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Tuesday Papers: Europeans issue warning to Trump on tax overhaul

Tuesday Papers: Europeans issue warning to Trump on tax overhaul

Top stories

  • Financial Times: The finance ministers from Europe’s five largest economies have warned the Trump administration that Republican tax cut plans would flout international agreements and undermine trade, threatening to turn a Washington policy battle into a transatlantic row.
  • The Daily Telegraph: Ineos has roiled global energy markets after shutting the North Sea’s most important oil and gas pipeline system after discovering a widening crack.
  • The Times: Investors backed bitcoin rather than bet against it when regulated trading in the digital currency began yesterday; the price of bitcoin climbed as bitcoin futures were traded for the first time on the Chicago Board Options Exchange.
  • Financial Times: The US Department of Justice has given HSBC a significant boost by dismissing the deferred criminal charges that have been hanging over the bank since it was fined for money laundering and sanctions breaches five years ago.
  • Financial Times: A man is in custody after he allegedly attempted to detonate a pipe bomb in a terrorist attack in an underground passageway near the busy Port Authority bus terminal in New York on Monday morning.
  • Financial Times: Apple on Monday confirmed its plan to buy Shazam, the UK-based music recognition app, in its biggest acquisition since the iPhone maker’s $3 billion deal to buy Beats Electronics in 2014.

Business and economics

  • The Daily Telegraph: Manufacturers are demanding an early role in trade deal negotiations as Britain prepares to quit the European Union in an attempt to avoid pitfalls that only become apparent later.
  • The Times: Thousands of companies hit hardest by business rates increases have been left waiting for emergency help that they were promised by the government because 46 local authorities have failed to distribute the cash.
  • Financial Times: Consumer spending has fallen for the third month in a row, according to analysis based on debit and credit card payments, as Britons curb their shopping habits in response to a prolonged squeeze on their pay.
  • Daily Mail: Ten-pin bowling firm Hollywood Bowl has reported that its annual pre-tax profits have risen from £2.6 million to £21.1 million in the last year - and its share price is up nearly eight% today.
  • The Times: Days after it tumbled out of the FTSE 100, Babcock International managed to reverse an investors’ exodus with the promise that it should be able to cope well with changes to long-term contract accounting.
  • Financial Times: Trafigura, one of the world’s biggest commodity traders, has reported its lowest profits for seven years and a reduced payout to senior employees as intense competition and plentiful supplies cut margins in oil, one of its two core businesses.
  • Financial Times: Hyundai Motor is facing some Won1 trillion ($916 million) in production losses this year as union members at the South Korean carmaker continue the spate of partial labour strikes, compounding the company’s sales woes in big markets.
  • The Daily Telegraph: Toys R Us is to face further questions from MPs about a bumper pay increase for its UK chief executive a year before the retailer announced plans to shutter a quarter of its stores.
  • Financial Times: The Singapore Exchange is to increase fees as much as 10-fold for derivative trading members next year, following a recent large technology upgrade.
  • Financial Times: Man Group is launching a quantitative hedge fund in China that it will market to wealthy Chinese investors as it becomes the first foreign investment company to start an onshore hedge fund in the country.
  • The Guardian: Ryanair flights to and from Dublin could be disrupted by strikes over Christmas after pilots based in Ireland voted for industrial action.
  • The Guardian: Dozens more British Airways flights from Heathrow have been cancelled after snow and ice caused disruption at the weekend.
  • The Times: A scandal over suspected accounting fraud at Steinhoff International intensified yesterday when Johannesburg’s stock exchange operator began an investigation into whether the South African retail conglomerate may have broken disclosure rules.
  • The Times: The Pensions Regulator is seeking to prosecute a healthcare company for allegedly trying to avoid providing staff with workplace pensions.
  • The Daily Telegraph: Uber's appeal against its London ban will not be heard until the end of April at the earliest, meaning its cars will remain on the capital's streets for at least several more months.
  • The Times: The chief operating officer of Enquest, Neil McCulloch, who took on the role only a year ago and joined Enquest’s board earlier this year, has left the North Sea operator “by mutual agreement”.
  • Daily Mail: The embattled London Stock Exchange is already interviewing candidates for chief executive as it scrambles to head off a campaign by billionaire investor Sir Chris Hohn.
  • Financial Times: The chairmen of more than 60 of Britain’s largest listed companies risk falling foul of proposed corporate governance reforms that aim to put an end to stale and insular boardrooms.
  • The Daily Telegraph: Interserve has appointed a human resources specialist from United Utilities into a new role overseeing its transformation, amid expectations that it will cut more jobs.

Share tips, comment and bids

  • The Times (Tempus share tips): BUY Fidelity Special Values; BUY Hollywood Bowl.
  • The Daily Telegraph: Comcast said it is no longer looking to buy 21st Century Fox's assets, in yet another sign that a deal between Fox and Disney is nearing completion.
  • Financial Times: Paul Singer’s activist hedge fund Ellitt Advisors has called on Qualcomm to increase its “insufficient” offer for Dutch chipmaker NXP Semiconductors, a move that could indirectly help the US company fend off a separate $130 billion hostile takeover bid by rival Broadcom.
  • The Daily Telegraph: The owner of British Gas has set up a new North Sea spin-off company after agreeing to merge its offshore oil and gas assets with Norway’s Bayerngas over the summer.
  • The Daily Telegraph (Comment): City would be wise to watch Bitcoin bubble from sidelines.

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