Newspaper Roundup: UK Economy, RBS, Amazon, Airbus, TSB, Poundworld

By Jeff Davies
Retail Crowd

No time to read the papers? Read our 60-second roundup of today’s business market headlines.

The Daily Mail

RBS profits treble to £792million in early 2018, as taxpayer-backed bank continues recovery from troubled past

Quarterly profits tripled at Royal Bank of Scotland in the first three months of the year as the taxpayer-owned bank continued on its long road to recovery.

First quarter profits surged to £792 million, a 206 per cent increase on the same period a year previously when profits came in at £259 million.

It comes after the bank, which is still 72 per cent owned by the taxpayer, hit an annual profit for the first time in a decade earlier this year.

Amazon results trounce Wall Street expectations

Amazon’s shares leapt by as much as 7 per cent in after-hours trading to an all-time high, after the ecommerce group posted earnings that were more than twice as good as Wall Street had expected. Revenues for the first quarter jumped 43 per cent to $51bn.

Evening Standard Newspaper

Wembley for sale! Shahid Khan, Fulham’s US billionaire owner, makes sensational bid to buy national football stadium

An American billionaire has launched an audacious bid worth more than £500 million to buy Wembley Stadium from the Football Association, the Evening Standard has learned.

Car parts tycoon Shahid Khan – owner of Fulham FC and the Jacksonville Jaguars NFL team – is understood to have struck an outline agreement with FA boss Martin Glenn to transfer the “home of English football” to foreign ownership for the first time.

The extraordinary proposal, which will send shockwaves through the sport, was being put before the full board of the domestic game’s governing body today.

The Guardian Newspaper

The Brexit economy: looming rate rise clouds outlook as inflation dips

The British economy is showing signs of faltering as the Bank of England considers raising interest rates, although falling inflation has handed households better news, according to a Guardian analysis of economic developments over the past month.

As the Bank debates raising the cost of borrowing above 0.5% for the first time since the depths of the last recession, the Guardian’s latest Brexit dashboard paints a mixed picture.

Freezing weather and heavy snow appear to have blown the already-fragile economy off course, as the “beast from the east” forced shoppers to stay home and diggers and cranes to lay idle across the country. Mark Carney, the Bank’s governor, pointed to weak retail sales and the squeeze on the high street among “mixed economic data” over the past month that could delay a rate hike.

City AM

Airbus on track to hit earnings targets despite “challenging situation” as deliveries slump

France-based aeroplane manufacturer Airbus says it is in a “challenging situation” after a sales and revenue slump in the first quarter of the year, but insists it remains on track to hit full-year earnings targets.

Consolidated revenues fell by 12 per cent from €11.4m (£10m) to €10.1m after it delivered 121 commercial aircraft in the first quarter — 15 fewer than last year. Net income dropped 31 per cent from €409m to €283m.

The Telegraph Newspaper

TSB customers fear payments crunch as online banking outage heads towards payday

TSB’s catastrophic IT crisis showed few signs of abating on Friday morning as the bank’s customers continued to struggle to access their accounts.

The bank is still limiting the numbers of people who can use its online services as it scrambles to get them up and running again.

Numerous customers took to social media to complain of being unable to see their accounts balances and needing to make payments as they approach payday.

The Times Newspaper

Poundworld puts 1,500 jobs at risk

Poundworld has become the latest retailer to consider shutting swathes of stores, it emerged yesterday, the same day that creditors backed a proposal by Carpetright to close shops and cut rents on others.

In a sign of the intense competition and pressure on the high street, the discount retailer is considering plans to carry out a company voluntary arrangement (CVA), an insolvency process, to close about 110 of its 355 stores. If the plan goes ahead, it could place up to 1,500 jobs at risk.