Wednesday newspaper round-up: Brexit, HSBC, Barclays, Paddy Power

Britain’s public finances are among the weakest in the world following the 2008 financial crash, according to a fresh assessment of government assets and liabilities by the International Monetary Fund (IMF). The Washington-based lender said a health check on the wealth of 31 nations found almost £1tn had been wiped off the wealth of the UK’s public sector – equivalent to 50% of GDP – putting it in the second weakest position, with only Portugal in a worse state. - Guardian

Theresa May is preparing to bind her cabinet into further compromises to her Brexit blueprint before European leaders meet next week. The prime minister will hold an extended discussion on Brexit at the cabinet meeting on Tuesday, the eve of her trip to Brussels, where she hopes to outline a compromise deal on the Irish border. - The Times

Allegations that its American division fraudulently mis-sold toxic mortgage products before the financial crisis have forced HSBC to agree a $765 million settlement. The US Department of Justice had claimed that the bank broke the law by misrepresenting to investors the quality of loans in residential mortgage-backed securities and its procedures for checking these loans. - The Times

President Trump renewed his criticism of the Federal Reserve last night, saying that the central bank was raising interest rates “too fast”. Mr Trump said: “I like to see low interest rates. The Fed is doing what it thinks is necessary, but I don’t like what they’re doing because we have inflation really checked and we have a lot of good things happening. I just don’t think it’s necessary to go as fast.” - The Times

Consumers should pay a tax on all payments to help foot the bill for compensating victims of fraud, a lobby group for banks has argued. UK Finance chief Stephen Jones told MPs on the powerful Treasury committee today that lenders should not always be on the hook for payouts when criminals trick people into transferring money into their bank accounts. - Telegraph

President Trump’s trade war with Beijing could help Britain’s banks to steal a march on their American counterparts in China, according to a senior director at Barclays. Sir Gerry Grimstone, chairman of Barclays’ ringfenced international bank, warned that the acrimonious dispute was part of “something very long term”. He added that “being British is probably a help”, as US companies braced for tighter Chinese market restrictions. - The Times

The Irish government has announced plans to double betting duties, which Paddy Power Betfair, the largest operator across the Irish Sea, estimated would increase its annual betting duty bill by £20m. Finance minister Paschal Donohoe said Irish turnover tax will rise from 1pc to 2pc for both retail and online bets from next year. Duties levied on gambling exchanges - where bookmakers match wagers between customers - will increase from 15pc to 25pc. - Telegraph

ITV has put its headquarters on London’s South Bank up for sale, scrapping plans to move back in after a now-shelved five-year redevelopment programme. The broadcaster has already vacated the building, which it has inhabited for more than 40 years, and now plans to stay put in what were meant to be temporary offices in Holborn, another area of the capital. - Telegraph

The chief executive of Unilever — who was criticised by shareholders for being disengaged during its botched attempt to relocate to the Netherlands — is tax resident in Switzerland. The Anglo-Dutch consumer goods company has denied that the arrangement limits the “number of days” that Paul Polman, 62, can work in the UK. - The Times

The boss of mining giant Eurasian Resources Group has defied the Serious Fraud Office by failing to answer a court summons in London. Benedict Sobotka, chief executive of ERG, did not attend the hearing at Westminster Magistrates Court, where he was accused of failing to turn up for questioning at the crime agency earlier in the summer. - Telegraph

Companies selling fossil fuels in Britain should face a steadily rising carbon tax to tackle climate change after Brexit, according to the former Labour chancellor Alistair Darling and the Conservative party grandee Michael Howard. In a cross-party campaign to ensure the government sticks to its commitment to cut carbon emissions after Britain leaves the EU, the two politicians said a tax should be introduced as soon as reasonably possible. - Guardian

The boss of Shell has said a huge tree-planting project the size of the Amazon rainforest would be needed to meet a tougher global warming target, as he argued more renewable energy alone would not be enough. Ben van Beurden said it would be a major challenge to limit temperature rises to 1.5C, which a landmark report from the UN’s climate science panel has said will be necessary to avoid dangerous warming. He said observers should not mistake headlines on the company’s forays into low-CO2 projects as a sign it was “going soft” on oil and gas. - Guardian

The number of teenagers and young people shunning alcohol entirely has almost doubled in a decade, research shows. Researchers said teetotalism was becoming increasingly “mainstream” among younger generations, where drunkenness was deemed less acceptable. - Telegraph

The boss of a London-based stockbroker is set to step down weeks after the company reported a 90 per cent drop in first-half profits because of a slump in corporate finance fees and broking commissions. Cenkos said yesterday that Anthony Hotson would relinquish his seat on the City broker’s board at the end of the month and would leave the company at the end of the year, prompting shares in the business to rise by more than 10 per cent.- The Times

The UK advertising watchdog has ruled Nissan made misleading claims about how fast its flagship electric car can be recharged, marking the first time a car manufacturer has been censured over charging speeds. An advert by the Japanese carmaker said the new Leaf, which has a longer range than previous models, could largely replenish its battery capacity within an hour. - Guardian

The Royal College of Psychiatrists is to review its opposition to the legalisation of cannabis despite its concerns over the risks the drug poses to users’ mental health. It is setting up a panel to consider decriminalisation in the wake of more countries legalising the drug and the government’s decision this summer to make medical cannabis available on prescription. - Telegraph

Hundreds of thousands of business surveys are to be scrapped by the Office for National Statistics (ONS) as it switches to VAT data instead. On Thursday, the UK’s data gatherers are set to unveil a broad scheme of modernisation for the body. Among these will be changes to the methods and sources used to measure GDP which aim to cut costs for the organisation and administration for businesses. - Telegraph

Britain is on course for a summer of discontent and poll tax-style chaos unless Theresa May scraps plans for a full national rollout of universal credit next year, the former prime minister Gordon Brown is to say. In a ferocious attack on the government’s flagship welfare reform, Brown predicts that a complex application process alongside Treasury spending cuts will plunge a million more children into poverty and increase reliance on food banks. - Guardian