Tuesday newspaper round-up: UK start-ups, exports, interest rates, China data

Chinese investors are on the hunt for the UK’s next unicorns — start-ups that reach a $1bn valuation — with the launch of a £500m, London-based venture capital fund to invest in European technology companies. Launched by Cocoon Networks, a Chinese investment firm backed by private equity companies China Equity Group and Hanxin Capital, the UK and China High Tech Fund will seek out businesses that could be successfully imported back home. – Financial Times

It was the Christmas when the puddings were laced with cognac, not brandy, and when we swapped sausage rolls for salmon and scallop tarts. Three weeks after the key festive trading season, a clear picture has emerged of British families, bored of austerity, starting to treat themselves a little. WM Morrison, the supermarket chain, sold 26 per cent more smoked salmon than a year earlier. J Sainsbury said sales of its gourmet “Taste the Difference” range were up 18 per cent. – Financial Times

The Government’s ambition of doubling UK exports to £1 trillion by 2020 is a “big stretch”, Lord Maude admits. He said UK Trade and Investment, the Government’s trade arm, was “too insulated” from the rest of Government and must work more closely with other departments to promote UK Plc abroad. Various trade bodies and business groups have in the past warned the Government is in danger of missing the target set by George Osborne in 2012. – Telegraph

Britain's biggest motor insurers have joined forces to respond to the rise of driverless cars, as the technology threatens to turn their industry upside down and hit profits. Direct Line, Aviva and Admiral are among the 11 companies behind a newly-created group that plans to represent the insurance industry as the Government decides how to prepare for the onset of self-driving technology on Britain’s roads. – Telegraph

The prospect of ultra-low interest rates persisting for years to come has been conjured up by a leading Bank of England policymaker after a further fall in oil prices and shares in London sinking to their lowest level since late 2012. Gertjan Vlieghe, one of the nine members of Threadneedle Street’s monetary policy committee, the body that sets the official cost of borrowing, said debt, demographics and distribution of income could all depress interest rates. – Guardian

The appetite of western consumers for home furnishings has reached its peak – according to Ikea, the world’s largest furniture retailer. The Swedish company’s head of sustainability told a Guardian conference that consumption of many familiar goods was at its limit. – Guardian

China released a feast of stats today, from 30 million tonnes of eggs laid in 2015 to booming online retail sales, up 33.3 per cent last year, but the headline figure proved less appetising. GDP growth of 6.9 per cent in 2015 met Beijing’s target of “about 7 per cent”, yet also marked the slowest full year growth for 25 years. The slowdown in the world’s second largest economy, obvious for several quarters, continued as weak trade and consumer spending dragged fourth quarter growth down to 6.8 per cent, the lowest since the aftermath of the financial crisis in 2009. – The Times

Opec was on the verge of claiming victory over its North American rivals last night after its strategy of squeezing out the shale industry by flooding the markets with oil appeared to be vindicated. The oil producers’ cartel said that falling prices would force lower production from its rivals by the end of this year, with American and Canadian producers particularly affected. – The Times