Friday newspaper round-up: Trump tariffs, Budget, Shell, Aviva accused
Donald Trump pushed forward with plans to impose tariffs on steel and aluminium imports on Thursday, arguing the levies were necessary for national security and to stop the “assault on our country”. Flanked by steel and aluminium workers and key staff, Trump said he had to act to stop the “decimation of entire communities” and insisted there would be a very fair process as the administration used the next 15 days to negotiate exemptions with allies. Canada and Mexico will be exempted. - Guardian
…Trump indicated those nations spending more on defence would be better positioned, and White House officials indicated "carve outs" would be decided on a "country by country" basis. The UK is one of only half a dozen Nato countries that meets the requirement of spending two per cent of GDP on defence. - Telegraph
The Chancellor Philip Hammond should take the opportunity of lower than expected borrowing to build up a Brexit buffer in an effort to safeguard the UK against future economic shocks, according to an economist at major accountancy firm PwC. The Spring Statement, due to be delivered by Mr Hammond on Tuesday is expected to confirm that public borrowing has significantly undershot the prediction of £49.9bn from the Office for Budget Responsibility. - Telegraph
Royal Dutch Shell is planning to deepen its stake in the US shale renaissance with a $10bn (£7.2bn) joint takeover of BHP’s American shale division. The Anglo-Dutch energy giant is reportedly working alongside Blackstone, a US private equity firm, on a joint bid for the business which was put on the block last year. - Telegraph
Aviva was accused yesterday of considering “very aggressive action” against thousands of retail investors after it said it may buy back their lucrative bonds without paying a premium. If the insurer goes ahead with the plan it will be the second big UK financial institution to take such action against the will of many investors, though Lloyds only managed to after a long battle with investors who took their case to the Supreme Court. - The Times
Two leaders of Saudi Aramco, set to announce the location of what is expected to be the biggest company flotation in history, suggested it will not be decided until at least the second half of 2018, or even early next year. Speaking at the Saudi-UK CEO forum on Thursday, Amin Nasser, president and chief executive of Saudi Aramco said: “With regard to the IPO, I think all the requirements for Saudi Aramco will be completed by the second half of 2018. The question of when and where it is will be answered then.” - Telegraph
Ministers have rejected calls for a “latte levy” on takeaway coffee cups to reduce the amount of waste they create. Mary Creagh, the chair of the environmental audit committee, accused the government of talking warm words but taking no action after ministers refused to adopt a charge on throwaway coffee cups similar to the plastic bag levy. - Guardian
A late afternoon warning from the owner of the Bargain Booze stores that a material error in its financial forecasts means its profit will be £5.2 million less than expected wiped more than £300 million off its stock market value. Shares in Conviviality plunged by almost 60 per cent in little over an hour in London to close at 123p after an unexpected late trading update yesterday afternoon. - The Times
Wagamama, TGI Fridays, Marriott Hotels and Karen Millen are among the companies named and shamed by the government for failing to pay the legal minimum wage. The latest list, published by the Department for Business, Energy and Industrial Strategy, names 179 employers for failing to pay a record 9,200 workers £1.1m collectively. - Guardian
The government is set to offer around 1 million NHS staff a 6.5% pay rise over the next three years but is insisting that health workers give up a day’s holiday in return for the £3.3bn deal. Ministers hope they are close to finalising a package to give NHS personnel in England their first meaningful pay rise since 2010, after months of behind-the-scenes talks with union leaders. - Guardian
More than 2,500 jobs are at risk after a Canadian company pulled out of a deal to buy a number of public sector contracts from Carillion. Brookfield Global Integrated Solutions, a property manager, said last month that the jobs would be saved after it picked up contracts held by the failed outsourcing company. The jobs were linked to hospitals, education, transport, emergency services and justice. - The Times
A Labour government will champion business by ensuring small companies get the long-term investment and start-up risk capital they need, the shadow chancellor has pledged. John McDonnell set out the party’s pitch to a sceptical business community yesterday by promising to make finance “the servant of the real economy” and guarantee that companies can always access the credit for growth. - The Times