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Monday Papers: Norway fund urges US banks to split top job

And large US firms such as Google and Amazon will be required to disclose tax bills in Europe under draft legislation from European commission.

Monday Papers: Norway fund urges US banks to split top job

Top stories

  • Financial Times: The world’s largest sovereign wealth fund has warned the biggest US banks that time is running out for them to end the highly contentious practice of combining the roles of chief executive and chairman.
  • The Guardian: US multinationals such as Google, Facebook and Amazon will be forced to publicly disclose their earnings and tax bills in Europe, under legislation being drafted by the EU executive.
  • Financial Times: The world’s largest private equity companies are coming under increasing pressure to buy back their own listed shares after the downturn in both the credit and stock markets hit the value of their portfolios.
  • Financial Times: Europe’s consumers are facing a 20% rise in the price of olive oil after bad weather and disease devastated the continent’s olive harvest.
  • The Daily Telegraph: The collapse of the Schengen system of open borders risks plunging Europe into fresh economic turmoil, Hungary’s foreign minister has warned.
  • Financial Times: Google is developing a new virtual-reality headset for smartphones, and adding extra support for the technology to its Android operating system, as it challenges Facebook's Oculus for an early lead in Silicon Valley’s latest platform war.
  • Financial Times: The US has ramped up pressure on China to impose new penalties on North Korea after Pyongyang on Sunday launched a long-range rocket in breach of UN sanctions.
  • Financial Times: Security researchers have accused a Russian developer of mobile phone apps of defrauding companies out of millions of dollars via MoPub, the online advertising marketplace owned by Twitter.

Business and economics

  • Daily Express: Thomson and First Choice owner TUI is expected to nurse further blows to its finances in the wake of terror attacks across the globe when it reports to the market today.
  • Financial Times: Fears over the health of the global economy and the upcoming Brexit referendum have knocked British business confidence to its lowest in three years, according to one gauge of the mood in corporate boardrooms.
  • Daily Mail: Shareholders in Rolls-Royce are braced for their first dividend cut in 24 years as fears mount it will issue a sixth profit warning this week.
  • Financial Times: China’s foreign exchange reserves dropped by nearly $100 billion last month to the lowest level since May 2012 as Beijing continued to sell dollars to support its currency and stem capital outflows.
  • Financial Times: Bridgewater founder Ray Dalio’s handpicked heir is to step back from his current role as co-chief executive, after disagreements at the top of the world’s biggest hedge fund.
  • Financial Times: French banks are coming under increased investor pressure to shrink their extensive branch networks and move customers on to their digital platforms as part of a drive to cut costs.
  • The Guardian: Volkswagen will offer generous compensation packages for the roughly 600,000 US owners of diesel vehicles that emit an illegal amount of emissions, the head of its claims fund told a German paper.
  • Financial Times: Record low prices for transporting coal, iron ore and other dry bulk commodities by sea have pushed shipping companies into severe financial distress.
  • The Daily Telegraph: Business Growth Fund, the equity fund that will celebrate its fifth birthday this coming May, has reported a record month for investments, backing UK firms with £50 million-worth of capital in January alone.
  • Daily Mail: Turnaround specialist Better Capital, headed by controversial financier Jon Moulton, has written off the vast bulk of a £22 million debt after the collapse of a luxury yacht maker Fairline.
  • The Daily Telegraph: The debt-laden oil explorer Tullow Oil is expected to report 2015 profits of $600 million, well below the previous year’s almost $1.1 billion, as the ongoing oil rout continues to erode value across oil and gas firms.
  • Financial Times: Tidjane Thiam, chief executive of Credit Suisse, has asked the bank’s board to slash his 2015 bonus by between 25% and 50%, after reporting its first full-year loss in eight years.
  • The Guardian: Next has been criticised by a group of heavyweight investors who say the company failed to act on a warning that could have prevented it from breaking company law, forcing the retail group to hold an expensive shareholder meeting this week.
  • Financial Times: Companies investing in Poland have been warned that their “privileged” access to its economy will come to an end under a new tax regime for its foreign-dominated banking and retail industries.
  • Financial Times: Britain will need power from coal even after the 2025 deadline to scrap it unless the government does more to encourage other forms of fuel, the head of the country’s biggest power station has said.
  • The Guardian: Workers at Google Ireland, the search group’s European sales hub, earn less than half the £160,000 average wage of colleagues in London despite the British sales team only providing a supporting role to their Irish counterparts.
  • The Independent: The French outsourcing giant Sodexo has been attacked for turning probation centres into “McDonald’s” as part of its contract to reform the system.
  • The Guardian: Almost 150 oil platforms in UK waters could be scrapped within the next 10 years, according to industry analysts.

Share tips, comment and bids

  • Daily Mail (Midas Share Tips): Our 'big box' tip Tritax gets even bigger - with shares up 30%; Existing shareholders should hold. New investors may find the fundraising offers a good opportunity to buy.
  • Financial Times: PSA Peugeot Citroën is to contribute more than €400 million-worth of compensation to Iran’s biggest carmaker for losses it incurred when the French carmaker left the country, as the two companies embark on a new joint venture to build vehicles.
  • Daily Express: Share Hunter: AstraZeneca makes £82 million from new cancer drug but rivals pile on the pressure.
  • Financial Times (Comment): Hutchison’s mobile pledges contain more holes than Swiss cheese.
  • The Guardian (Comment): Why the oil industry could be a stain on economic recovery in US.
  • Financial Times (Lex): Tech sector: fear of declining growth is stalking companies from LinkedIn to Salesforce.

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