The shock of last night’s election result resulting in a hung parliament is being digested by the papers this morning.
“Theresa on the ropes as her gamble backfires” is the front page of The Daily Mail, The Express splashes with “May’s fight to stay in power” and The Sun goes with “Theresa Dismay”. “May’s big gamble fails” is The Times, “May’s gamble backfires” is the FT and “Corbyn stuns the Tories” writes The Guardian, “Cor Blimey” is The Mirror, while The Telegraph gloomily proclaims “Britain votes for Chaos”.
Away from the rapidly developing political story, there are a handful of grocery and fmcg stories in the media this morning.
Marks & Spencer boss Steve Rowe received a smaller pay packet for his first year at the helm of the high street retailer than his predecessor Marc Bolland, the firm’s annual report has revealed (The Telegraph). The boss of Marks & Spencer has been handed £1.6million in pay and bonuses for the previous year’s work despite falling profits at the retailer (The Daily Mail).
Shares in Rémy Cointreau surged to a record high on Thursday after the French spirit maker reported better than expected profits on the back of a recovery in demand for premium cognac in China (The Financial Times £). The French drinks company has faced pressure on sales in China after a crackdown on luxury gift giving and personal spending by civil servants. That now appears to be over. “The business is back in China, especially in the high qualities,” said Valérie Chapoulaud-Floquet, chief executive of Rémy (The Times £).
Energy drink Red Bull is at the centre of a dispute between its Thai owners and a China-born business tycoon whose investments include London landmarks and Wentworth golf course in the UK. The Bangkok-based Yoovidhya family is battling Chanchai Ruayrungruang, also known as Yan Bin, over the rights to make and distribute Red Bull in China as tensions emerged following the expiry last year of a 20-year licensing agreement. (The Financial Times £)
Alexandre Bompard, who steered the recent merger of French retailers Fnac and Darty, is set to be revealed as the chief executive of Carrefour at the hypermarket operator’s board meeting on Friday. (The Financial Times £)
A Qatar-based company has been identified as part of a consortium interested in making a bid for the troubled Co-operative Bank. Al Faisal Holding, a Qatari conglomerate with interests ranging from hotels to transport, was cited as a bidder for the hedge fund-owned bank in a deal being co-ordinated by Interritus (The Guardian). Two Swiss and Qatari investment groups are in talks about leading a takeover of the Co-operative Bank, reviving hopes that the struggling lender could be sold outright to new long-term owners (Sky News)
Internet retail giant Amazon is taking on Britain’s banks by ramping up lending to small businesses. The company launched its Amazon Lending arm six years ago to provide credit for independent sellers using its Marketplace website – and has now lent £2.3 billion to customers in the UK, US and Japan. (The Daily Mail)