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Wednesday newspaper round-up: British Steel, payday lenders, McLaren, SLA

Wed 15 May 2019 07:23 | A A A

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(Sharecast News) - British Steel is seeking emergency funds from the government, blaming politicians' failure to strike a Brexit deal for a crisis that leaves one of the UK's last two steelworks - and 4,500 staff - facing an uncertain future. The company, which owns the Scunthorpe steelworks, is in rescue talks with its lenders over a £75m rescue package that is understood to be at risk of falling apart unless the government contributes. - Guardian

The finance industry's adjudicator has criticised the "unacceptable" behaviour of some payday lenders after a 130% rise in complaints, which it said goes beyond the practices of recently collapsed industry leader Wonga. The Financial Ombudsman Service (FOS) said the surge contributed to a 14% rise in complaints across the financial sector, which reached a five-year high of 388,392 over the 12 months to March. - Guardian

The Labour Party's decision to flip the switch on plans to bring energy under state control has sparked outrage in an already embattled market. The looming risk posed by Jeremy Corbyn's threat to nationalise the UK's £60bn energy networks industry has stalked the City for months. It first emerged in 2017, softened by vague political rhetoric and doubts over the party's chances in a general election. - Telegraph

McLaren is looking to take a bite out of Aston Martin and Porsche's markets with a new car that aims to win over the "daily driver". The Woking-based business has revealed the 570 GT, a car which eschews the company's track-focused strategy and can be used every day and for longer drives. - Telegraph

Standard Life Aberdeen has suffered a substantial shareholder rebellion over plans to offer its incoming chief financial officer free shares worth up to £750,000 in one of the biggest pay revolts at a FTSE 100 company this year. It is doubly embarrassing, as the fund management group also often acts as a watchdog over the governance of companies in which it invests and is outspoken on remuneration rewards. - The Times

Walmart, the world's biggest retailer, is considering listing Asda on the London Stock Exchange. Judith McKenna, the Walmart International chief executive, told managers at its British supermarket chain yesterday: "While we are not rushing into anything, I want you to know that we are seriously considering a path to an IPO - a public listing - to strengthen your long-term success." - The Times

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