Tuesday newspaper round-up: ADS 'misled', IAG, Rio Tinto, oil prices

One of the world’s most powerful oil traders has warned that crude prices could fall sharply this week if ministers from Opec, Russia and other countries fail to extend a cut in global production. Ian Taylor, chief executive of Vitol, believes that officials from the Organisation of the Petroleum Exporting Countries, the club of 14 countries that pump one third of the world’s oil, and a handful of other exporter nations are likely to maintain an existing production cut for nine months until the end of 2018. - The Times

British Airways owner IAG has confirmed it is buying the majority of the Gatwick take-off and landing slots being sold by the administrators for fallen carrier Monarch. IAG, which also owns Iberia and Aer Lingus, said the price it was paying was "commercially confidential", although it is thought to have agreed a multi-million pound deal for the slots with KPMG, which took control of Monarch when it fell into administration in October. - Telegraph

Leading shareholders have forced Rio Tinto to backtrack on an offer for Sir Mick Davis to become the FTSE 100 group’s next chairman. It is understood that Sir Mick, who built Xstrata into one of the world’s largest mining companies, had been given the nod and introduced to the board of Rio Tinto, which mines everything from diamonds to uranium. - The Times

The chief executive of Sky has warned that society faces a “tsunami of harms” on the internet in a stinging attack on online giants such as Google and their lack of regulation. Jeremy Darroch said there are “serious questions over the veracity, safety and legality” of online content and called for the European Union to lead the world by introducing new rules that make the internet safer and more responsible. - Guardian

The prospect of Jeremy Corbyn becoming prime minister is a more serious threat to British business than Brexit, the investment bank Morgan Stanley has warned. Morgan Stanley told investors that another general election towards the end of 2018 was likely once Theresa May’s government realised it could not secure the Brexit deal it wants and the Conservative party began to fall apart, opening the door to Labour taking power. - Guardian

The amount of office development started in London in the last six months is at its lowest in three years as builders remain cautious on the state of the property market. Around 1.8m sq ft of offices across 25 buildings was started in the last six months, according to Deloitte’s latest Crane Survey, 21pc below the average. - Telegraph

House prices in the capital are now 14.5 times the earnings of an average Londoner, according to Hometrack, hitting the highest level on record. This is up from last year's high of 14 times average income, despite house price growth having slumped in London over the last 12 months. This year's level is 42pc higher than the long-term average over the last 15 years. - Telegraph

An area of Birmingham named the poorest place in the UK as recently as last year now has the fastest-rising property prices in the country, according to a report. Prices in the B16 postcode of the city, which covers the Ladywood area, rose by 17% in the 12 months to July, far outstripping any part of London, where the property market has cooled rapidly since the EU referendum. - Guardian

Furnishing tycoon Charles Wade has suffered his second blow in less than a week as furniture retailer Feather & Black has toppled into administration just five days after Multiyork collapsed. The quick succession of casualties has raised further fears about the health of the furniture retail sector which is suffering as consumers delay buying big-ticket items as household budgets are squeezed by the return of inflation. - Telegraph

The UK’s cheapest supermarket Christmas dinner will cost 18% more than it did last year, as the impact of inflation and Brexit-related commodity costs makes its way to the festive family table. The annual yuletide food survey by Good Housekeeping magazine found that the cost of the cheapest set-piece meal on Christmas Day – for 8 people and including 11 ingredients from turkey to fresh vegetables and cranberry sauce – had risen from £19.82 to £23.53, or from £2.48 a head to £2.94. - Guardian

One of Britain’s largest steel companies has pledged to more than quadruple its steel-making capacity in the UK over the next five years as it continues its break-neck expansion. Liberty House owner GFG Alliance has said it aims to increase its UK steel-making capacity to 5m tonnes a year from the current 1.1m tonnes in a strategy which could create hundreds of jobs. - Telegraph

Male employees at easyJet earn over 50pc more than their female colleagues on average, the budget airline revealed on Monday. Of those in the top pay bracket at easyJet, 89pc were male workers. Per hour, the airline's male employees earned 51.7pc more on average than female workers. - Telegraph