Sunday newspaper round-up: GlaxoSmithKline, tax havens, Palmer & Harvey, M&S, Christmas suits
Billions of pounds of new investment in Britain’s burgeoning life sciences sector will be announced this week, with Glaxosmithkline among those unveiling significant projects. About two dozen companies, as well as health charities and the government, are poised to plough funding into projects involving artificial intelligence (AI), genomics, and research into new drugs. - The Sunday Times
An ageing global population could be putting the brakes on economic growth, resulting in an almost permanent squeeze on living standards, a leading investment bank has warned. Older workers are typically less dynamic than younger participants in the labour market, economists believe, while pensioners spend their investments rather than making new ones. - Sunday Telegraph
When Europe’s finance ministers sit down to a working breakfast in Brussels on Tuesday, after deciding whether to order the continental or the full English, the British delegation will be faced with an even tougher decision. Chancellor Philip Hammond and his counterparts will be asked to approve a list of those countries, island states and former colonies which the European Union has deemed to be “non-cooperative jurisdictions”. Put more plainly, the EU will be announcing a blacklist of tax havens. - Observer
Thousands of people pestered with nuisance texts could be paying to receive them by predatory companies charging fees direct to customers’ mobile phone bills. Despite a regulatory crackdown, customers are still being opted-in to receive premium-rate texts – about lotteries, competitions or even X-rated adult content – without their knowledge or consent. - Mail on Sunday
Two of the world’s biggest tobacco companies have killed off hopes of a rescue deal for the collapsed wholesaler Palmer & Harvey. Japan Tobacco International and Imperial Brands were the biggest customers of the 92-year-old business, which collapsed last week, leading to the loss of 2,500 jobs. - The Sunday Times
The Serious Fraud Office (SFO) has told the Court of Appeal that the expert witness it appointed to give evidence during the Libor trials failed to act with integrity. The SFO paid Saul Haydon Rowe more than £400,000 to appear as an expert witness during the trials of former traders accused of rigging the London Interbank Offered Rate (Libor), but questions have this year emerged over his credibility. - Sunday Telegraph
Most marriages usually leave a gaping hole in the happy couple’s finances but business leaders are predicting the “Meghan Markle effect” will sprinkle some stardust on “brand Britain” in 2018. The engagement of Prince Harry and Meghan Markle has sent marketers into overdrive with tourism chiefs, retailers and hoteliers optimistic that the high-profile nuptials will be a boon for the economy on what will be the eve of Brexit. - Observer
Neil Woodford has warned that global stock markets are at risk of a ‘bigger and more dangerous’ crash than ever before. The fund manager said savers ploughing money into overvalued shares were committing the same errors as those made during the dotcom bubble and before the 1990s recession. - Mail on Sunday
The £240m float of the online holiday company On the Beach is at the heart of the City watchdog’s probe into alleged rigging of share prices by a clutch of Britain’s best-known fund managers. The 2015 listing is among three deals being investigated by the Financial Conduct Authority (FCA), sources said. - The Sunday Times
The nuclear industry will clinch a multi-billion pound lifeline from South Korea this week alongside a government rescue deal. Korea Electric Power Corporation (Kepco) is expected to say it will join the beleaguered consortium behind Europe’s largest new nuclear plant at Moorside in Cumbria to help prop up the £15bn project. - Sunday Telegraph
First it was the onesie, then novelty knitwear reigned supreme during the festive season. Now the Christmas suit, the sartorial equivalent of wrapping paper, arrives in stores in time for the festive season. The brash suits come with reindeers, sleighs and snowmen printed on the technicolour shades of green and red traditionally favoured by elves. John Lewis has already sold out of a bright red women’s suit emblazoned with Santa’s sleigh and giant snowflakes. - Observer
Stores giant Marks & Spencer may abandon dozens of building projects across the country worth hundreds of millions pounds, according to property sources. The developments include shopping malls, town centre regeneration projects and the construction of accommodation to help ease chronic housing shortages. - Mail on Sunday
The government is ploughing £178m into its network of innovation centres, despite a Whitehall-commissioned report questioning their value for money. The “Catapult” network was set up under David Cameron to connect businesses to universities and other research centres, in an effort to help them commercialise cutting-edge technology. It has received nearly £750m of public funds over the past three years. - The Sunday Times
The government has been cowed into clarifying the facts about its “free” childcare offer after a father complained to the advertising watchdog that the Department for Education’s description was misleading. The complaint centred on the government’s marketing of the scheme as 30 hours of free childcare a week, implying it is available all year round. In fact the 30-hours entitlement is available for just 38 weeks of the year, a point the government only clarified on its childcarechoices.gov.uk website after the Advertising Standards Authority flagged concerns over the man’s three-year-old son. - Observer
Pro-Brexit JD Wetherspoon chairman Tim Martin has admitted Britain's economy will continue to need overseas workers to flourish. Mr Martin said immigration was a 'good thing' for the British economy, adding that an Australian-style points system for entry would be beneficial. The pub group's chairman has previously used his company's statements to rip into what he has dubbed the 'oligarchs of the EU' for bullying the UK. - Mail on Sunday