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Monday Papers: Tories set to devolve greater tax powers to Scotland

Monday Papers: Tories set to devolve greater tax powers to Scotland

Top stories

  • Financial Times: The Conservatives will offer Scotland control of income tax in a rethink of decades of party policy that it hopes will persuade swing voters to reject independence in September’s referendum.
  • Financial Times: GlaxoSmithKline has struck a deal potentially worth more than $350 million to develop new cancer drugs with a UK biotech company, less than six weeks after agreeing to sell its existing oncology products to Novartis.
  • The Daily Telegraph: China explores bond buying in first hint of QE: officials have been clamping down on credit to puncture the property bubble but are clearly having second thoughts as money supply weakens and bad debts accumulate.
  • The Guardian: Europe's banks were bracing themselves over the weekend for much anticipated cuts in the eurozone's commercial interest rates to boost the currency zone's struggling economy.
  • Financial Times: Taxpayers pay up to five times more for National Health Service operations in some hospitals than others, according to a Financial Times analysis that may fuel the healthcare funding debate.
  • The Daily Telegraph: British businesses owe each other £75 billion as businesses, particularly small and mid-sized companies, are in debt to their suppliers and customers and this is limiting cash flow and could damage the recovery.
  • The Guardian: The Church of England has joined opponents of the government's HS2 proposals, warning that current plans for constructing the line mean human remains will not be treated "in a decent and reverent manner".
  • The Daily Telegraph: Government bonds are predicted to be lowest performing asset class over next five years while fund managers expect equities to drive a higher rate of return over the next five years.
  • Financial Times: Hilton Worldwide is launching a new brand aimed at upscale travellers as the recently-relisted US hotel group seeks to catch up with rivals that have pushed ahead in the boutique hotels sector.

Business and economics

  • Financial Times: China, once the manual labour “workshop of the world”, has become the largest buyer of industrial robots, as rising wage costs and growing competition from emerging economies have forced manufacturers to turn to technology.
  • Financial Times: South Korean investors are pouring millions of dollars into unification-themed equity funds, reflecting local investors’ growing optimism over a unified Korea, although the chances of the two countries joining remain as remote as ever.
  • Financial Times: The biggest challengers in the current account market are on track to open at least 2 million accounts this year as they step up their assault on the top four high-street banks.
  • Financial Times: Hiring in finance, accountancy and other professional sectors in the UK is booming despite a weaker City of London jobs market, recruiters say.
  • Financial Times: China’s official purchasing managers’ index, an indicator of the health of large industrial companies, came in at 50.8 in May, the highest reading this year and up from 50.4 in April.
  • Financial Times: US President Barack Obama will put limits on the amount of carbon dioxide that can be emitted by American power plants, setting a goal of a cut of up to 30% from 2005 levels by 2030.
  • Financial Times: The Spanish government is planning to bolster the country’s nascent economic recovery through tax cuts and a €6.3 billion stimulus package, in what is likely to be the last significant economic reform effort before next year’s general election.
  • Financial Times: AstraZeneca’s chief executive has questioned calls for his pay to be linked to achieving the £55 share price that was spurned in the takeover offer from Pfizer , and insisted his incentives were already aligned with shareholders.
  • Financial Times: The PC is dead – long live the PC, says Renée James, who, as president of Intel, is fighting to reinvent the microchip-making group as its key market is shaken to its core by the rise of smartphones and tablet computers.
  • Financial Times: Manchester airport, Britain’s third largest, has hit the 21 million passengers a year mark for the first time since 2008, confirming its recovery from the depths of the financial crisis.
  • Financial Times: The US Securities and Exchange Commission is under growing pressure to tackle the issue of how oil and gas companies disclose payments to foreign governments.
  • Financial Times: Executive pay at the UK’s biggest companies is still rising despite new rules intended to encourage pay restraint, according to analysis by the High Pay Centre think-tank.
  • Financial Times: Accountancy firms are increasingly looking to poach staff from rivals to capitalise on a pickup in the UK economy and more corporate activity, according to a new report.
  • Financial Times: Apple is hoping that new apps and services can cause as much excitement as its hardware as it prepares to unveil the next versions of its iPhone and Mac software on Monday.
  • Financial Times: UK companies and insurers are headed for a record £20 billion a year of deals which help shift the risk of paying pension promises off their balance sheets; more than £9 billion of pension de-risking risk transactions, which see the responsibility for paying final salary pension promises handed over, fully or partially, to an insurer. were completed in the first quarter of 2014.
  • Daily Mail: G4S to face questions over its contracts in the Middle East as protestors gear up to demonstrate against firm this week.
  • Daily Mail: Chinese hotelier Dorsett Hotels and Resorts is planning a big expansion drive into London by opening ten hotels over the next three to four years.
  • Daily Mail: Britain’s leading luxury car manufacturers Bentley and Rolls-Royce both achieved record profits last year as demand for classic car marques continues to grow.
  • The Guardian: Soaring London house prices are prompting a growing number of homeowners to cash in and move out of the capital to parts of the country where they can exploit the price gap and buy a substantial family home for the price of a small flat in central London.
  • The Guardian: British businesses are planning a surge in the number of graduates they hire this year, in the latest signal of rising confidence and an improving UK economy; employers expect to hire 18% more graduates in 2014, up from the modest improvement of 4.3% in 2013 - with the finance sector planning to be the most aggressive recruiter as it increases intake by 42%.
  • The Daily Telegraph: Leading MSCI index upgrades the United Arab Emirates and Qatar to emerging market status.

Share tips, comment and bids

  • Daily Mail: Oddbins has agreed to buy 20 Nicolas stores from Spirited Wines taking its total estate to 54 that has set it firmly on course for its target of reaching 100 stores by early next year.
  • The Daily Telegraph: Car data firm Clifford Thames is in exclusive talks to be sold to private equity arm of Lloyds Banking Group for between £35 million to £50 million.
  • Financial Times (Lex): Carbon emissions: hot and coal.
  • Financial Times (Lex): Treasuries: yield to worst.
  • Financial Times (Lex): Reliance Industries: clickbait.

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