Tuesday newspaper round-up: EU Treaty, Pfizer, Black Friday

George Osborne, Britain’s chancellor of the exchequer, will on Tuesday set out for the first time the UK’s demands for EU treaty change to protect its economy, taxpayers and the City of London in a two-speed Europe. After months of diplomatic shadow boxing, Mr Osborne will use a speech in Berlin to set out in detail how Britain wants a new EU settlement to enshrine the rights of non-eurozone countries in the 28-member club. – Financial Times

Pfizer approached GlaxoSmithKline about a possible takeover in recent weeks but was rebuffed before confirming its talks about a possible bid for Allergan last week. Three people familiar with the matter told the Financial Times that Pfizer had looked seriously at GSK as a potential target but the US group’s overtures received a cool reception from GSK and the talks are now dead. Ian Read, Pfizer chief executive, has since decided to focus on a deal with Dublin-based Allergan as he seeks a large “inversion” deal to lower the company’s tax rate through a foreign acquisition.- Financial Times

Major companies convicted of corporate manslaughter will face fines of up to £20m under new sentencing guidelines. The guidelines, to be unveiled by the Sentencing Council on Tuesday, suggest that judges should impose fines in relation to the size of the convicted organisation. Under the Corporate Manslaughter and Homicide Act 2007, there is no upper limit on penalties. The £20m fine level will be for firms with an annual turnover of more than £50m, and up to £10m for fatal health and safety offences. – Guardian

The voluntary living wage has increased further above the compulsory national rate being brought in next year. The living wage, set annually by the Living Wage Foundation and based on the cost of living in the UK, has increased by 40p to £8.25 an hour outside London and by 25p to £9.40 an hour in the capital. – Guardian

Better job prospects, rising wages and a more stable economy will drive a five year wave of activity in home sales and a surge in house price growth, especially in the South East of England. Analysts at the property group JLL have predicted that the cost of the average home in the South East will increase by 26.4pc by 2020, the fastest rate of growth of any region of the UK. The value of the average home in the sought after, but supply stricken, South East is currently £256,737, rising to £324,540 in five years time. – Telegraph

Retailers are in for an early boost as Black Friday sales drive bargain hunters to the shops, but this will come at the expense of trading later in the festive period. Footfall on Black Friday, an American import that is the biggest shopping day of the year and falls on November 27 in 2014, is expected to be 11.5pc higher than last year. – Telegraph

British banks are set to pocket well over a billion pounds in cash after the UK-based Visa Europe agreed to be taken over by its American sister organisation Visa Inc for up to €21.2 billion. Barclays said that it was booking an initial profit of £400 million on the deal, which reunites the European division of the plastic card network with the US body responsible for operations in the rest of the world. – The Times

Thomas Cook was more concerned with profits than looking after the family of two children who died on holiday in Corfu, according to a damning report. The company is accused of being uncaring in dealing with the deaths of Bobby and Christi Shepherd, aged six and seven, in 2006. – The Times