Wednesday newspaper round-up: Tiger, Citigroup, Societe Generale

The chairman of one of Britain’s fastest-growing high street chains is one of the 79 per cent of retailers who favour staying in the European Union, according to a poll. Vagn Sorenson, chairman of Tiger, the cut-price general merchandise chain, said that Brexit would lead to uncertainty, reduce inward investment and make it more difficult to hire foreign workers. – The Times

Mistakes by energy suppliers led to nearly four million customers being overcharged by a total £270m last year. The blunders cost energy consumers £72 each, according to new research from independent price comparison and switching service uSwitch.com. – City AM

The private equity tycoon Guy Hands reopened old wounds from the financial crisis at the High Court today, beginning a new claim against Citigroup for more than £1.5bn over his calamitous buyout of the record label EMI. In opening arguments of a trial expected to last six weeks, Terra Firma, Mr Hands’ firm, alleged that senior Citi investment bankers told a string of lies that duped it into pressing ahead and overpaying for EMI as the global financial system tipped toward catastrophe in mid-2007. – The Telegraph

A French tribunal has ordered Société Générale to pay €450,000 in damages for unfairly firing the rogue trader Jérôme Kerviel, whose unauthorised trades spiralled into massive losses in 2007 and 2008 and almost bankrupted one of Europe’s biggest banks. Kerviel, 39, whose deals lost the bank €4.9bn (£3.82bn), sued for wrongful dismissal and the tribunal agreed. It ruled he was fired “without real or serious cause” and that the bank had full knowledge of his shady dealings long before he was fired in 2008. – The Guardian

Crude oil closed at fresh highs for 2016 on Tuesday as traders zeroed in on prospects of a fall in bloated inventories and strong fuel demand. Brent crude settled at $51.44 a barrel, up 1.8 per cent on the day and the highest close since last October. The US oil benchmark, West Texas Intermediate, climbed 1.4 per cent to settle at $50.36 a barrel, its first close above $50 since July 2015. – The Financial Times

Britons will have more choice in the biscuit tin if Turkey’s Yildiz, owner of McVitie's biscuits and Godiva chocolates, succeeds in an ambition to serve up new cake and cookie varieties by consolidating its confectionery operations into a new UK-based company. Pladis, as the company will be known, is to be based in London with a view to a flotation on the London Stock Exchange in four years' time, said Ali Ulker, vice-chairman and nephew of Murat Ulker, the confectionery mogul ranked by Forbes magazine as Turkey’s richest man. - The Financial Times

Drivers of diesel cars could face major tax rises to help tackle air pollution, it emerged on Tuesday. Transport Secretary Patrick McLoughlin said Gordon Brown had made a mistake when as Labour Chancellor he slashed tax on diesel in 2001 to encourage motorists to switch from petrol cars. The aim was to reduce the risk of climate change because diesels produce much lower carbon dioxide emissions than petrol cars. - The Daily Mail

Royal Dutch Shell announced plans yesterday to leave up to ten countries and cut billions of dollars in spending as it presses ahead with its £35 billion takeover of BG Group in the face of sharply lower oil prices. The Anglo-Dutch oil giant, which is battling to maintain its dividend payout, said it aims to cut overall spending by a third to $25bn to $30bn - The Times