Wednesday newspaper round-up: Philip Green, cash machines, British steel
The future of Sir Philip Green’s empire is hanging in the balance as industry insiders say a planned rescue may struggle to win approval from landlords. Board directors of Green’s Arcadia group, which owns a string of high-street chains including Topshop, Topman, Miss Selfridge, Dorothy Perkins and Wallis, were locked in an all-day meeting on Tuesday attempting to agree a way forward for the group. – Guardian
Free cash machines could become a thing of the past, according to consumer group Which? after it emerged that 1,700 ATMs switched to charging in the first three months of this year alone.Most of the ATMs affected are operated by Cardtronics – the UK’s biggest cashpoint operator – which warned it is likely to convert a further thousand machines to charge fees in the coming months. – Guardian
Business Secretary Greg Clark has agreed to provide British Steel with a £100m rescue, reports said on Tuesday night. The loan is to help the UK’s second largest steel producer meet EU carbon emissions bills after it reportedly asked for emergency aid before the deadline. – The Telegraph
Facebook has thrown down the gauntlet to Amazon by announcing a raft of new shopping features for WhatsApp, Instagram and its own online Marketplace. The social media giant said its 2.4bn users will soon be able to browse products, get recommendations from celebrities, organise shipping and make payments without ever leaving its "family" of three apps. – The Telegraph
One of Britain’s oldest and largest property companies could take advantage of a market downturn and invest in high street shops after building up a £1.7 billion war chest. Grosvenor, which owns £7 billion of assets worldwide, said that it had increased its financial forepower by more than 20 per cent last year with an eye on buying more property and financing a £4 billion development pipeline. – The Times
The government lent a record £3.4 billion to house purchasers using the Help to Buy scheme last year as the desire to get on the property ladder outstripped concerns about the impact of Brexit. Help to Buy lending rose by more than £500 million in 2018 and was up across all regions in England, according to figures released yesterday. – The Times