Wednesday newspaper round-up: Shell, Morrisons, steel industry

Royal Dutch Shell is to take a $2bn writedown after cancelling its Carmon Creek project in the oil sands of western Canada, saying the decision was partly a result of a shortage of pipeline capacity in the region. It will also write off 418m barrels of oil from its reported proved reserves, about 3 per cent of its worldwide total at the end of last year. – Financial Times

David Cameron will use a summit with Nordic and Baltic leaders in Iceland on Wednesday to take on eurosceptics who argue that Britain should leave the EU and adopt a “Norway-style” trading relationship with the bloc. Mr Cameron believes campaigners advocating Brexit use flawed arguments about the benefits to Britain of withdrawing from the EU while trying to maintain its influence in the continent’s internal market. – Financial Times

Thousands of former and present staff at Wm Morrison are to sue the supermarket group in a class action after their personal and financial information was leaked online. In a test case that has been billed as Britain’s “biggest claim for breach of data security”, more than 2,000 people are alleging that Morrisons was ultimately responsible for serious breaches of privacy, confidence and data protection law. – The Times

The steel industry was offered emergency aid last night after MPs were told that the industry was “bleeding” and “likely to die”. About 4,000 workers have lost their jobs in recent weeks, with about 1,700 in danger in the West Midlands, as steelmakers grapple with global oversupply, cheap Chinese imports, green taxes and a strong pound. – The Times

Europe could soon be swamped with cheap sugar – including fructose, which is blamed for fuelling the US obesity epidemic – because of the planned liberalisation of the sugar market, experts have said. The market reforms take no account of their likely impact on health or their potential effect on those on the lowest incomes, according to Emilie Aguirre and colleagues from Cambridge University writing in the British Medical Journal. - Guardian

Volkswagen’s new boss will accompany Angela Merkel, the German chancellor, as she flies to China on Wednesday on a charm offensive to promote the nation’s trading interests, aiming to limit the damage caused from the diesel emissions scandal. Matthias Müller will be a key member of the German business delegation, with car exports accounting for about one third of the country’s €75bn (£54bn) in annual exports to China. - Guardian

The Home Office will award EE a controversial contract worth hundreds of millions of pounds to replace the bespoke radio network used by Britain’s police, paramedics and firefighters with standard mobile phone service, sources have revealed.

The mobile operator is poised to clinch the landmark deal as the Competition and Markets Authority (CMA) is on Wednesday due to publish its decision on BT’s £12.5bn takeover of Britain’s biggest mobile operator. The watchdog is widely expected to approve the merger with only minor interventions to protect competition. – Telegraph

Britain has leapfrogged the US to become the top country in the G7 to do business, according to the World Bank. The UK moved up two places in its annual Doing Business report to become the sixth easiest place in the world for businesses to start and operate. - Telegraph