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Thursday newspaper round-up: Brexit impasse, energy cap, house prices, BP

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Thursday newspaper round-up: Brexit impasse, energy cap, house prices, BP

Thu, 31 August 2017
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Thursday newspaper round-up: Brexit impasse, energy cap, house prices, BP

(ShareCast News) - The UK has told EU negotiators their sums on the Brexit bill do not add up, as talks on Britain's separation from the bloc hit deadlock. Tensions boiled over in Brussels as the EU accused Britain of failing to reveal its hand on the financial settlement. - Guardian
...EU Brexit negotiators were left "flabbergasted" after their British counterparts launched a legal deconstruction of the so-called "Brexit bill" Wednesday as the Brussels talks headed for an increasingly acrimonious impasse, EU sources have revealed. British negotiators spent three hours launching a painstaking, line-by-line rebuttal of the EU's demands for €100bn divorce settlement to the barely concealed fury of EU negotiators. - Telegraph

An energy price cap for two million of the most vulnerable households will be fast-tracked into place by January, under Ofgem plans to be unveiled within weeks. The industry regulator has told companies that it will press ahead with the idea and may also extend the cap to cover hundreds of thousands more households as it battles criticism that it is failing to protect customers. - The Times

UK house prices could be 20 per cent lower by 2030 once adjusted for inflation, according to analysts at Nomura. George Buckley, an economist at the bank, said that although prices have risen rapidly mortgage payments have dropped, meaning that affordability in the housing market has remained in line with the long-term average. - The Times

Total and BP suffered a fresh setback in their efforts to drill for oil near the mouth of the Amazon river after Brazilian regulators rejected their latest environmental assessment. The oil companies were awarded exploration rights in 2013 to drill in the Foz do Amazonas basin off Brazil, which could contain up to 14 billion barrels of oil. - The Times

Representatives of small companies affected by Royal Bank of Scotland's restructuring unit have demanded that the Financial Conduct Authority publishes a report into the scandal. The SME Alliance has written to Andrew Bailey, the FCA's chief executive, claiming that victims of the bank's Global Restructuring Group (GRG) are being denied justice because of the "secrecy" attached to a report commissioned by the regulator more than three and a half years ago. - The Times

The tax authorities are chasing large businesses for £24.8 billion of potential underpayments, £3 billion more than last year, as they step up efforts to close loopholes and stamp out avoidance. Investigations by the large business directorate at HM Revenue & Customs (HRMC) have identified the sum as tax that might be recovered from previous years. Similar work has brought in £53 billion that would have otherwise gone unpaid since 2010, HMRC said. - The Times

Syndicates of Lloyd's of London insurance market have filed a countersuit to Kanye West's claim that he was owed $10m after canceling his tour last year, saying it found "substantial irregularities" in the rapper's medical history. The counterclaim was filed in federal court in Los Angeles on Tuesday and said West's Very Good Touring Inc had failed to cooperate in the insurance company's investigation into the claim for cancelled concerts, according to the court documents. - Guardian

A former Obama administration official says he believes the Trump administration has given Australia tacit approval to move ahead with the Trans-Pacific Partnership, despite the president disavowing and dumping the agreement as one of his first acts in office. Matthew Goodman, who served as White House coordinator for Asia-Pacific Economic Cooperation (Apec) and the East Asia Summit in the previous administration, told Guardian Australia he believed the Trump administration had given Australia licence to "just keep the seat warm for the United States". - Guardian

The online gambling sector is hoping to develop an industry-wide framework to help companies identify potential problem gamblers and, crucially, look at ways to intervene before their wagering gets out of control. The move comes after research commissioned by the charity Gamble Aware and carried out by PwC showed data that gambling companies already have can help them identify potential problem gamblers before they develop a serious issue. - Telegraph

A British man accused of being behind cyberattacks on Lloyds Bank and Barclays earlier this year has been extradited from Germany to face charges in the UK. Daniel Kaye has been accused of launching attacks on both Lloyds and Barclays banking services, and of blackmailing both of the high street banks. - Telegraph

The new boss of Uber has told staff that the company should go public in the next 18 to 36 months. Dara Khosrowshahi, the incoming chief executive, was addressing staff for the first time since his appointment this weekend at the company's headquarters in San Francisco. - The Times

Nanomachines which can drill into cancer cells, killing them in just 60 seconds, have been developed by scientists. The tiny spinning molecules are driven by light, and spin so quickly that they can burrow their way through cell linings when activated. In one test conducted at Durham University the nanomachines took between one and three minutes to break through the outer membrane of prostate cancer cell, killing it instantly. -Telegraph

US regulators approved the first cancer drug that uses a patient's own cells to fight cancer. But the drug is priced at $475,000. Oncologists described the drug, made by Novartis and marketed as Kymriah, as revolutionary, but critics worried the first-of-its-kind cancer treatment could usher in a new class of ultra-expensive medications. - Guardian