Monday newspaper round-up: Pensions, Anglo American, China

Boris Johnson’s pensions tsar has warned that the National Health Service faces a half-trillion-pound pension deficit and urged the government to tackle generous public sector retirement packages that have become unaffordable. In a report to the Treasury being submitted today, Edi Truell, the millionaire City financier who was appointed last month to advise the mayor of London on pensions and investments, said that the cost to the taxpayer of funding the retirement of 1.3 million former and present NHS staff was close to topping £500bn. - The Times

The biggest shareholder in Anglo American has suggested that it may accept a cut in the company’s dividend, the first since payments were suspended in 2009, as the mining industry wrestles with continuing low commodity prices. There was speculation in the summer that Anglo’s half-year payment could be reduced, but in the event it was maintained. The dividends cost the company $1bn a year. - The Times

House sales are rising at an explosive pace in China across most regions of the country as stimulus measures kick in and the Communist authorities launch yet another cycle of credit growth. Fresh data collected by JL Warren Capital show that sales of existing homes surged by 115% from a year earlier in the second week of September, rising to 135% for the so-called 'tier two' group of mid-to-large size cities. - The Daily Telegraph

George Osborne has urged Chinese leaders to press on with economic reforms as he played down fears that China’s recent stock market turmoil and economic slowdown will endanger the global economy. Speaking on Sunday the chancellor insisted that even with its economy slowing, China would continue to be “a massive source of growth going forward”. - The Guardian

Cenkos is canvassing opinion among investors for a change of management at the top of Debenhams and the ousting of the chairman. Sources close to the City broker have indicated that it is acting on behalf of institutions that own upwards of 20% of the department store chain, although this could not be confirmed over the weekend. One source claimed that Nigel Northridge had been “asleep at the wheel for some time”. - The Times

The average price of a house in Britain is set to reach a staggering £300,000 by the end of the year, if price growth in the property market continues at its current pace, new research has revealed. Rightmove’s House Price Index showed the average house price hit a new national high this month amid a supply shortage. The increase of £2,550 to £294,834 is the biggest September rise in 13 years, and if property prices continue to rise at this astounding rate, property coming to the market will have a price tag of £302,484 by December. - The Daily Telegraph