A cyber fraud attack at Tesco falls under the spotlight this morning as the supermarket admitted 40,000 customers had been affected by an online heist over the weekend when money was stolen from half the number of accounts targeted (The Guardian). Nils Pratley in The Guardian says the attack’s knock-on effects could be severe. An analysis in The Times says after the Tesco Bank cyber-attack other supermarket banks are under the spotlight in a piece headlined “Grocers and the risk of being a banking basket case”. The Financial Times argues that the hack could prove ruinous for challenger lenders, asking “who could blame customers now for being reluctant to switch from the Big Four?” Allister Heath in The Telegraph writes that after the Tesco Bank hack, it’s time for a minister for cyber security.
Another profits upgrade at Fever-Tree gets the attention of all the papers. The Times writes that the premium mixer business’ cocktail hits the spot for investor. Shares in the company, which floated at 134p two years ago, fizzed 11.7% higher after it shrugged off Brexit-related uncertainty to upgrade the stock market’s profit expectations for the sixth trading update in a row. The FT writes that the sparkling results proved the posh tonic craze is catching on. The Telegraph goes for a different angle and writes that Fever-Tree has warned that it could pull manufacturing out of Britain if European tariffs become too “punitive”.
Finally, Sainsbury’s appointment of Poundland CEO Kevin O’Byrne also fills column inches. The Telergraph writes that the supermarket poached Poundland’s boss despite the discount retailer chain’s new South African owners offering him £2.7m to stay on. The Times says Sainsbury’s has got the better of Steinhoff International for a second time by hiring the chief executive of Poundland to be its finance boss.
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