Sunday newspaper roundup: WH Smith, high wages, Washington gun, Ovo Energy, Mtie, Iran talks
(Sharecast News) – Modella Capital, the Mayfair investment firm that acquired the former WH Smith high street site last year, is working on a restructuring plan that could see the closure of up to 100 TG Jones stores, according to the Times. Modella bought the business for £40m in 2023, taking over almost 500 stores and rebranding the chain, but has run into new financial difficulties.
The company has been working with consultants Teneo and Slaughter & May on proposals that are expected to include rent reductions for many of the remaining properties. This plan is understood to involve a “step-down” process, requiring the approval of only one class of debtor. The planned announcement was delayed at the last minute last week.
Department of Business and Trade is preparing to consult on “modern corporate reporting” changes that could see investors lose the right to vote on executive pay or attend annual meetings in person.
The Times it said the review aims to simplify reporting requirements and make the UK government “smarter and more balanced” around the world. Ministers have been holding talks with investors and businesses before the talks are published in the coming weeks.
A gunman armed with “multiple weapons” attempted to breach security at a White House correspondents’ dinner in what authorities believe was an assassination attempt on the US president. In accordance with the TelegraphTrump was escorted off the stage by security guards after gunshots rang out.
Footage released by the president shows the suspect, identified as Cole Thomas Allen of California, charging through a Secret Service checkpoint. The agents drew their weapons and prevented him from reaching the ballroom door. One officer was shot but was in “good condition,” Trump said.
Ovo Energy it is close to being discovered by German equipment E.ON as the UK supplier seeks to secure its long-term future, the Telegraph report. The merger between the two companies will create the UK’s largest household energy provider by customer numbers and mark the biggest deal in decades.
Negotiations have accelerated in recent weeks and a deal is likely to be agreed within weeks, according to News of Heavenalthough no final decision has been made. It is unclear whether the Ovo brand will be retained.
Security contractor Mitie has strengthened its vetting procedures after providing a remote-linked bodyguard to protect an MP threatened by extremists. In accordance with The Guardianthe company, which has a £31m contract to provide close security for MPs, will now introduce regular social media checks for new recruits and random checks on existing staff.
Concerns about threats to MPs from extremist groups have risen sharply, to levels not seen since the Irish republican terrorist campaigns of the 1970s and 1980s. Mitie’s contract was awarded following the murder of Conservative MP David Amess in 2021, five years after Labor MP Jo Cox was killed by an extremist.
Trump said he had ordered the US delegation not to travel to Pakistan to continue talks with Iran, shortly after Tehran’s foreign minister left Islamabad on Saturday. Talking to Fox Newshe said: “they can call us whenever they want”.
Previously, the White House said that Steve Witkoff and Jared Kushner would travel to Islamabad to try to renew the ceasefire talks. Iranian Foreign Minister Abbas Araghchi left for Pakistan on Saturday evening, according to two officials quoted by Abbas Araghchi the Associated Press.
Araghchi met Pakistan’s army chief, field marshal Asim Munir, and prime minister Shehbaz Sharif, The Guardian reported, describing Iran’s “red lines” for negotiations and saying that Tehran will continue to cooperate with Pakistan’s mediation efforts “until a result is found”. Iran had said any talks would be indirect.
Reported by Iain Gilbert at Sharecast.com
