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Monday Papers: Britain’s tax take comes up short

Monday Papers: Britain’s tax take comes up short

Top stories

  • Financial Times: Britain’s public finances are experiencing an economic recovery that is unusually light in revenues, with less tax than forecast flowing into the exchequer.
  • The Guardian: Improving economy prompts 80% of companies with turnover of more than £1 billion to invest up to £200 billion in next two years.
  • Daily Mail: Britain's powerhouse aerospace industry has notched up a 25% increase in aircraft orders in just two years.
  • The Daily Telegraph: Most comprehensive study of customer habits undertaken to date says daily usage of mobile banking apps had doubled in 12 months while bringing 'seismic decline' in branch transaction.
  • Financial Times: The value of deals in the technology, media and telecoms sector hit $174 billion during the first three months of the year, the highest level since 2006, as some of the world’s largest companies battled to secure access to global consumers.
  • Financial Times: China’s biggest banks more than doubled the level of bad loans they wrote off last year, in a sign that financial strains are mounting as growth in the world’s second-largest economy slows.

Business and economics

  • Financial Times: McDonald’s has warned that Europe faces a future of stunted growth unless employers do more to bring marginalised groups such as young people and older workers into the labour force.
  • Financial Times: The departing chairman of Lloyds Banking Group Sir Win Bischoff has called for a return to 1970s-style informal banking regulation, when cosy chats and judgment trumped a strict rule book.
  • Financial Times: The Libyan Investment Authority has accused Société Générale of helping to funnel bribes worth tens of millions of dollars to close associates of Saif al-Islam, the son of former Libyan leader Muammer Gaddafi.
  • Financial Times: The mobile payment system that has revolutionised business and banking in sub-Saharan Africa is to come to Europe as Vodafone seeks to spread the popular digital currency outside emerging markets.
  • Financial Times: The UK has suffered a drop in training four times greater than any other European country during the recession, leading to a skills deficiency that threatens to hold back the recovery, research will show this week.
  • Financial Times: Exports to EU countries help to support 4.2 million UK jobs and are worth £211 billion to the economy.
  • Financial Times: A private sector consortium will be told on Monday it has won the £7 billion job of decommissioning Britain’s oldest nuclear power plants.
  • Financial Times: Glencore has reached a preliminary deal with the west African country of Mauritania for a $1 billion contract for access to railway and port facilities to mine iron ore.
  • Financial Times: Apple will this week seek more than $2 billion in damages from Samsung for allegedly copying features of its iPhone, as Google makes its first appearance in the US courtroom battle between the smartphone rivals.
  • Financial Times: Saudi Arabia’s Algosaibi family has called a meeting of creditors as it seeks to break years of deadlock over debts estimated at 22 billion Saudi riyals ($5.9 billion.)
  • Financial Times: A Credit Suisse banker who advised the government on bailing out Royal Bank of Scotland during the financial crisis is in pole position to be hired as the UK government-controlled lender’s next finance director.
  • Financial Times: Hochtief’s A$1.2 billion (US$1.1 billion) bid to tighten its grip on Leighton Holdings, Australia’s biggest construction company, formally opens this week amid concerns among shareholders, analysts and trade unions about the impact of greater foreign control.
  • Financial Times: Fees charged for raising debt, equity and deal advisory have crept up 1% year on year in Europe, to $4.4 billion in the first quarter, according to Thomson Reuters; the total equates to a 24% share of the global fee pool – the highest level since 2011.
  • Financial Times: The holy trinity of abundant credit, buoyant stock markets and mounting cash piles in buyout funds has not yet translated into a bonanza of private equity deals.
  • Financial Times: The global IPO market has been undeterred by geopolitical tensions as money continues to pour into stocks, allowing companies to raise $44.3 billion in the quarter, according to Thomson Reuters.
  • Financial Times: Caterpillar executives are in line to be grilled this week by the senate committee that has taken Apple, Microsoft and Hewlett-Packard to task for allegedly exploiting loopholes to avoid billions of dollars in taxes.
  • Financial Times: Spending on the World Cup will have a negligible impact on Brazil’s economy despite Brazilians’ perceptions that the tournament is costing the country dearly.
  • Financial Times: The Help to Buy scheme is having a far bigger impact in the most depressed areas of the UK housing market than it is in booming London and the southeast.
  • Financial Times: Newly launched companies outperform quoted groups in general by an average 11.5% six months after their market debut, according to analysis by Capita Asset Services.
  • Financial Times: The US Supreme Court will on Monday hear oral arguments in a landmark patent infringement case that could restrict the types of software and computer programmes that are eligible for patent protection.
  • The Independent: The new chief executive of Network Rail has pledged that his senior staff will be “well-paid but not overpaid”, in the wake of outcry over bonuses at the taxpayer-backed operator of Britain’s rail infrastructure.
  • The Guardian: Fears that Britain's housing market is headed for bubble territory were stoked on Monday by fresh evidence that demand is far outstripping supply.
  • The Guadian: Errol Damelin will reportedly step down from Wonga, but will retain a valuable share in the company he founded as FCA prepares to rein in payday lenders.
  • The Guardian: Network Rail has admitted it has failed to meet its punctuality targets, as it braces for a record fine of up to £70 million.
  • The Daily Telegraph: Deloitte chief sayd negative rhetoric surrounding corporation tax paid by UK-based companies is the "number one" reason why firms defer decisions to strengthen their presence in Britain.
  • The Daily Telegraph: A number of Association of British Insurers members are said to have been "apoplectic" over FCA's announcement of industry review.
  • Daily Mail: More of Scotland’s small companies believe independence would be bad for them than think it would be good, according to a new survey.
  • Daily Mail: Action to force banks to refer small companies they turn down for loans to other lenders has been welcomed by business leaders as a way to break their stranglehold.

Share tips, comment and bids

  • Financial Times: A Chinese conglomerate controlled by a wealthy retail entrepreneur is in talks to buy House of Fraser for more than £450 million.
  • Financial Times: Norilsk Nickel, the world’s largest palladium producer, is in talks to sell “very substantial” quantities of the metal to Chinese and Japanese buyers as strikes in South Africa intensify fears over supplies.
  • The Independent: Terry Leahy could mark his return to the City by earning himself a haul of more than £10 million from a £50 million London Stock Exchange listing of an online tyre firm, blackcircles.com.
  • Daily Express: Investors are being offered a ride onto Aim by a company that provides ticketing systems for Asia’s fast growing theme park industry.
  • Daily Mail: The thriving Aim market is set to welcome PassivSystems, which has developed an energy management system that has been shown to achieve around 23% savings on a customer’s annual heating bill.
  • Financial Times (Lex): UK housebuilders: pledges to focus on investor returns should be handled with care.
  • Financial Times (Lex): SolarCity: for the US solar panel installer to keep growing, the subsidies outlook must remain fine.
  • Financial Times (Lex): Ally Financial: new investors will have to bet the car lender can continue its recovery route after its IPO.

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