Thursday newspaper round-up: Nissan, British American Tobacco, TSB

The future of Britain’s largest car plant, Nissan in Sunderland, is under threat in an increasingly toxic row between the Japanese company and the French government. More than 7,000 jobs are at risk, as well as hundreds more at Nissan’s design facilities in Paddington, central London, and its engineering centre in Cranfield, Bedfordshire, should Paris go ahead with plans to take control of more than 30% of Renault. - The Times

The chairman of British American Tobacco has denied that non-executive directors failed to act over claims that the cigarette maker bribed African officials. Richard Burrows, who has been the company’s chairman since 2009, said: “I can assure you that the board takes very seriously its role in establishing appropriate systems of corporate governance and, through our committee structure, reviewing its internal control systems, governance framework and issues that arise.” - The Times

Staff at TSB are still under pressure to sell products to hit targets despite the challenger bank’s promise to focus on customer satisfaction instead of sales, according to a union survey. TSBU found 59% of retail staff surveyed said they were under pressure to sell, while 53% said their performance was judged only on sales. The bank, which was spun off from Lloyds Banking Group in 2014 and bought by Spanish group Banco Sabadell earlier this year, formally scrapped sales targets to show it was a customer-focused company. - The Daily Telegraph

The European commission is to open a state aid investigation into suspected sweetheart tax arrangements enjoyed by McDonald’s in Luxembourg. The Luxembourg tax affairs of Europe’s largest fast food chain have already been subject to considerable scrutiny, attracting a French tax office investigation in 2013 and a critical report this year from a coalition of union groups. Brussels officials have been reviewing this report and gathering further preliminary evidence since March. - The Guardian

Oil prices have slumped to their lowest level in five years as Opec leaders gather in Vienna to set prices for the year ahead.
Brent crude for January delivery fell 3.7% to $42.77 per barrel in London after US stockpiles surged in November. The US Energy Information Administration shocked markets - which had expected the level of oil to drop during the winter months - by reporting that the glut of oil in America increased by 1.2m barrels through to November 27 to reach 489.4m barrels, approaching its highest level on record. - The Guardian