Sunday newspaper round-up: Steel tariffs, IAG, NatWest
UK trade secretary Jonathan Reynolds will meet with his opposite number in the US during the coming week to negotiate a timeline for exempting the UK from America's steel and aluminium tariffs. Last Friday, Donald Trump said that they would be doubled from 25% to 50% starting from 4 June. Hopes on this side of the Pond are that the deal will be in place within weeks. - Guardian
IAG´s early decision to invest heavily on long-term contracts with Sustainable Aviation Fuel suppliers has unlocked a 40% discount to market prices. Hopes are those can be passed onto customers. IAG sustainability head, Jonathon Counsell, also expects that it will yield a competitive advantage versus rivals who, in the UK for example, face rules requiring that 10% of jet fuel be SAF by 2030. It is claimed that SAF use can cut carbon emissions by 80% in comparison to traditional jet fuel. - The Sunday Times
The government last night sold the last of its stake in NatWest, the lender that it bailed out in 2008 at a cost of 45.5bn. Overnight the Treasury sold £200m-worth of shares in NatWest. According to the Chancellor, "NatWest's return to private ownership turns the page on a significant chapter in this country's history." As recently as last summer, the government still owned 20% of the lender. - The Financial Mail on Sunday
Marks & Spencer is extending its lead in food sales over rivals despite having suffered a crippling cyberattack on 22 April. In the first month since the attack, is food sales grew at nearly twice the rate seen at rivals. Grocery sales at M&S increased by 8% over the four weeks ending on 18 May, according to Kantar, versus a gain of 4% for the wider sector. Analysts say that the hack did slow growth but anticipate further increases as M&S opens new and bigger stores. - The Financial Mail on Sunday