Thursday Papers: Ebay, Netflix pay total UK tax of less than £1.9m
- Financial Times: Netflix and eBay, two US technology groups with millions of British customers, collectively paid less than £1.9 million in UK tax last year, raising new questions about how multinationals structure their businesses to minimise their tax bills.
- The Daily Telegraph: International banks with operations in the City will decide early next year whether or not to move some jobs from the UK, a senior Treasury official has warned.
- The Times: The International Monetary Fund has called for higher income taxes on the rich to help to balance budgets and arrest the political threats posed by inequality in a sharp break with its prevailing orthodoxy.
- Financial Times: Corporate Japan’s latest industrial scandal widened on Wednesday as Kobe Steel added two more products to the list of materials for which it may have falsified quality data.
- Financial Times: The ability of British universities and staff to pay an extra £500 million a year to protect the future benefits of the sector’s £60 billion retirement fund has been questioned by the Pensions Regulator.
- Financial Times: Ola, the local company battling Uber for the Indian ride-hailing market, has raised $1.1 billion from investors including China’s Tencent and Japan’s SoftBank, pushing this year’s funding into Indian technology start-ups to a record high.
Business and economics
- The Daily Telegraph: The US central bank has warned that GDP growth will be suppressed in the third quarter of the year and remained divided on the prospect of a further interest rate rise in 2017.
- The Daily Telegraph: The Organisation of Petroleum Exporting Countries has raised its expectations for global oil demand next year, saying the greater than expected growth could finally erode the chronic market oversupply.
- Financial Times: Elliott Management, Paul Singer’s US hedge fund, has stepped up its activist campaigning in Europe, taking stakes in German food-processing machinery maker GEA and UK medical device maker Smith & Nephew.
- The Guardian: More than 300,000 people on low incomes were given a pay boost by the government’s new “national living wage”, dispelling fears that the move to raise minimum salary levels would trigger widespread job losses.
- The Guardian: The chair of parliament’s work and pensions committee has called for a change in the law following reports that the owners of collapsed airline Monarch may end up with a profit while the company’s pensioners lose out.
- Financial Times: Unilever has taken measures to simplify its corporate structure with the launch on Wednesday of a €450 million buyback of Dutch preference shares and the first steps of a merger of its two main food units.
- The Times: Delta Air Lines has said that it would refuse to pay a 300% US tariff on Canadian-built Bombardier C Series jets, raising doubts about its purchase of 75 of the new aircraft at a list price of more than $5 billion.
- Financial Times: Hargreaves Lansdown, the online funds supermarket, has signed up 30,000 new customers in the past three months to close the quarter just shy of 1 million active clients.
- Financial Times: Jupiter Fund Management has increased its assets under management by almost a fifth this year, as the UK investment group’s expansion into bonds and new markets pays dividends.
- The Daily Telegraph: Home furnishings retailer Dunelm has attempted to comfort investors with a surge in sales just two months after abruptly parting ways with its chief executive and an earlier warning that profits will be lower this year.
- The Daily Telegraph: Mondi warned on Wednesday that its full-year profits would be hit by rising costs and negative foreign currency movements, sending shares across the sector lower.
- Daily Mail: Successful partnerships with rivals and a popular advertising campaign saw sales at fashion retailer Quiz soar.
- The Daily Telegraph: Recruitment firm Page Group has blamed a further drop in profit in its UK business on lethargy in the market as firms put off decision making.
- The Times: Provident Financial could fail to meet its debt obligations on time and to pay a misselling fine of more than £200 million, analysts have warned.
- The Daily Telegraph: Booths, the so-called "Waitrose of the North", has inked a deal with Amazon Fresh that will see the upmarket grocer's product become available for southern shoppers for the first time.
- The Times: Leading brands should be made responsible for labour market abuses further down their supply chain, including minimum wage violations, even if they do not directly employ the workers involved, MPs have been told.
- Financial Times: BNP Paribas is to stop doing business with companies whose primary activity involves oil and gas extracted from shale deposits or tar sands in one of the most aggressive steps so far by an international bank to reduce exposure to fossil fuels.
- Financial Times: Hong Kong’s markets watchdog is investigating 15 banks and securities firms for “substandard work” on initial public offerings (IPOs), broadening a probe that has already shamed UBS and Standard Chartered for their role in a 2009 flotation.
- Financial Times: Alibaba will invest $15 billion in research and development labs and hire a hundred scientists across the tech nexus of the US, China and Israel as it strives to build its clout in artificial intelligence.
Share tips, comment and bids
- The Daily Telegraph (Questor share tips): Tesco is quietly transforming itself – and investors don’t seem to have noticed.
- The Times (Tempus share tips): HOLD Jupiter Fund Management; BUY Mondi.
- Financial Times: Kroger is considering selling its $4 billion convenience store business, as it looks to shore up resources to do battle with Jeff Bezos’s Amazon in the US grocery sector.
- Financial Times: Deltic Group, which runs nightclubs under the Pryzm, Bar&Beyond and Atik brands, failed to make a formal offer for Revolution Bars before a “put up or shut up” deadline last night.
- The Daily Telegraph (Comment): The business stories themselves might change, but the factors that shape them remain very much the same.
- Financial Times (Lex): US stocks: the president lauds the market rally, but gains are typical in the first year.
- Financial Times (Lex): Kobe Steel: potential fines, lawsuits and car recalls worry investors.
- Financial Times (Lex): Bawag: the restructured bank could teach German peers about cost-cutting.
- Financial Times (Lex): Smith & Nephew: change of chief and an activist investor may presage corporate activity.
- Financial Times (Lex): Neil Woodford: betting against the star fund manager is unlikely to work in the long term.