Wednesday newspaper round-up: Facebook, Post Office, steelmakers

Sheryl Sandberg of Facebook is set to urge Europe to create a “pro-innovation” environment unhampered by “poorly designed regulation,” in the latest warning from Silicon Valley that the continent is cutting itself off from the digital revolution. Speaking to the Financial Times before the annual gathering of the world’s political and business elite at the World Economic Forum in Davos, Ms Sandberg urged policymakers to avoid impeding “progress”, such as by adopting laws that block Silicon Valley’s innovations. – Financial Times

As George Osborne arrives in the Swiss ski resort of Davos this week for the World Economic Forum’s annual conference, the question of who can run the Financial Conduct Authority will weigh on his mind. Last year was an annus horribilis for the UK’s financial regulator and life has not improved so far in 2016. – Financial Times

More than 400 jobs could be at risk after the Post Office announced plans to transfer the running of nearly 40 crown post offices into private hands and close three more. The government-owned service told staff on Tuesday that it planned to close three branches in Belfast and Antrim in Northern Ireland and Barry in south Wales, and is seeking to transfer 39 outlets to franchise agreements with firms such as WH Smith. – Guardian

The crisis engulfing British steelmakers has deepened, after SheffieldForgemasters unveiled plans to cut up to 100 jobs. The proposal prompted fresh criticism of the government’s response to the steel industry’s decline, just a day after Tata Steel announced plans to cut 1,050 jobs. In a statement, the company said it would consult on “up to 100 redundancies across all its divisions”. Founded in 1805, Sheffield Forgemasters has nearly 800 staff. - Guardian

The global financial system has become dangerously unstable and faces an avalanche of bankruptcies that will test social and political stability, a leading monetary theorist has warned. "The situation is worse than it was in 2007. Our macroeconomic ammunition to fight downturns is essentially all used up," said William White, the Swiss-based chairman of the OECD's review committee and former chief economist of the Bank for International Settlements (BIS). – Telegraph

India could come to the rescue of the City of London, sending more business to the UK even as growth in the Chinese economy slows down. Grandees and businesses are helping India develop key parts of its financial market, and hope the closer ties will encourage Indian firms and state bodies to do more business in the UK. – Telegraph

One of KPMG’s top UK advisers has quit the accountancy group after being charged with offences relating to a film finance scheme that is alleged to have enabled its wealthy backers to avoid millions of pounds in tax. Patrick McCoy, the head of investment advice and fiduciary management at KPMG, stepped down days after being named as one of ten people facing criminal charges for allegedly cheating the taxman. – The Times