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Monday Papers: Industry nears ‘crisis point’ over green taxes

Monday Papers: Industry nears ‘crisis point’ over green taxes

Top stories

  • Financial Times: British industry has warned that green taxes are pushing it to “crisis point” even as George Osborne prepares to cut environmental levies on household energy bills in this week’s Autumn Statement.
  • Financial Times: ArcelorMittal, the world’s largest steelmaker by sales, expects to turn round quickly the performance of the Alabama plant it acquired at the weekend from Germany’s ThyssenKrupp by capitalising on a growing US car steel market.
  • Financial Times: BP is expecting a surge in compensation payments over the 2010 Deepwater Horizon disaster, after a slowdown that has lasted almost two months.
  • Financial Times: Numis Securities has moved into a top three spot of stockbrokers with the most FTSE 250 clients, underlining the ability of mid-cap brokers to win business against the bulge bracket banks.
  • The Daily Telegraph: The European Commission is close to concluding that deal between Government and energy firms on Hinkley Point breaches EU state aid rules.
  • The Guardian: The bill for cleaning up the huge Sellafield nuclear plant in Cumbria will rise even higher than its current estimated level of £70 billion as operators struggle to assess the full scale of the task, according to sources close to the project.
  • The Daily Telegraph: The size of the bonus pool at RBS will not be affected by the decision of the City watchdog to investigate allegations that the bank had deliberately pushed companies into default, say sources.
  • Daily Mail: Discount supermarket chain Lidl wants as many as 1,500 stores in the UK under plans to build on its rapid growth of recent years.

Business and economics

  • Financial Times: David Cameron will on Monday cast himself as Beijing’s biggest commercial ally in Europe by backing Chinese calls for a free trade deal with the EU in spite of scepticism about China’s readiness to open up its own markets.
  • Financial Times: The US’ National Retail Federation said on Sunday that it expected total spending over the long holiday weekend, from Thanksgiving to Sunday, to drop to $57.4 billion from $59 billion last year.
  • The Guardian: There were 2,500 new City jobs created last month, up 6% from the month before and 38% higher than a year ago, recruitment firm Astbury Marsden said.
  • The Independent: A 10.2% jump in housing demand in the last six months will add to fears that the property market could soon become overheated.
  • The Guardian: Rising house prices have sparked a jump in the number of people looking to leave London but on average they only move 26 miles away, according to research published by Estate agent Hamptons International on Monday.
  • Financial Times: Shopping on tablet computers will hit £4.7 billion in the UK – a threefold leap from the year before, overtaking sales on smartphones – and the US is witnessing a similar trend.
  • The Independent: Tesco is struggling to keep up with demand for its new low-cost Hudl tablet and has run out of stock at least twice since launching at the end of September.
  • Financial Times: Issuance of commercial mortgage-backed securities has reached $92.9 billion so far this year, up from $48.7 billion in the same period in 2012, according to Dealogic, the data provider.
  • The Daily Telegraph: Vince Cable is to give an extra £250 million to Britain's Business Bank and move its headquarters to Yorkshire.
  • The Guardian: Lawyers for HM Revenue and Customs have urged an appeal court to throw out an attempt by pub group Greene King to use a tax avoidance scheme involving a £300 million internal loan between its companies.
  • Financial Times: The Nestlé model has come under strain this year; sales have slowed and profit margins have been in line with, rather than above, the industry average of about 16%.
  • Financial Times: Silicon Valley is starting to catch Bitcoin fever – though the entrepreneurs and venture capitalists being drawn to the virtual currency claim that the biggest profits will come from using it to build a new digital finance industry rather than just as a vehicle for speculation.
  • Financial Times: Edmond de Rothschild has launched a new UK fund management business in an attempt to increase assets under management and bolster its presence in London.

Share tips, comment and bids

  • Financial Times: Italy’s state private equity fund, which last year struck a deal with Qatar to invest in Italian fashion, has emerged as frontrunner to buy a minority stake in family-owned Versace estimated to be worth as much as €850 million.
  • The Daily Telegraph: GKN, the FTSE 100 aerospace and car parts manufacturer, is considering making a bid for two factories in Oklahoma that make wing parts for Boeing aircraft.
  • The Guardian (Comment): The WTO will cease to exist as a forum for serious trade liberalisation talks if countries fail to reach agreement this week.
  • The Daily Telegraph (Comment): The UK isn't ideal by any means, but the quality of governance is better than in the EU - and devolution has recently allowed Scotland a good deal of freedom to go its own way on several issues.
  • Financial Times (Lex): Corporate default: investors in distressed debt have had limited opportunities recently. And the situation may persist as long as easy money flows
  • Financial Times (Lex): Hedge accounting: investors should give a mixed reception to reforms announced by the International Accounting Standards Board
  • Financial Times (Lex): ThyssenKrupp: German steel and capital goods group’s restructuring moves will bring little extra certainty in the near term

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