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Sunday newspaper round-up: Financial Services, Google, Cash

Sun 25 April 2021 20:08 | A A A

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(Sharecast News) - The European Union will climb down and agree a post-Brexit deal on financial services because the bloc "needs London", PwC has predicted. John Garvey, global head of financial services at the consulting firm, said that although any agreement is unlikely to happen in the short term, there will come a point when the EU realises a deal is in its own interests. - Sunday Telegraph

Google will join forces with tech rivals this week to try to block a £750million claim that could trigger a raft of class action cases against social media giants. The company will appear in the Supreme Court to argue that former Which? director Richard Lloyd should not be allowed to sue it for allegedly illegally tracking the internet habits of 4.4 million iPhone users in 2011 and 2012. Facebook, YouTube and TikTok are facing similar court cases over the alleged misuse of personal data. [...] He claims Google bypassed privacy settings to track users' internet histories. - Financial Mail on Sunday

The Government is coming under increasing pressure to introduce legislation that will ensure nationwide access to cash and banking services. Such legislation was promised more than a year ago but has been delayed for a number of reasons including the pandemic. Some experts now fear that unless the Government acts soon, the country's cash system could collapse within the next 12 to 24 months, leaving more than five million adults reliant on cash financially excluded. - Financial Mail on Sunday

Tate & Lyle has begun preparing the ground for a break-up of the business by auctioning a controlling stake in its primary products arm. The former FTSE 100 company confirmed it was pursuing a split of the unit from the food and beverage solutions business following revelations in The Sunday Telegraph. In a statement, the business said it was exploring a separation by selling a controlling stake in the primary products operation to a "new long-term financial partner". - Sunday Telegraph

Bulb Energy has enjoyed a rocket-fuelled trajectory since launching six years ago - and its chief executive does little to dampen speculation that he's eyeing up another growth spurt. When asked to confirm rumours the green energy firm is considering a further multi-million-pound fundraising, Hayden Wood says he has 'plans to continue Bulb's mission and to grow rapidly'. And he even hints he could float the company on the stock market through an initial public offering in the future. - The Financial Mail on Sunday

Investors at a string of Britain's largest companies have been warned over rich rewards handed to executives. Shareholder advisers at ISS have raised the red flag after Flutter - the owner of BetFair and Paddy Power - hiked its chief executive's pay by 17.5 per cent following a merger with Canadian rival The Stars Group. It said the board had awarded Peter Jackson 'a significant salary increase' that then boosted other bonuses calculated from base pay. It took his total pay to £7.5million. - The Financial Mail on Sunday

The London Stock Exchange is scrambling to bolster support in the City for chief executive David Schwimmer's pay rise as it prepares for a revolt at this week's shareholder meeting. City sources said that the bourse's corporate brokers have been trying to get major shareholders on side after the influential advisory ISS urged a vote against Mr Schwimmer's 25pc salary increase. It said that the award was "not considered sufficiently merited" amid problems with his $27bn (£19bn) takeover of the market data provider Refinitiv. - Sunday Telegraph

Nicola Sturgeon repeatedly failed to explain how a separate Scotland in the EU could avoid a hard border with England, admitting that her government had done no analysis of the impact on people's incomes. In an interview with the BBC's Andrew Marr, the First Minister insisted negotiations would take place with the UK Government to retain free trade with the rest of the UK while also being part of the EU single market. - Sunday Telegraph

Dominic Cummings is preparing a dossier of evidence that will attempt to blame Boris Johnson personally for the tens of thousands of deaths during the second wave of the pandemic. The prime minister's former chief adviser is expected to use his select committee appearance before MPs next month to criticise his former boss for failures that have given Britain one of the worst death tolls in Europe. - Sunday Times

Solar projects commissioned by the Ministry of Defence, the government's Coal Authority, United Utilities and some of the UK's biggest renewable energy developers are using panels made by Chinese solar companies accused of exploiting forced labour camps in Xinjiang province, a Guardian investigation has found. Confidential industry data suggests that up to 40% of the UK's solar farms were built using panels manufactured by China's biggest solar panel companies, including Jinko Solar, JA Solar and Trina Solar. - Guardian

Neil Woodford has registered a company in the Cayman Islands as he tries to relaunch his investment career. The disgraced fund manager, who angered savers two months ago when he announced his comeback with a new investment management firm, has registered WCM Healthcare Partners in the offshore jurisdiction, according to Citywire. It comes almost two years after the Woodford Equity Income Fund was suspended, trapping £3.7 billion of savers' money. - Sunday Times

The UK's healthcare regulator has expressed concern to the government that its multibillion-pound mass testing programme is "a stretch" of the authorised use of rapid tests, the Guardian has learned. The Medicines and Healthcare products Regulatory Agency (MHRA) has approved the lateral flow devices to be used to find coronavirus cases but not to act as a "green light" for people who test negative to enjoy greater freedoms. - Guardian

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