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Sunday Papers: Cable will back tax revolution

Sunday Papers: Cable will back tax revolution

Top stories

  • The Sunday Telegraph: Jessops, the photography retailer which was placed into administration in January, collapsed under debts of £81 million, a third higher than original estimates; bulk of creditors will receive no payments as a result of the company’s collapse.
  • The Independent on Sunday: Harris + Hoole, the coffee shop chain backed by Tesco, is to launch an opening blitz in central London this year that will see it more than double in size.
  • The Sunday Telegraph: Neil Woodford, from Invesco, one of Britain’s most respected fund managers, has become the largest shareholder in Wm Morrison, the retailer which has seen its share price rise following the horse meat scandal.
  • The Sunday Telegraph: Prudential is preparing to increase the size of its payout to investors, including many of the country’s leading pension funds, as part of its results which are expected to show a near-10% increase in profits last year.
  • The Sunday Telegraph: Wonga, known for personal loans that carry high rates of annualised interest, will raise its maximum loan amount from £15,000 to £30,000.
  • The Sunday Telegraph: The British government is to spearhead a campaign to help British businesses expand exports and strengthen supply chains to developing economies in Africa, Asia and South America.
  • The Sunday Telegraph: High taxes on wine, spirits and beer are having such a detrimental impact on Britain’s alcohol industry that the Chancellor will receive £3.4 billion less in duty than expected by 2018, according to new research.
  • The Sunday Telegraph: Greece still remains the biggest risk for the euro and would be better off to leave the single currency, Alexander Dobrindt, the general secretary of the Christian Social Union and a close ally of German chancellor Angela Merkel’s has said.
  • The Sunday Telegraph: It is understood that the CBI will on Monday call for a new focus on housing in order to revive the construction and building industry and help boost gross domestic product.
  • The Sunday Telegraph: The stationery retailer WH Smith is returning to the CDs and DVDs market following the collapse of HMV.

Business and economics

  • Financial Times: The return of the construction worker is revitalising the US labour market with February figures showing a stronger-than-expected 236,000 new jobs.
  • The Daily Telegraph: The international ratings agency Fitch said on Friday it had downgraded Italy's sovereign debt rating by one notch to "BBB+" from "A-" and added that the outlook was negative.
  • The Guardian: David Cameron was under pressure on Friday to withdraw claims that public spending cuts are not to blame for the UK's economic stagnation after the Treasury's independent economic forecaster said austerity had played a major role in putting the brakes on growth.
  • The Daily Telegraph: Andrew Tyrie, chairman of the Treasury Select Committee, has reportedly written to the Financial Services Authority demanding answers over Bank of Ireland UK's mortgage rate rises.
  • The Daily Telegraph: The Japanese economy grew in the last quarter of 2012, in a tentative sign stimulus measures by new premier Shinzo Abe took some effect, while China also surprised with 21.8% export growth in February.
  • The Daily Telegraph: Ireland should be given more help to exit its bail-out programme in recognition of the “huge” efforts made by Dublin, the International Monetary Fund’s boss Christine Lagard has said.
  • The Independent: UK authorities have approved a voluntary share exchange that will allow the Greek Coke bottler Coca-Cola Hellenic to move from Greece to Switzerland and list in London.
  • The Daily Telegraph: Four train companies which lost £40 million when the Government scrapped a bid for the Great Western rail franchise have started legal proceedings to recover their costs.
  • The Independent: New Zealand’s police force has signed a 10-year deal with British phone giant Vodafone to supply all its mobile communications.
  • Financial Times: Norges Bank Investment Management--Norway’s oil fund, which is the world’s largest sovereign wealth fund--almost halved its exposure to UK and French government bonds last year while increasing it to debt from the US, Japan and Germany.
  • The Independent: Jobs group Sthree said that its total profit from permanent jobs in the UK business dropped by 3% to £45.5 million in the first three months of the year.
  • Financial Times: The Hong Kong government has dropped bribery charges against Raymond Kwok, the younger of the billionaire Kwok brothers, in a corruption case centred on their huge property company and a senior official.
  • The Daily Telegraph: Sheryl Sandberg, one of Facebook's most high-ranking executives, has defended Yahoo! chief executive Marissa Mayer, who recently drew opprobrium for putting a stop to home working.
  • The Independent: The boss of TiVo, the American company behind Virgin Media’s search-and-recommend TV set-top box, today claimed that BSkyB is struggling to match his technology.
  • Financial Times: Sir Howard Stringer, who became chief executive of Sony in 2005 and stepped back to the chairman’s position last April, will retire from the company at its shareholder meeting in June, he said on Friday.
  • Daily Mail: Morrisons is finally expected to bite the bullet and announce plans to sell food online when it delivers annual results next week.

Share tips, comment and bids

  • The Sunday Telegraph (Comment): When milking a cow, always be careful not to pull off the udders.
  • The Sunday Telegraph (Comment): Wen Jiabao’s decade at the pinnacle of Chinese power has seen quite a few spats with the West about currency. Li Keqiang’s rule will bring many, many more.
  • The Observer (Comment): Prince Alwaleed bin Talal's tantrum at being listed as only the 26th richest man in the world highlights the detachment of the super-wealthy. Yet we are supposed to welcome such behaviour.
  • The Observer (Comment): Alan Sugar's lack of respect for a once valued role is reflected in far too many businesses.
  • Mail on Sunday: We would all like a distant relative who occasionally sends us a handsome present out of the blue, but the City reckons it is time that Vodafone put its lucrative arrangement with US telecoms firm Verizon on a more formal footing.
  • Mail on Sunday (Midas share tips): Holiday group TUI aims for 10% a year profit rise, as families take advantage of package breaks; TUI share area buy.

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