Friday newspaper round-up: Brexit, Trump, energy firms, JP Morgan

Germany’s finance minister has set out a tough line on EU divorce talks with Britain on issues from tax breaks to exit costs, dashing Downing Street hopes Berlin would soften Europe’s stance on a UK departure from the bloc. Theresa May’s government has been looking to Germany, a net exporter to the UK, to temper French demands that Britain “pay a price” for its decision to leave. – Financial Times

Shinzo Abe has declared his trust and confidence in Donald Trump as the US president-elect’s first meeting with a foreign leader passed off successfully. Emerging from Trump Tower in New York after an hour-and-a-half meeting, Japan’s prime minister hailed the new president as a man he can do business with. – Financial Times

There is “no reason” for the Big Six energy giants to raise their standard variable tariffs this winter because their hedging strategies should insulate them from rising wholesale prices, leading analysts have said. Amid mounting speculation over a possible round of price rises, consultants Cornwall Energy said their analysis showed major suppliers should be able to hold off for several months – but warned that electricity price rises of up to 10pc before winter 2017-18 were highly likely. – Telegraph

JP Morgan is to pay $264m (£212m) to US authorities to settle charges the Wall Street bank breached anti-bribery laws by employing Chinese "princelings", the children of influential figures, to secure business worth more than $100m. Regulators have spent almost three years investigating whether hiring by the American firm overseas violated US the Foreign Corrupt Practices Act (FCPA). – Telegraph

The chief executive of Tesco has fired a fresh warning shot at multinational consumer brand owners, such as Marmite’s parent company Unilever, by asking them not to push currency-related price hikes on to British shoppers. In his first comments since last month’s “Marmitegate” stand-off, Dave Lewis said consumers should not be asked to pay “inflated prices” due to fluctuations in currencies, such as the post-referendum slump in the pound. – Guardian

The chancellor, Philip Hammond, should limit the impact of the Brexit vote on the economy by excluding public investment spending from his deficit reduction plans in his autumn statement next week, economists say. As the Treasury finalised tax and spending plans, economists warned that a black hole in government finances of more than £100bn could deter the chancellor from boosting infrastructure spending and leave the economy to cope with severe headwinds without extra support. – Guardian

The government has been urged to consider radical reform of how it commissions and finances infrastructure projects, amid concerns over the spiralling bill for high-speed rail and problems with building new homes and airport capacity. The Centre for Policy Studies said the authorities must consider issuing “project bonds” that would be sold to private investors to fund specific developments. It believes these would avoid the risk inherent in previous public-private schemes of what are, in effect, blank cheques backed by the taxpayer. – The Times