Wednesday newspaper round-up: Global defence bank, KPMG, Frasers Group

(Sharecast News) - John Healey is in talks with the Canadian government about joining a new global defence bank intended to help allies rearm to counter mounting security threats, just weeks after Rachel Reeves rejected the move. The chancellor is understood to be actively considering a bid to join the proposed Canada-led defence, security and resilience bank (DSRB), which proponents say could help the UK fund defence projects at lower cost, before planned talks with his Canadian counterpart this week. - Guardian

The UK's dilapidated roads are expected to get even worse, with motorists warned to expect a jump in the number of potholes as result of the country's hottest summer on record. Potholes are commonly assumed to be caused by cold or wet weather, but long periods of heat can also create long-lasting damage on the roads, according to the RAC. - Guardian

Reform UK has called on John Healey to scrap plans to unwind the Bank of England's money-printing programme, in a move it estimates would save taxpayers nearly £100bn. Richard Tice, the party's deputy leader, has written to the Chancellor and the leader of the House of Commons to request an "urgent full debate" on the Bank's plans to sell hundreds of billions of pounds of bonds it bought during the financial crisis and Covid pandemic. - Telegraph

US politicians have signalled plans for a potential export ban on diesel, threatening to squeeze supplies to Europe just as prices skyrocket. John Thune, the Senate majority leader, said on Tuesday he was "open to considering" a block on diesel shipments from the world's largest supplier after prices jumped to a record $6.29 a gallon, up 22pc from a year ago. Surging diesel costs have piled pressure on Republicans eight weeks out from the midterm congressional elections, while also highlighting the inflationary effect of Donald Trump's war in Iran. - Telegraph

KPMG has confirmed it will cut more of its UK-based consultants over the coming weeks because there are still too few leaving of their own accord. The Big Four firm said "low levels of attrition" was among the reasons it was planning to make another 200 or so roles redundant in its advisory division. Only a few years ago, during the post-lockdown Great Resignation, the big accounting and consulting firms were battling to keep hold of staff, but the backdrop has changed dramatically since then. - The Times

Mike Ashley's Frasers Group is facing a showdown with investors after its finance chief received a "questionable" £100,000 bonus for apparently just doing his job. Glass Lewis and Institutional Shareholder Services (ISS), two influential proxy advisers, have both urged investors to vote against the owner of Sports Direct's remuneration report at its annual general meeting on Wednesday. - The Times