Tuesday newspaper round-up: FirstGroup, Channel 4, JCB

(Sharecast News) - Business secretary Kwasi Kwarteng has ordered a national security review of a takeover by a Chinese academic of a small Welsh manufacturer of graphene - the thinnest and lightest "supermaterial" known. In a rare move, Kwarteng instructed the Competition and Markets Authority (CMA) to review the planned takeover of Perpetuus Group by Taurus International or any companies associated with Dr Zhongfu Zhou. - Guardian FirstGroup is to launch a budget direct London-Edinburgh rail service next month, which it hopes will lure air passengers to the train as a cheaper and greener alternative. The new service, branded Lumo, will have just one single class of travel and the company hopes it will carry more than 1 million passengers a year on the East Coast line - slightly more than currently fly between the English and Scottish capitals. - Guardian

Channel 4 will be forced to shut regional offices and abandon coverage of the Paralympic Games if it is privatised, the station's bosses have said as they launch a fightback against ministers' plans. There is no evidence to suggest that privatisation would benefit audiences or the economy outside London, chief executive Alex Mahon said after hiring accountant EY to model the potential impact on the broadcaster. Bosses added that the channel's focus on diversity would also be likely to suffer. - Telegraph

Jo Bamford, the heir to JCB, is setting up a £1bn fund aimed at putting the UK ahead in the global race to manufacture environmentally friendly hydrogen. The owner of Ryze Hydrogen and Wrightbus has joined forces with investment company Vedra Partners to develop the fund, Hycap, which has already raised £200m. - Telegraph

The boss of a listed legal services company picked up a £500,000 bonus last year while his business received £1.5 million of furlough funding during the coronavirus pandemic. Adrian Biles, chief executive of the Ince Group, was awarded a one-off payment linked to the company's share performance at the same time that his business received government support to keep staff employed. - The Times