Monday newspaper round-up: Meta, capital gains, rare earth minerals...
Meta has launched a fresh legal challenge against Britain’s media regulator in the latest of a slew of actions by social media companies who are accused of using the courts to slow down implementation of the Online Safety Act. Lawyers for the parent company of Facebook served notice during the week in an appeal against placing WhatsApp and Instagram, which are also owned by Meta, in a category that subjects them to additional duties. – The Guardian
Labour is considering raising capital gains tax (CGT) to fund a £20bn handout for the lowest earners. The Prime Minister and Chancellor are understood to be reviewing proposals to raise CGT to as high as 45pc to increase the income tax personal allowance. The idea is laid out in a Budget submission from the Labour donor Dale Vince, warning that wealth is being “taxed more lightly than work”. – The Telegraph
The head of a mining company hoping to supply the EU with rare earths in two years’ time has said it is “paramount” to end China’s stranglehold on the supply of the raw materials used in everything from cars to wind turbines and military jets. As Donald Trump and China’s president, Xi Jinping, prepare to meet on Thursday in their second summit of the year, Rafael Moreno said it was also “imperative” that they do a deal for Beijing to ease up, once again, on its threat to ban exports of rare earths. – The Guardian
The first signs of an “autumn bounce” were seen in the housing market in September as prices increased month-on-month for the first time since May. The average price of a property coming on the market increased by 0.7 per cent, or £2,441, in September according to Rightmove, the property website. However, at £367,440 the average remained 0.8 per cent below a year earlier, and 2.3 per cent lower than the start of the summer. – The Times
Friedrich Merz, the pugnacious, stubborn German chancellor, has come out fighting in a desperate attempt to save his chancellorship. The leader who promised to transform his country’s fortunes when he took power last year suffered another bloody nose at the ballot box from the Alternative for Germany (AfD) on Sunday. The hard-Right party won state elections in Mecklenburg-Vorpommern, taking 37 per cent of the vote, according to the first exit poll. – The Telegraph
The founder of Nscale, a British data centre start-up, is in line for performance-related payouts worth up to $350 million after it floats in New York. The package was disclosed in the company’s prospectus, which said it was designed to ensure Josh Payne’s “continued long-term alignment” with shareholders. – The Times