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Sunday Papers: Saudis told to embrace austerity

And Tories are lobbying to protect Google’s £30 billion island tax haven.

 
Sunday Papers: Saudis told to embrace austerity

Top stories

  • The Sunday Telegraph: Saudi Arabia faces years of tough austerity as the worst oil price crash in the modern history forces the kingdom to make radical cuts to government largesse, the International Monetary Fund has warned.
  • The Observer: Britain has been privately lobbying the EU to remove the tax haven through which Google funnels billions of pounds of profits from an official blacklist.
  • Sunday Express: Barclays, HSBC and Lloyds Banking Group are expected to set aside an additional £4 billion to compensate victims of payment protection insurance mis-selling, taking the industry bill to £35 billion.
  • The Sunday Telegraph: The head of Hitachi has warned that the debacle surrounding the construction of Hinkley Point nuclear plant throws up “very serious concerns” about its own investment in the UK.

Business and economics

  • The Sunday Telegraph: Earnings at Britain’s beleaguered energy giants have imploded on the back of plummeting oil prices, the big three explorers will reveal this week.
  • The Sunday Telegraph: The oil and gas industry is calling on the Treasury to scrap key oil levies in order to slash the overall North Sea tax burden by half and ease the pressure on the region as it reels from 65,000 job losses.
  • Mail on Sunday: Britain's biggest oil groups will this week report a near £10 billion slump in profits as the calamitous effect of the low oil price takes its toll on the blue chip giants.
  • Mail on Sunday: The remarkable growth of high street retail chain Lush Cosmetics has led the company to state in its latest set of accounts that it is now having to create a strategy for ‘coping with our success’.
  • The Observer: The corporate tax system should be radically overhauled in the wake of the row over how much Google should pay in the UK, the former Conservative chancellor Nigel Lawson has said.
  • The Sunday Telegraph: Slater & Gordon, the Australian law firm that snapped up the bulk of scandal-hit insurance claims company Quindell has been forced into restructuring talks amid concerns over the deteriorating state of its finances.
  • Mail on Sunday: Peer-to-peer finance platform Assetz Capital has today announced that it has secured £525 million to be lent to UK small and medium-sized enterprises in the next few months after securing funding from institutional investors.
  • Mail on Sunday: Grocery giants Tesco and Asda have been hit by a raft of county court judgments for not paying their debts – showing a vastly worse record than rivals.
  • The Sunday Telegraph: Lidl has ratcheted up its UK expansion plan by issuing almost three times as many planning applications as Aldi for new supermarkets in the last quarter of the year.
  • The Sunday Telegraph: Ocado has failed in its attempts to broker a technology licensing tie-up before a self-imposed deadline of the end of last year.
  • The Observer: Facebook is objecting to the use of English words such as “cookie” and “browser” in a Belgian court order, which has demanded the site stop tracking users without their consent, saying that Belgians may not understand the words.
  • Mail on Sunday: Swiss residents are to vote on a countrywide referendum about a radical plan to pay every single adult a guaranteed income of £425 a week (or £1,700 a month).
  • Mail on Sunday: City watchdog the Financial Conduct Authority will face fresh humiliation this week as Parliament debates a vote of no confidence in the organisation.
  • Mail on Sunday: Asset-based finance supports 15% of all UK company turnover - or €189.7 billion (£144.86 billion) - a third higher than an average of 10% of the economy across Europe, according to new research.

Share tips, comment and bids

  • Mail on Sunday (Midas Share Tip): Buy Satellite Solutions Worldwide as it aims to provide broadband to consumers in remote areas - and strong returns for investors.
  • The Sunday Telegraph: Almost a third of retail shareholders opposed Royal Dutch Shell’s £40 billion takeover of BG Group.
  • The Sunday Telegraph: Shell shares won’t run better just because BG’s been added to the tank.
  • The Observer (Comment): Apple’s flat results are in part due to low-cost rivals thriving in the world’s biggest smartphone market.
  • The Independent on Sunday (Comment): Why you cannot tell the difference between a multinational firm and the Mafia.
  • The Observer (Comment): Amazon leads the way into the real world as online real estate – once heralded as the next frontier for retail – becomes crowded and expensive.

4 comments so far. Why not have your say?

Frank Frank

Jan 31, 2016 at 12:48

Re the immensely good news of Saudi Arabia's financial woes, they sure deserve the biggest ridicule on their tactics in oil pricing. The idiots brought it all on themselves, did they not?

Perhaps if they stopped their bombing of defenseless civilians in Yemen, the poorest country in the world, stoning women to death, public beheadings, financing terrorists all over the world etc, etc, we would be less at the news.

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backspace

Jan 31, 2016 at 16:06

Saudia arabia .are still living in the world of make believe fantastic motors let to rot in the streets women stoned to death in the streets they are still living in the 10th century they where given a gift of oil in their country they have just blew in the advantage .i hope fuel prices in the uk come down to 80 pence a litre to make up for the years of saudi outlandish profit from oil .oil companies where also quick to profit and control fuel prices ,

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Jeremy Bosk

Jan 31, 2016 at 17:26

The rest of the world despises the Saudis. So what do they think of countries such as the UK that sell them weapons and surveillance equipment to continue their barbaric behaviour?

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backspace

Jan 31, 2016 at 18:16

There is no doubt that profit comes before everything else in this world .anyone that does not believe this .lives in gloryland or is mr pickwick.

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