Tuesday newspaper round-up: UK power, Tesco, Google, OPEC

Mario Draghi has launched a staunch defence of the European Central Bank’s aggressive monetary easing, in a fresh bid to counter criticism of the policy. The ECB president signalled last week that his central bank was prepared to cut rates and expand its quantitative easing programme. He said policymakers would “review and possibly reconsider” their policy stance at their next policy meeting in March in the face of the slide in oil prices and China-led slowdown in emerging markets. – Financial Times

Tens of billions of pounds worth of investment in power stations, wind farms and other critical energy projects needed to guarantee reliable electricity supplies are in jeopardy because of a failure by ministers to reach key policy decisions, the CBI has warned. In a letter released today by the business lobby group, and seen in advance by The Times, it argues that Britain is facing the threat of a supply crunch because of a shortage of investment and uncertainty around the future subsidies available for low carbon power. – The Times

Shareholders in Royal Dutch Shell have begun casting their votes to approve its proposed £33 billion takeover of BG Group. The deadline for proxy votes expired at the close of business yesterday. Documents were sent to shareholders before Christmas after final approvals had been granted by Australian and Chinese regulators. - The Times

Tesco is to be reprimanded by the supermarket watchdog over its treatment of suppliers, dealing another blow to the reputation of Britain’s biggest retailer. The Groceries Code Adjudicator (GCA) will deliver a slap on the wrist to Tesco on Tuesday as it reveals the findings of a year-long investigation into allegations the company breached the industry code of practice by delaying payments to suppliers and demanding extra fees. – Guardian

MPs have launched an inquiry into the UK’s tax system after the government was accused of allowing Google to pay too little in a £130m deal. The House of Commons Treasury committee announced that it would examine whether a radical shakeup of corporation tax was needed, amid concern thatGoogle has been allowed to get away with an effective rate of 3%. - Guardian

The Opec oil cartel has issued its strongest plea to date for a pact with Russia and rival producers to cut crude output and halt the collapse in prices, warning that the deepening investment slump is storing up serious trouble for the future. Abdullah al-Badri, Opec’s secretary-general, said the cartel is ready to embrace rivals and thrash out a compromise following the 72pc crash in prices since mid-2014. – Telegraph

Slough is attracting new business at a faster rate than anywhere else in the UK, growing its corporate presence by 29pc in the five years to 2014. The Berkshire town is also the country's fastest-growing city. Its population ballooned by a fifth between 2004 and 2014, and Slough is one of three cities with productivity levels a third higher than the national average. - Telegraph