Friday newspaper round-up: IAG, OBR, Apple

12th Jun 2015 06:58

The parent company of British Airways is buying up Europe's aviation industry "bite by bite" and should be stopped according to Sir Richard Branson, who has hit out at the proposed takeover of Aer Lingus. In an attack on his larger rival, the chairman of Virgin Atlantic claimed it was "preposterous" to allow International Airlines Group (IAG) to buy Ireland's national flag carrier, saying the deal was at a "completely unrealistic" price. - The TimesBritain's fiscal watchdog has cast doubt over the Government's pledge to spend less than it receives in revenues in times of growth, as an ageing population puts increasing pressure on the public finances.Robert Chote, chairman of the Office for Budget Responsibility (OBR) described the Chancellor's pledge to entrench the need to run an overall budget surplus in "normal times" as "ambitious" and inconsistent with past trends. - The Daily TelegraphApple's new music streaming service is to cost significantly more in Britain than in the US, leading to claims that the UK has become a "cash cow" for American technology companies. Apple Music will cost £9.99 a month in the UK, according to pricing information leaked yesterday. This is 55% higher than the $9.99 (£6.46) it costs in the US before state sales tax is taken into account. - The TimesThe Pentagon is considering setting up a network of bases across northern Iraq from which American advisers would assist the Iraqi military campaign against fighters from the Islamic State in Iraq and the Levant. Gen Martin Dempsey, chairman of the joint chiefs of staff, said the US was looking at creating a "lily-pad" of sites that would re-establish a presence in locations used by the US military when it occupied the country. - Financial TimesPetrol and diesel prices in the UK are poised to climb further after the world's top energy watchdog significantly upgraded its forecast for oil demand. The International Energy Agency (IEA) has raised its outlook for world oil demand growth in 2015 by 280,000 barrels per day (bpd) to 1.4m bpd. The increase means that total demand is expected to reach 94m bpd on average in 2015. - The Daily TelegraphGeorge Osborne is facing questions about his claim that the taxpayer would make a £14bn profit from its bailout of the banking system seven years ago. Andrew Tyrie, the incoming chairman of the Treasury select committee, said on Thursday the figure required a "great deal of qualification". The chancellor told senior bankers at the Mansion House on Wednesday that bankers at Rothschild had calculated the profit figure as part of his announcement that he was ready to sell off the taxpayer's stake in Royal Bank of Scotland, even though the shares are trading at a £13bn loss. - The Guardian