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Thursday Papers: Amazon in £1.5bn tax fraud row

And BoE is in dilemma as UK jobless rate falls to lowest level in 42 years.

Thursday Papers: Amazon in £1.5bn tax fraud row

Top stories

  • The Times: The tax authorities accused Amazon yesterday of failing to co-operate fully in tackling a multibillion-pound fraud that is putting scores of small British companies out of business.
  • Financial Times: Unemployment in Britain has hit a 42-year low, intensifying the dilemma facing the Bank of England at its meeting on Thursday, where it must weigh whether to raise interest rates despite stagnant wages and Brexit uncertainty.
  • The Daily Telegraph: The Government is stepping up pressure on Silicon Valley giants to take responsibility for unlawful material online and share the spoils of the internet with media companies.
  • Financial Times: Philip Morris International has pledged up to $1 billion over the next 12 years to an arm’s-length foundation that will fund scientific research designed to eliminate the use of smoked tobacco around the globe.
  • Financial Times: South Africa’s main opposition party is taking aim at consultancy McKinsey as the scandal surrounding the country’s controversial Gupta business family that destroyed UK PR firm Bell Pottinger continues to spread to international firms.
  • Financial Times: Jean-Claude Juncker has called for tighter EU integration based around the eurozone and Schengen open-border system and urged an end to member states’ veto powers in a push to unite the bloc ahead of Brexit.

Business and economics

  • Financial Times: Apple component suppliers took a share-price hit on Wednesday after the world’s biggest technology company said that its $999 iPhone X would be launched later than expected.
  • The Guardian: Bitcoin is a fraud that will ultimately blow up, according to JP Morgan boss Jamie Dimon, who said the digital currency was only fit for use by drug dealers, murderers and people living in places such as North Korea.
  • The Guardian: The UK’s £1 billion industry that sells films and TV shows such as Victoria, Sherlock and Love Island across Europe is under threat from plans in Brussels that will slash their value to broadcasters on the continent, a cross-party group of MPs has warned the government.
  • The Times: Low interest rates may be partly to blame for the economic struggles felt by many working people in Britain, the new chairwoman of the Treasury select committee suggested yesterday.
  • The Daily Telegraph: The developer and construction company Galliford Try has said it will no longer bid for large fixed-price infrastructure contracts after its profits were hit by a charge on legacy contracts.
  • The Times: Eir’s full-year earnings have risen by 4% to €520 million as the company added broadband customers and continued to lay the groundwork for a potential flotation.
  • Financial Times: The boom in the number of people cashing in their defined benefit pensions has boosted profits at two major UK life insurers, LV and Just Group.
  • The Daily Telegraph: Feared activist investor Crystal Amber's successful campaigns have boosted its value by 33% over the past year.
  • The Times: Months on from its stock market debut, Eve Sleep reported widening losses yesterday as it revealed that every £1 of sales was costing it £1.80.
  • The Times: One of Britain’s biggest homewares retailers Dunelm said that its full-year, pre-tax profits had tumbled by 15.2% to £109.3 million, in line with City forecasts, as fewer customers coming through its doors meant that its like-for-like sales slid by 2.4%.
  • Financial Times: UK power company Drax is seeking planning permission to build what could be the world’s biggest battery storage facility, in North Yorkshire, as it continues to shift away from coal-fired electricity generation.
  • The Guardian: EasyJet will provide feeder traffic to long-haul carriers for the first time allowing the passengers to book to Singapore, Los Angeles and Buenos Aires under a scheme to connect the budget airline with long-haul flights.
  • The Guardian: Sky’s chief executive, Jeremy Darroch, was paid more than £16 million in the year to the end of June, despite a hefty fall in annual profits at the broadcaster’s UK and Ireland business.
  • : Deutsche Boerse has agreed to pay €10.5 million (£9.5 million) in fines for prosecutors to drop an investigation into both its chief executive and the German exchange's role in alleged insider trading.
  • The Times: The bicycle and car parts retailer Halfords has poached Graham Stapleton, who runs Dixons Carphone’s Connected World Services Division, to become its new chief executive.
  • Financial Times: Seadrill, one of the world’s largest offshore drilling companies, filed for bankruptcy after it secured agreement from nearly all of its banks to support a plan to inject $1 billion in new capital and all but wipe out existing shareholders.

Share tips, comment and bids

  • The Daily Telegraph (Questor share tips): BUY BHP Billiton.
  • The Times (Tempus share tips): BUY Galliford Try; AVOID Just Group; HOLD Clinigen.
  • Financial Times: Toshiba has agreed to accelerate negotiations for the sale of its $20 billion memory chip business with a consortium led by private equity group Bain Capital as talks with a rival consortium, led by the US chipmaker Western Digital, broke down.
  • The Times: Troubled Quantum Pharma is set to be sold to a rival Clinigen for a price lower than its value when it went public less than three years ago in a flotation in which directors made millions of pounds selling shares.
  • Financial Times: Spotify is negotiating with TPG about the future of the private equity group’s investment in the music streaming company, as it prepares to go public as soon as the fourth quarter.
  • Financial Times (Comment): Will UK economy be turbocharged by sterling fall?
  • Financial Times (Lex): Bitcoin and tulips: the Dutch misadventure left its enthusiasts with something to enjoy.
  • Financial Times (Lex): Apple: the iPhone will account for a greater share of revenues but rivals should beware the Watch.
  • Financial Times (Lex): Electric cars: Europeans belatedly realise that investors reward exposure.
  • Financial Times (Lex): Chinese bank risk: the risks are largely confined to smaller lenders.

1 comment so far. Why not have your say?

Alan Tonks

Sep 14, 2017 at 12:44

“Unemployment in Britain has hit a 42-year low, intensifying the dilemma facing the Bank of England at its meeting on Thursday”

What dilemma, the Bank of Carney will do what it’s good at, by not raising the interest rate.

It goes without saying that it is manipulated, so their pals can make a bit of money!!

I cannot really believe that anybody thinks that interest rates will rise, apart from a fool.

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