Wednesday newspaper round-up: Global growth, Ofcom, Brexit, Ocado

Wednesday newspaper round-up: Global growth, Ofcom, Brexit, Ocado

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Loss of nature will wipe £368bn a year off global economic growth by 2050 and the UK will be the third-worst hit, with a £16bn annual loss, according to a study by the World Wildlife Fund. Without urgent action to protect nature, the environmental charity warned that the worldwide impact of coastal erosion, species loss and the decline of natural assets from forests to fisheries could cost a total of almost £8tn over the next 30 years. – Guardian

The broadcast watchdog, Ofcom, is to be handed responsibility for policing online platforms under government plans to be unveiled this week, it is understood. The government intends to present its draft legislation on online harm to MPs on Wednesday despite concerns from some critics that it could lead to censorship. – Guardian

Michel Barnier has told Sajid Javid not to “kid” himself as he dismissed UK demands to grant the City access to the European market for decades after Brexit. Mr Barnier insisted that Britain cannot get a long-term guarantee that its finance firms will be free to sell services into the European Union. The EU negotiator said Brussels will reject efforts to agree a financial services chapter in the new UK-EU trade deal or a long-term deal on “equivalence”, the regime which is to govern Square Mile companies’ access from the end of this year. – Telegraph

The top five executives at Ocado are to share an £88 million payday, despite the online retailer suffering a £215 million loss in its last financial year. Ocado revealed yesterday that its management team would receive the maximum possible from a five-year incentive scheme set up in 2014 because of the rise in the company’s share price. – The Times

The head of risk at Metro Bank is leaving as part of a revamp of the lender after an accounting scandal and share price crash. Aileen Gillan, Metro’s chief risk officer since 2013, will depart at the end of the month, The Times has learnt. She will follow Craig Donaldson, the chief executive, and Vernon Hill, the founder and chairman, out of the door. – The Times

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