Tuesday newspaper round-up: Banks, Woodford Fund, Abcam

By Michele Maatouk
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The UK’s largest banks will be tested on their ability to withstand a rise in defaults linked to sky-high energy prices, as part of the Bank of England’s delayed health check of the financial industry. The Guardian understands that Threadneedle Street has crafted a new crisis scenario that will feature a deep economic recession, punctuated by soaring energy bills that could make it harder for some borrowers – particularly businesses – to afford loan repayments. – Guardian
The administrator of the failed fund run by the former star stock-picker Neil Woodford could be forced to pay investors up to £306m in compensation, the City regulator has said. The Financial Conduct Authority said on Monday it was ordering the fund’s administrator, Link, to ringfence the sum as part of conditions related to Link’s takeover by the Canadian cloud-based software company Dye & Durham. – Guardian

Electric car owners will save up to a third on charging their cars thanks to Liz Truss’s energy support pledge. The cost of charging will be held back under the Prime Minister’s plan to cap the cost of electricity units, saving drivers around a third compared to what had been expected from next month. – Telegraph

Abcam is to go ahead with a plan to scrap its London listing after investors backed a proposal by the biotechnology company to have its shares traded solely in New York. The decision by the Cambridge-based business is a blow to the British stock market as it wrestles with competition from foreign exchanges. Abcam has a market capitalisation of almost £3 billion, making it one of the biggest groups on Aim, London’s junior market. It is also quoted on the Nasdaq in America. – The Times

The owners of Asda were dealt a blow yesterday after a leading credit rating agency warned about the highly-leveraged supermarket group’s debts after its £600 million purchase of Co-operative Group’s petrol forecourts. Fitch Ratings said it was cutting its outlook on the investment vehicle that owns Britain’s third-biggest supermarket chain from “stable” to “negative”. – The Times

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