Monday newspaper round-up: China, Protectionism, RBS

2nd Dec 2013 09:16

China's Premier, Li Keqiang today raised the prospect of China playing a major role in the construction of the HS2 high speed rail project in Britain. At a post-summit briefing in Beijing's Great Hall of the People, Mr Li was at pains to highlight the project as he spoke about Britain's expanding strategic relationship with the world's second biggest economy. - The TimesGlobalisation is in retreat. Countries are becoming less reliant on each other. They show a willingness to use currency manipulation as an economic tool. Surreptitious protectionism is being deployed. For the most part these developments are happening below the radar, which is why it has been possible to ignore them. That will not be the case this week when trade ministers from 159 countries meet in Bali in the hopes of salvaging something from 12 years of so far fruitless talks. - The GuardianThe Royal Bank of Scotland is pressing ahead with plans to pay multi-million pound bonuses, despite the launch of a regulatory probe into its lending practices. Sources at RBS said the size of the bonus pool would not be affected by the decision of the Financial Conduct Authority (FCA) to investigate allegations that the bank had deliberately pushed companies into default. - The Daily TelegraphBritain is still the favourite tax regime of business but its lead over low-tax rivals such as Ireland, Luxembourg and Switzerland has narrowed amid tense debate over tax avoidance, according to a survey. Two-thirds of the UK's largest quoted companies said the media and political storm over avoidance was likely to deter investment in Britain, in a sign of nervousness about the risk of reputational damage and a change in government policy. - Financial TimesNew job vacancies in the City have jumped to their highest level for more than seven months in a sign that the recent increase in financial activity may be feeding through into job creation, a recruiter has reported. Astbury Marsden, a financial services specialist, said there were 2,500 new City vacancies in November, up 6% on the previous month and 38% on the same period last year. - Financial TimesThey may be soft, warm, extremely expensive and the winterwear of choice for Europe's sporty elite, but Moncler's shiny goosedown coats have never quite caught on in the UK. The entrepreneur behind the distinctive Italian puffa jackets is hoping to change all that, at least as far as the City is concerned. Remo Ruffini is seeking investors in Britain for an upcoming flotation on the Milan stock exchange that is likely to value Moncler at €2.4bn. - The TimesAB