2017, to reach nearly £48bn excluding VAT, according to data from the market research firm Mintel. – Guardian
A cross-bench group of MPs is gaining traction in its fight for a financial services tribunal that would bring misbehaving banks to justice, ahead of a key meeting with the chancellor this week. Tory MP and co-chair of the all party parliamentary group (APPG) on fair business banking, Kevin Hollinrake, is expected to meet Philip Hammond on Wednesday to exert more pressure on behalf of small business customers who say they have been wronged by UK lenders. TSB presented Hollinrake’s proposals last week by submitting a letter of support for the tribunal. – Guardian
Amining company is to announce a listing on the London Stock Exchange (LSE) tomorrow as it looks to put a copper project in Botswana into production. Mod Resources, which is currently traded on the Australian Stock Exchange, hopes to complete its entry onto the main market of the LSE by next week. – Telegraph
Star fund manager Neil Woodford has been accused of “dereliction of duty” after refusing to meet Stobart chairman Iain Ferguson and backing a campaign for him to be ousted. The asset manager, one of Stobart’s biggest investors, faced scrutiny in the High Court as a bitter court case between the FTSE 250 company and its former chief executive moved into a second week. – Telegraph
The world’s biggest car industry alliance is in turmoil after the arrest of its chief executive in Japan on suspicion of tax evasion and misuse of corporate funds. Carlos Ghosn, who has been the driving force behind the global partnership between Renault, Nissan and Mitsubishi, was detained by prosecutors over allegations that he had hidden millions of pounds of revenue from the Japanese tax office. – The Times
New regulations for the technology industry are “inevitable”, the chief executive of Apple has warned, after a series of scandals that have rocked the sector over the past year. Tim Cook, head of the world’s most valuable company, said that he had come to the conclusion that the “free market is not working” and that politicians would need to step in and regulate the industry. – The Times