Tuesday newspaper round-up: Tariffs, taxes, tech, Brexit
Donald Trump has intensified his trade war with China by imposing new import tariffs of $200bn on Chinese goods arriving in the US from next week. The US president announced the tariffs in a statement, saying: “If China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267bn of additional imports.” - Guardian
The European Union is insisting on cast iron guarantees that Britain will not attempt to reopen the terms of any Brexit deal after it has been signed, confidential diplomatic notes reveal. In a rebuff to Michael Gove, Brussels is preparing to demand that Theresa May makes “credible” assurances that any deal will not be unpicked by her successor. - The Times
Four American multinational drug companies underpaid an estimated £124 million of tax a year in Britain, according to Oxfam. An analysis of the accounts of Pfizer, Johnson & Johnson, Merck and Abbott by the charity found the companies appeared to be avoiding £2.9 billion a year in taxes in nine advanced economies, including the UK. - The Times
The Treasury will lose more than £100m for every year that it postpones curbs on bookmakers’ fixed-odds betting terminals (FOBTs), according to a report from the Centre for Economic and Business Research. The government has agreed to slash the highest-permitted stake on FOBTs from £100 to £2 after concluding that they are a “social blight”, but it is considering postponing the change until 2020. - Guardian
Taxes should rise to pay for the government’s £20 billion gift for the NHS, the International Monetary Fund has said as it urged Britain not to take a chance with the public finances. Britain’s national debt remains “relatively high” and bringing it down “is important to create buffers that will allow the public finances to weather future shocks”, the world’s financial and economic watchdog said in its annual health check on the UK economy. - The Times
Michel Barnier has backed Spanish plans that would force Gibraltar to end its status as an offshore tax haven after Brexit. After talks with Pedro Sánchez, the Spanish prime minister, Europe’s chief negotiator said that he would offer “all his support to Spain” in its demands for changes to how Gibraltar operates. - The Times
Twelve million people in Britain have been harmed by social media and the internet because online firms like Facebook and Twitter escape regulation, the broadcasting watchdog Ofcom will warn on Tuesday. Sharon White, the regulator's chief executive, will reveal research showing that one in five people in the UK have experienced harmful content or conduct ranging from bullying and harassment to fraud and violence. - Telegraph
Santander, the Spanish banking group, is reported to be in talks to buy the City stockbroker Peel Hunt. A senior industry figure said the deal would give Santander access to a profitable business with a strong platform in London and high-profile corporate accounts. - The Times
High gas prices have triggered a resurgence in electricity generation from coal as it becomes the cheaper option. Britain could see its first increase in carbon emissions in six years if coal-fired power plants continue to undercut gas ones, according to Imperial College London.
US activist investor ValueAct has doubled its stake in British gene-editing specialist Horizon Discovery after agreeing a deal to buy the shares from Neil Woodford. ValueAct now owns nearly 10pc of Horizon, with Mr Woodford's stake trimmed to 18pc. - Telegraph
Vodafone is considering offloading more than 50,000 mobile phone masts to reduce its debt pile, its new chief executive has revealed. Nick Read, who will succeed Vittorio Colao next month, said that it could sell a stake in its European towers business. He added that he was also considering “a potential IPO in New Zealand”. - The Times
Saudi Arabia's sovereign wealth fund is investing more than $1bn (£760m) in US electric car company Lucid Motors, after plans to take Tesla private collapsed earlier this year. The Public Investment Fund (PIF) said the money would help Lucid to launch its first commercial electric vehicle, called the Lucid Air, in 2020. - Telegraph
Kweku Adoboli, the banker convicted of the UK’s biggest fraud, has been given a last-minute reprieve from deportation as a judge awarded a judicial review of his case. Adoboli, 38, was found guilty in 2012 of fraud that lost his employer UBS $2.3bn (£1.8bn), and he was due to be deported to Ghana on Tuesday. - Guardian
The holding company of what remains of Yahoo is to settle claims following a 2013 data breach for $47m (£36m), five years after the cyber attack saw details of 3 billion users stolen. Altaba, a holding company made up the parts of Yahoo not bought in Verizon's acquisition of the internet company, said it had agreed to settle a consumer class action litigation following the data breach. - Telegraph
The number of dirty diesel vehicles pumping out toxic emissions on Europe’s streets is still rising three years after the Dieselgate scandal began, according to a new report. More than 7m such cars and vans remain on UK roads alone. - Guardian
Investment from Asia is pouring into the City of London property market, with the amount spent on office blocks by South Koreans about to reach a record high. They are expected to have invested £3 billion by the end of this year, according to Savills, the property consultancy, making them the largest foreign buyers. - The Times
No one struts down a catwalk quite like Naomi Campbell. And, legal experts argue, anyone who tries should find themselves accused of breaching her copyright. - The Times
The only group that prepares Britons for cryogenic freezing has overturned a decision to remove it from the charity register after criticism of its handling of the body of a 14-year-old girl. The Human Organ Research Preservation Trust said a tribunal’s ruling that it is a genuine charity was an important step in establishing cryonics as a “legitimate field” of work. - The Times