Monday newspaper round-up: leasehold system, net zero, Asda

(Sharecast News) - The government must close loopholes that enable firms exploiting workers to undercut British businesses or risk the UK becoming a "dumping ground" for goods made in poor conditions, MPs have said. In a report published on Monday, the business and trade select committee calls on the government to make it mandatory for companies to say how they will tackle modern slavery in their supply chain and to introduce bigger penalties for firms that do not comply, including "naming and shaming" businesses. - Guardian

The housing minister has promised to abolish the centuries-old leasehold system in England and Wales before the end of this parliament, as the government takes the next steps towards an outright ban on new leasehold developments. Matthew Pennycook said he was committed to ending the feudal-era system - which applies to 5m homes in England - after years of complaints from leaseholders about crippling service charges and crumbling buildings. - Guardian

Britain's net zero drive has made families poorer, according to new research that contradicts Rachel Reeves's claim that there is no trade-off between economic growth and decarbonisation. Analysis by Peel Hunt showed a precipitous decline in electricity supply since the early 2000s coincided with much slower growth in living standards. The investment bank argued that the two were intrinsically linked. - Telegraph

Asda has told more than 10,000 senior managers that they will not receive their staff bonus this year on the back of the retailer's poor performance. The supermarket has scrapped bonuses usually made in the first three months of the year to more senior staff as it attempts to arrest a declining market share, The Telegraph first reported. Bonuses are handed out to about 10 per cent of Asda's employees, with about 14,000 receiving one last year. - The Times

More than $200 billion was added to the value of cryptocurrencies in the space of a few minutes after President Trump named the first five digital tokens that will make up what he has called the United States "crypto reserve". The president said XRP, cardano (ADA) and solana (SOL) would be included in a strategic crypto reserve set up by the US government, causing prices to rocket on Sunday. The value of XRP rose from $2.23 to as high as $2.99 - leading its market capitalisation to jump by $44 billion to $173 billion in less than an hour. - The Times