Thursday newspaper round-up: Electric cars, Vodafone/Three, Joules

Several of the world’s biggest carmakers lobbied the UK government to try to weaken or delay rules to accelerate electric car sales and cut Britain’s carbon emissions. Toyota, Jaguar Land Rover (JLR) and Nissan were among the companies to ask for delays in enforcement of the zero-emission vehicle (ZEV) mandate that obliges them to sell increasing proportions of electric cars or face heavy fines, according to documents seen by the Guardian. – Guardian

The bosses of Britain’s biggest companies will have made more money in 2024 by Thursday lunchtime than the average UK worker will earn in the entire year, according to analysis of vast pay gaps amid strike action and the cost of living crisis. The High Pay Centre, a thinktank that campaigns for fairer pay for workers, said that by 1pm on the third working day of the year, a FTSE 100 chief executive will have been paid more on an hourly basis than a UK worker’s annual salary of £34,963, based on median average remuneration figures for both groups. – Guardian

Depressed UK share prices have led to more foreign buyers acquiring London-listed companies, according to a top City broker. Peel Hunt said there was a surge in overseas acquirers taking advantage of cheap British stocks last year, which sparked a rise in takeover premiums. The proportion of buyers from overseas rose to 55pc in 2023, breaking the long-run trend of a 50/50 split between UK and non-UK buyers. – Telegraph

Labour shadow ministers are pressing the government over national security risks from the £18 billion merger between Vodafone and Three in the UK. The proposed combination of Vodafone and Three, owned by the Hong Kong-listed conglomerate CK Hutchison, would create Britain’s biggest mobile network. However, it has triggered an initial investigation by the Competition and Markets Authority and is subject to government approval under the National Security and Investment Act. – The Times

The taxman is expected to be repaid £5.9 million in overdue VAT after the collapse of Joules. The fashion and lifestyle brand is seeking to repay its creditors and the sale of its assets is said to be on course to deliver a full repayment of tax due to HM Revenue & Customs. Joules called in administrators when it failed to secure a refinancing in November 2022, putting about 1,600 jobs at risk. The company had hoped to raise equity and to cut its rental bill using a company voluntary arrangement before appointing Interpath to find a buyer for the business. - The Times