Monday newspaper round-up: Rolls-Royce, shoppers, steel, minimum wage

Warren East, Rolls-Royce’s chief executive, has flagged new risks to the performance of the aerospace group’s diesel engine business — the only division to have so far escaped a downgrade in the past five profit warnings. Speaking in an interview with the Financial Times, Mr East voiced “disquiet” about trading conditions in the unit that supplies power systems for the mining and offshore oil industries. – Financial Times

Christmas shoppers have been snapping up festive bargains, as retailers slashed prices to cope with tough trading conditions. At Oxford Circus on Sunday, throngs of consumers exiting the tube station to the sound of steel drums playing Jingle Bells, were greeted by a forest of sale signs and discount tags. – Guardian

The UK government reacted too slowly to the crisis in the steel industry that has caused more than 5,000 job losses and left the sector permanently damaged, a parliamentary committee has said. Although the government viewed the steel industry as important, it did not respond to warning signals about its mounting problems, which included reduced demand, falling prices and dumping of cheap steel by China, according to a report backed by all MPs on the business, innovation and skills committee. – Guardian

Sky-high business rates and energy taxes helped doom the SSI steel plant in Redcar, according to MPs who are demanding the government chops the taxes if the country is to maintain this manufacturing industry. Business rates are five- to seven-times higher than those faced by UK firms’ European competitors, while manufacturers in Germany pay only half as much for their energy. – Telegraph

Train companies face a potential investigation into refunds they pay to passengers for delays amid calls to make it easier for consumers to claim compensation. Consumer watchdog Which? has filed a so-called super-complaint with the Office of Rail and Road calling on the regulator to investigate refunds, which the majority of companies offer to passengers if their service is at least 30 minutes late. – Telegraph

Employers are threatening to cut staff numbers, reduce working hours and end bonus schemes to cover the cost of what they claim are sharp increases in the minimum wage. In the first detailed survey of members of the CBI, the employers’ body, since the chancellor detailed plans to move to a national living wage, bosses warn that an increase in wages for its lowest-paid staff will also mean an increase in prices for customers. – The Times

The French company that helps to run several of London’s commuter rail routes is looking to operate the capital’s Boris bike scheme. A tender to operate the cycle hire scheme from 2017 has just been opened by Transport for London. The competition will put pressure on Serco, the incumbent since the contract opened in 2010. – The Times