Thursday newspaper round-up: Pensions, tax avoidance, EDF

Pressure is growing on the government to let companies water down their pension promises to millions of workers, as rising inflation threatens to push up the cost to employers. A report by the trade body for 1,300 schemes — including those of Tesco, British Airwaysand Marks and Spencer — has said that allowing salary-linked pensions to pay less generous inflation rises could help keep them solvent. – Financial Times

The European commission will redouble its crackdown on multinational tax avoidance with the relaunch of proposals to create an overarching corporation tax regime across all member states. The proposed legislation would subject companies to a single set of rules for calculating their taxable profits, according to a draft seen by the Guardian. It would be compulsory for corporations with annual turnover of more than €750m (£670m) and which are tax-resident in a European country. – Guardian

The Pensions Regulator is unlikely to find strong legal grounds to demand Sir Philip Green put more money into the BHS pension scheme, an industry expert has warned. “None of the documents that have been published on BHS show a smoking gun,” said John Ralfe, an independent pensions expert who acted as an adviser to MPs in their inquiry into the demise of BHS. “If the regulator decides it has a weak legal case it won’t pursue legal action.” – Guardian

Top businesses have spoken out about the damage that a heavy-handed government clampdown on foreign takeovers is likely to inflict on the UK’s interests at home and overseas. Corporate giants including Rolls-Royce and Samsung have expressed their fears that new powers to block foreign bids will be at the heart of Theresa May’s pledge to create “a proper industrial strategy to get the whole economy firing”. – Telegraph

Google has signed a deal with CBS to provide channels for its planned online TV service, according to reports, and is in “advanced talks” with Disney and Fox to broadcast their shows too. The big-name deals, first reported by Dow Jones, would be a major boost to Google as it seeks to launch a service called Unplugged next year. - Telegraph

The company building Britain’s first nuclear power station for 21 years has been ordered to shut down five more reactors in France for emergency tests. The order from the French Nuclear Safety Agency is a further blow to the finances and reputation of EDF, the state-owned company behind plans to build an £18 billion nuclear power plant at Hinkley Point in Somerset. – The Times

The “punishingly complex” tax system is holding back private companies, according to the Institute of Directors and a group of entrepreneurs, investors and accountants. In a letter to The Times, business leaders say that Britain’s tax system “does not sufficiently distinguish between [small and medium-sized businesses] and multinationals or recognise the impact of small businesses on job creation”. – The Times