Thursday newspaper round-up: Brexit, railways, PwC, RBS, Uber
Road haulage firms have accused Chris Grayling, the transport secretary, of failing to put in place any credible contingency plans for a 'no-deal' Brexit scenario, as well as "knowing nothing" about their industry. Speaking to the Telegraph, industry leaders said they were left astonished in recent meetings with Mr Grayling where he appeared to be unaware that British lorry drivers would not be able to carry goods on the continent if the UK crashes out of the bloc. - Telegraph
European officials have poured cold water on hopes that Theresa May could negotiate Brexit with other EU leaders in September to break the deadlock over Britain’s departure. Diplomatic sources have rejected suggestions that May could hold direct talks on Brexit with the 27 other EU heads of state and government at a summit in Salzburg next month. - Guardian
Railway companies have called on the government to stop micro-managing the industry and set up an arm’s-length body, similar to the disbanded Strategic Railway Authority that supervised train operators. After rows over rising fares, lack of trust in the industry and failing timetable changes, the head of the industry’s top trade organisation, the Rail Delivery Group, called for a fundamental overhaul of the way the railways are run and regulated. - The Times
Elizabeth Warren, the Massachusetts senator tipped as a Democratic presidential candidate in 2020, has unveiled new plans for legislation aimed at reining in big corporations, redistributing wealth, and giving workers and local communities a bigger say. Warren will introduce the bill dubbed the Accountable Capitalism Act on Wednesday. The proposal aims to alter a model she says has caused corporations to chase profits for shareholders to the detriment of workers. - Guardian
The senior auditor overseeing BHS before it went bust bragged of his relationship with Sir Philip Green while failing to flag up major risks in the firm’s accounts, a damning report has found. PwC partner Steve Denison, 53, signed off BHS as a going concern in March 2015 after just two hours of work on the audit. - Mail
Royal Bank of Scotland was forced to put up posters in all its branches yesterday revealing that it was bottom of a new league table for customer service. The state-controlled bank came joint last with CYBG's Clydesdale Bank for overall customer service in an independent poll of 16 banks and building societies ordered by the Competition and Markets Authority. First Direct, the phone-based and online banking service, came top, followed by Metro Bank and the two biggest building societies, Nationwide and Coventry. - The Times
Philip Day is in talks with landlords to take over several House of Fraser stores in a move that could infuriate the chain’s new owner, Sports Direct. The retail billionaire, who was a losing bidder in the battle for control of the department stores group, is talking to between 10 and 15 landlords about leasing the stores and running them under his Days fascia. - The Times
Cuadrilla has received a formal warning from the Environment Agency after the regulator found that the fracking firm broke the law over the storage of waste from its Lancashire shale gas site. In a letter published yesterday, the regulator said it believed that Cuadrilla’s subsidiary had “committed . . . offences” by contravening the Environmental Protection Act 1990 and Hazardous Waste Regulations 2005. - The Times
Warren Buffett’s Berkshire Hathaway has continued to build its stake in Apple, filings show. The Wall Street titan’s firm bought 12.4million shares in the second quarter, taking its holding to nearly 252million. It means it now owns about 5.2 per cent of the iPhone maker, which is the world’s most valuable company. - Mail
Uber's losses widened in its second quarter as it poured cash into new services, such as food delivery and autonomous car technology, and aggressively expanded its core ride-hailing services overseas. The San Francisco-based company reported adjusted losses before interest, tax, depreciation and amortisation of $404m (£318m) for the three months to the end of June, compared to $304m in the first quarter. - Telegraph
Fat Face said its sales have continued to grow over the past year, as the retailer brushed off the tough trading conditions on the high street which have weighed on its rivals. The company’s annual results showed increasing profits, as it expanded its US presence by opening five new stores. - Telegraph
Crisis-hit bank TSB is recruiting hundreds of additional staff to tackle a backlog of complaints caused by its IT meltdown earlier this year. The lender said last month it had a team of 260 people handling complaints, but this could reach as many as 500 in the coming months, a source close to the bank said. - Telegraph
The American drinks group behind Corona beer, Svedka vodka and Robert Mondavi wine is developing a taste for cannabis. Constellation Brands announced that it would be spending C$5.1 billion (£3.1 billion) to raise its stake in Canopy Growth Corporation, a Canadian supplier of medicinal cannabis products, from 9.9 per cent to 38 per cent. - The Times
The chief executive of the Financial Times has been forced to hand back a £510,000 pay rise following an outcry among journalists, who are now threatening to ballot for strike action. John Ridding said he would return the money minus tax of around £230,000 and agree a new pay deal with Nikkei, the Japanese owner of the Financial Times. - Telegraph
It is the airport that keeps trying to take off. Now Manston, an airfield on the Isle of Thanet, has been given the thumbs up by planning officials. An application to upgrade the airfield in Kent and reopen it primarily as a cargo airport was accepted by the government’s Planning Inspectorate. - The Times
A trip by Boris Johnson to Afghanistan on the day of the government’s key vote on Heathrow expansion cost taxpayers nearly £20,000, official figures have revealed. The Foreign Office, in response to a freedom of information request from Scottish website The Ferret, said the cost of flights and visas for the three members of staff who accompanied the then foreign secretary on his trip was £19,366. - Guardian
Would you buy a Chinese car in the next two years? It's a question British motorists will soon have to ask themselves with the first Chinese brand arriving in the country in 2020. And industry insiders have predicted that more Chinese-made motors will be arriving in Europe soon, with the country building more cars than any other in recent years. - Mail
A divorcee seeking a wealthy boyfriend has won £13,100 in damages from an elite dating agency after it failed to introduce her to the match she hoped would be “possibly the man of my dreams, the father of my child”. Tereza Burki had sued Seventy Thirty, based in Knightsbridge, central London, for deceit and misrepresentation. On Wednesday the high court ruled it had misled the businesswoman about its “exclusive” membership. - Guardian