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Wednesday newspaper round-up: Japan, BP, RBS and Lloyds…

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22/05/2013
The Bank of Japan holds off monetary easing; BP to challenge 'unjustified' compensation payouts; IMF to advise the UK to sell off RBS and Lloyds.

The Bank of Japan has held off on new monetary easing, according to the Financial Times, “judging that the huge stimulus unveiled in April will be enough to spur price gains in the world’s third-largest economy”. The central bank said that Japan has “started to pick up”.

Financial Times says that British oil firm BP is to challenge what it sees as unjustified compensation payments under the multibillion-dollar settlement it agreed over the Gulf of Mexico oil disaster in 2010. The paper says that BP has doubled the rate at which it appeals against claims by thousands of US businesses and individuals.

The Independent says that the International Monetary Fund is to advise Britain to sell off its stakes in RBS and Lloyds, saying that the public ownerships in the banks is not in the interests of the UK economic recovery.

The Times says that executives at Royal Mail are starting to market a sell-off of the postal delivery network worth up to £3.0bn after the company yesterday reported a 61% leap in annual profits.

Mark Carney, who is due to replace Sir Mervyn King as the Governor of the Bank of England this summer, has said that Europe could face a decade of stagnation if its does not take the kind of bold measures seen in Japan, according to The Telegraph.

Tax lost offshore is costing governments nearly £100bn a year, according to Oxfam, and could end end extreme poverty across the world twice over, The Guardian writes. “The charity said it was time for David Cameron to put words into action by taking tougher action against UK-linked tax havens.”

The Chief Executive of Apple has launched a staunch defence of the tech giant’s tax affairs following claims that the company has avoided paying billions of dollars. Tim Cook said: “We pay every dollar of tax we owe”.

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