The incoming 31-year-old boss of Sports Direct owner Frasers Group could be handed shares worth more than £100m if he more than doubles its share price. The company, which also owns the House of Fraser department stores and the designer fashion chain Flannels, revealed the bumper potential payout on Wednesday night, weeks after it announced that Michael Murray would be taking over from his future father-in-law, Mike Ashley, next spring. – Guardian
British car factories produced the fewest cars for any July since 1956 as they struggled with worker absences and the global shortage of computer chips. UK carmakers made 53,400 vehicles in July, a 37.6% drop when compared with the same month in 2020, according to data from the Society of Motor Manufacturers and Traders (SMMT), the industry’s lobby group. – Guardian
Lord Grimstone, the investment minister, has dismissed mounting warnings of disruption to supply chains and shortages as “short-term perturbations” that businesses are capable of “self-correcting”. Supermarket and hospitality chiefs lined up to demand immigration controls be eased to allow more foreign HGV drivers into the UK, but the City grandee insisted the economy remained on track. – Telegraph
The British division of the world’s biggest cryptocurrency exchange is “not capable of being effectively supervised”, according to the Financial Conduct Authority. In a damning report, the watchdog revealed its frustration in trying to engage with Binance Markets, which it cracked down on in June amid concerns about the company’s anti-money laundering standards. At the time, the FCA also forced it to issue a warning to consumers that it was not allowed to carry out regulated activities in the UK. – The Times
Europe’s biggest activist investor has piled further pressure on Aviva by lifting its stake in the insurance group above 5 per cent to leave it with a shareholding worth more than £820 million. The move hands Cevian Capital significantly more influence at the FTSE 100 constituent by giving the Anglo-Swedish investor the right to call shareholder meetings and to have its resolutions considered at the insurer’s annual meetings. – The Times
