Papers: UK steel in crisis after Tata decides to sell up

Steel dominates the headlines after Tata’s decision to put its UK operation up for sale. The FT describes it as a severe blow, while the Times says the steel industry is in crisis after Tata confirmed that it was considering plans to leave Britain. At least 4,000 jobs and the reputation of Wales as the crucible of British steel- working were in jeopardy as the Indian owner of the giant Port Talbot steel mills said that it was examining its options. Janet Yellen has reiterated the need for the Federal Reserve to “proceed cautiously” in lifting interest rates given unfavourable market conditions, weaker than expected overseas growth and an uncertain inflation outlook, reports the FT. The Fed chair said recent declines in market expectations for interest-rate increases had helped cushion the US economy from adverse developments overseas, describing the moves as an “automatic stabilizer”. The venture capitalists behind Spotify and the online dating app Happn have clocked in to the shift work and payroll business with a £10mln investment in Planday. Planday, the start-up software provider used by JustEat, says it has around 100m workers stored on its cloud-based system, that is mainly used by restaurants, bars and coffee shops instead of a spreadsheet, the Telegraph reports. The Bank of England has given David Cameron a significant boost ahead of the EU referendum by warning that a vote to leave risks causing a run on sterling, a credit crunch and higher interest rates for mortgage payers and businesses. A Brexit posed the “most significant near term” domestic risk to financial stability, said the Bank, reports the Guardian. Sports Direct has upped its stake in Findel to nearly 30%, in the latest stage of its battle to wrest control of the online specialist. The sports retailer, controlled by Mike Ashley, announced it had acquired contracts for difference to take its total interest in Findel to 29.79%, writes the Guardian. A “perfect storm” of fears over the state of the world economy, Britain’s place in the EU, and market volatility is gathering over Britain’s dominant financial services sector, according to a new survey. Banks and investment firms have reported the sharpest deterioration in their outlook in over four years in a survey of 104 firms carried out by the Confederation of British Industry (CBI) and accountants PwC, the Telegraph reports. The North Sea oil and gas industry has suffered a further blow after US energy giant ConocoPhillips threatened to pull the plug on a key pipeline. The future of the Lincolnshire gas pipeline and the Theddlethorpe gas terminal have been thrown into doubt after ConocoPhillips announced it was reviewing them, reports the Mail. Premier Foods told Japan's Nissin Foods it had received an approach from American suitor McCormick before any of its existing shareholders and before the noodle maker bought a 17.3% stake in the British food manufacturer, it has emerged. The St Albans-based owner of Bisto and Mr Kipling sparked anger in the City last week after revealing it had rejected a 60p-a-share takeover offer from McCormick in favour of a commercial agreement with Nissin, reports the Telegraph.