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Tuesday Papers: Osborne homes in on cost of living for UK families

Tuesday Papers: Osborne homes in on cost of living for UK families

Top stories

  • Financial Times: George Osborne will set out a vision of rising living standards in the Budget, arguing that employees are beginning to feel the fruits of economic growth and also benefiting from tax cuts directed at those on modest and middle incomes.
  • The Independent: Bank of England deputy governor Sir Jon Cunliffe has warned there are still global banks which could not be wound up successfully without causing damage.
  • Financial Times: General Motors’ new chief executive on Monday issued recalls for more than 1.5 million vehicles, including some current models, amid an effort to restore the company’s reputation after a previous cover-up.
  • Financial Times: Vladimir Putin on Monday night recognised Crimea as an independent state in defiance of sanctions imposed just hours earlier on senior Russian officials by the US and EU.
  • The Guardian: The scale of Britain's growing inequality is revealed today by a report from a leading charity showing that the country's five richest families now own more wealth than the poorest 20% of the population.
  • The Daily Telegraph: Looming property default in China raises wider fears as the number of ghost towns has spread beyond the well-known disaster stories of Ordos and Wenzhou.
  • The Independent: New York has over taken London as the world’s leading financial centre as the City’s reputation has been hurt by banking and market scandals, uncertainty over EU membership and the referendum on Scottish independence.

Business and economics

  • Financial Times: Barclays will attempt to take the sting out of the debate over bankers’ bonuses on Tuesday by highlighting a drop in the value of shares given to its top executives even as chief executive Antony Jenkins collects a £4 million payout.
  • Financial Times: With the end of Windows XP support, most of the world’s ATMs and a large portion of its computer-based industrial control systems will become a lot more vulnerable to hackers and viruses.
  • Financial Times: George Osborne is to shake up UK government support for exporters and funnel more money into helping medium-sized firms sell overseas, amid fears in Whitehall that the chancellor will miss his target to double exports by 2020.
  • Financial Times: The Treasury will roll out a red carpet to sovereign wealth funds on Budget day, publishing a £50 billion list of infrastructure projects open to private investment.
  • Financial Times: An overhaul at the top of the Bank of England is likely to be announced as soon as Tuesday, as Mark Carney prepares to unveil major reforms to the way the central bank is managed.
  • Financial Times: The chancellor’s decision to extend the first phase of Help to Buy built up the share prices of the UK’s leading housebuilders on Monday, but again raised the question of whether the supply of homes can head in the same direction.
  • Financial Times: France and Germany are squabbling over who should foot the bill for Europe’s banking union, with Paris fearing its banks will pay the biggest share towards a €55 billion rescue fund.
  • Financial Times: Europe will face disrupted supplies and higher prices for gas next winter if tensions with Russia cut off flows through Ukraine, the head of Italy’s largest energy company has warned.
  • Financial Times: Wall Street investors are getting impatient to get their hands on the next group of hot internet stocks but some of the best-known names are flush with cash and showing no rush to list their shares.
  • Financial Times: South Africa has awarded a $4.7 billion contract to build more than a thousand freight locomotives to four groups, including General Electric and two Chinese companies.
  • Financial Times: Vittorio Colao, Vodafone’s chief executive, says the company has been transformed over the past two years, expanding from a purely mobile operator into the broadband and TV markets.
  • Financial Times: TeliaSonera is under investigation by the US Department of Justice over corruption allegations in Uzbekistan in a significant escalation of probes into the Swedish telecoms operator.
  • Financial Times: Cairn Energy has suffered another setback in its ambitions to establish Morocco as a frontier oil and gas province following the failure of a test well to find commercial quantities of hydrocarbons.
  • Financial Times: Gambling companies are engaged in an all-out television advertising war to win customers ahead of the start of a new taxation regime that will shake up the industry.
  • Financial Times: Toyota’s subsidiary in India has locked out workers at two of its plants amid worsening relations after a breakdown in wage negotiations, underscoring the risks for carmakers in fast-growing but volatile emerging economies.
  • Financial Times: Porsche SE has won another victory against investors seeking compensation over the carmaker’s failed attempt to take over Volkswagen when a Stuttgart court threw out a €1.4 billion lawsuit.
  • Financial Times: The wave of initial public offers and rising stock markets helped Shore Capital, the Aim-quoted broker that advised discount retailer Poundland on its flotation this month, to double profits last year.
  • Financial Times: Qatar’s sovereign wealth fund has stepped up its hunt for US assets by investing alongside BlackRock, Macquarie Capital and Certares in American Express’ global business travel unit.
  • Financial Times: The vast majority of leading Scottish businesses think the risks of independence outweigh the benefits, a study based on interviews with leaders of 60 large and medium-sized companies suggests.
  • The Guardian: Vodafone has sparked speculation that it might be on the verge of a big UK acquisition after confirming it has used £6 billion of its cash warchest to buy Ono, Spain's largest cable operator.
  • The Guardian: A Morrisons employee has been arrested in connection with the theft and publication of personal details of thousands of the supermarket's staff last week.
  • The Guardian: The British insurer Legal & General has bought a portfolio of low-cost housing for £252 million as it continues an investment drive into UK infrastructure.
  • The Independent: Businesses have brought forward spending plans as a result of the Bank of England’s forward guidance policy on interest rates, giving a fillip to Governor Mark Carney’s flagship initiative, research has found.
  • The Daily Telegraph: The average asking price across England and Wales lifted by 1.6% month-on-month, according to property website Rightmove.
  • The Daily Telegraph: Four eurozone states are in in deflation, while half the bloc have current inflation rates of less than 0.5%.
  • The Daily Telegraph: Returns for EDF and other investors in Britain's first new nuclear plant in two decades are much higher than for other projects.
  • The Daily Telegraph: Morrisons directors buy £180,000 of shares to demonstrate backing for price-war strategy.
  • Daily Mail: Royal Bank of Scotland could hand out shares to settle a £4 billion lawsuit by disgruntled investors.
  • Daily Mail: Budget fashion chain H&M opened more than one store a day during the past year as its High Street business boomed.
  • Daily Mail: Stamp duty ‘dead-zones’ have wiped more than £260 million off the collective value of properties sold in England and Wales in the last two years, research has found.

Share tips, comment and bids

  • Financial Times: Rosneft, Russia’s biggest oil producer, has paid around €500 million to become the largest shareholder in Italian tyremaker Pirelli in a shake-up of the top investors in the group.
  • Financial Times: Graphene specialist, Haydale, is all set for Aim float next month.
  • Financial Times: French sovereign wealth fund Caisse des Dépôts is considering selling its nearly 9% stake in Veolia Environnement, the world’s biggest water and waste utility by sales, because it is not strategic.
  • The Guardian: Chinese e-commerce giant Alibaba Group plans to go public on a US stock exchange, possibly raising up to $15 billion in the biggest initial public offering since Facebook.
  • The Guardian: Just Eat, the online takeway company, has announced plans for stock market listing that could value the online takeaway service at as much as £900 million.
  • Financial Times (Lex): UK housebuilders: Help to Buy’s extension will increase investment but it may also increase the risks.
  • Financial Times (Lex): Pirelli: Russian energy group Rosneft is latest to take stake in tyre company.
  • Financial Times (Lex): Vodafone / Ono: UK telecoms company keeps up with the fast pace of change in Europe.
  • Financial Times (Lex): RWE: European utilities are never going back to being nice, steady income stocks.
  • Financial Times (Lex): Sina / Weibo: Weibo has not hit Twitter-level valuation, but it is not cheap either.
  • Financial Times (Lex): CBS has cleverly shifted its business model but it must keep creating hit shows.

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