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Wednesday newspaper round-up: Climate crisis deal, fuel duty cut, EY

(Sharecast News) - EU countries clinched deals on proposed laws to combat the climate crisis in the early hours of Wednesday, backing a 2035 phase-out of new fossil-fuel car sales and a multibillion-euro fund to shield poorer citizens from the costs of carbon dioxide emissions. After more than 16 hours of negotiations, environment ministers from the 27 member states agreed their joint positions on five laws, part of a broader package of measures to slash planet-heating emissions this decade. - Guardian Rishi Sunak has promised to consider another cut to fuel duty amid claims that prices at forecourts are "pump fiction" as they fail to reflect wholesale costs. The chancellor said on Tuesday that he would examine whether to reduce the levy further after cutting it by 5p a litre in March. Sunak is under pressure to help motorists paying record prices at the pump while the cost of other household goods has also jumped. - Guardian

Electric cars face being fitted with tracking devices under proposals for a pay-per-mile road taxation system put forward by the Government's own climate advisers. The Climate Change Committee (CCC) says the Government needs to find ways to cover the "significant hole" in the public finances left by the loss of fuel duty and other taxes when petrol and diesel cars are replaced by electric models. - Telegraph

EY is to pay a record $100 million fine to the US financial regulator after it found that the Big Four accountancy firm's audit staff had cheated in ethics exams by sharing answers. The US Securities and Exchange Commission also said the EY had hindered its investigation by telling inspectors that there had been no cheating, despite the issue having previously been raised with bosses. - The Times

Kwasi Kwarteng, the business secretary, says there is a "strong argument" for supporting the steel industry amid expectations that the government will extend import tariffs despite the risk of breaking international law. Yesterday he told the business, energy and industrial strategy committee that "free trade is all very well but if everyone else is supporting a strategic industry, I think there is a strong argument for us in this country to do so". - The Times

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Wednesday newspaper round-up: Tariffs, BitMEX, Character.AI
(Sharecast News) - The business secretary has hit back at European demands for British tariffs on Chinese imports, saying the government will not change its trade rules because of pressure from Brussels. Jonathan Reynolds warned that the government would not bow to calls from other countries for the UK to hit Chinese vehicles with import taxes, despite political pressure to align with the EU in exchange for deeper future economic ties. - Guardian
Tuesday newspaper round-up: IMF warning, Poundland, Burberry
(Sharecast News) - The global economy "could soon test the limits of resilience", as emergency oil stocks run low and government budgets become overstretched, the International Monetary Fund has warned. In its twice-yearly World Economic Outlook, the IMF said global growth had withstood the Middle East conflict better than feared over the past six months. It said the rerouting of oil supplies away from the strait of Hormuz, and the release of strategic energy stocks, had helped to contain the impact on oil prices from the US-Iran war. - Guardian
Monday newspaper round-up: Budget, van drivers, Heathrow
(Sharecast News) - John Healey has been warned by Britain's leading tax and spending experts that his budget risks being a "work of fiction" unless he sets out plans to cover £35bn in spending pressures. As the war in the Middle East rattles the public finances, the Institute for Fiscal Studies (IFS) said the damage from higher inflation meant the chancellor would need to either top up funds for his current government spending plans or impose deep real-terms cuts by the end of the decade. - Guardian
Friday newspaper round-up: Goldman Sachs bonuses, TalkTalk, credit card defaults
(Sharecast News) - Top bosses at Goldman Sachs are in line to share a bonus pot worth up to $500m (£378m) this year, marking one of the biggest payouts in the Wall Street bank's history. The eye-watering sum will be shared between 20 bankers, with its chief executive, David Solomon, due to take about $100m (£75.6m) of the reward, which is made up of Goldman Sachs stock. That is more than double the value of the record $47m (£35.5m) annual pay packet he was granted last year. - Guardian

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