Tuesday newspaper round-up: May, Carney, Merkel, oil
Theresa May will rule out Britain staying in the European single market today as she makes immigration controls a priority in Brexit talks. Britain should not be “half-in, half-out” of the EU or “hold on to bits of membership as we leave”, the prime minister will say in a speech laying out her negotiating objectives. - The Times
Mark Carney has suggested interest rates could go up or down as the Bank of England strikes a difficult balance between supporting growth and managing inflation. He said monetary policy could respond, in either direction, to changes in the economic outlook to ensure that inflation hovers around the Bank’s 2pc target, and that the Bank of England would keep an eye on how consumer spending is affected by a weaker sterling when it considers what to do with interest rates. - Telegraph
Angela Merkel and François Hollande have responded curtly but defiantly after Donald Trump cast further doubt on his commitment to Nato and gave strong hints that he would not support EU cohesion once in office. “We Europeans have our fate in our own hands,” the German chancellor said after the publication of the US president-elect’s interviews with the Times and German tabloid Bild. “He has presented his positions once more. They have been known for a while. My positions are also known.” - The Guardian
Rolls-Royce is to pay almost £700m to settle bribery and corruption allegations which have dogged the company for years. In a statement after the market closed, the FTSE 100 engineering group revealed it had reached a provisional deal with UK and other international regulators over claims it paid bribes to land international deals and was involved in fraud. - Telegraph
The oil market’s path to recovery will be volatile, even with a global deal to drive oversupply lower, according to the head of the International Energy Agency (IEA). Oil prices started to creep upwards towards the end of last year, after the Organisation of the Petroleum Exporting Countries (Opec), which represents some of the world's top producers, agreed a landmark global deal to limit production in a bid to get rid of surplus supply and boost prices. - Telegraph
The details of how Bank of Scotland rushed older borrowers into hugely expensive mortgages where their debt rose with house prices have been revealed by a This is Money investigation. Evidence has emerged that the bank - which has previously been criticised for sharp sales practices - hurried customers approaching retirement into signing up to shared appreciation mortgages without financial advice. - Mail
Tens of thousands of Southern rail commuters could be in line for compensation from their credit card companies after a passenger claimed he had won £2,400 back from American Express for his season ticket. Money experts have said a little-known piece of consumer law could allow commuters who have bought season tickets on Southern rail with credit cards to claim back part of the cost. - The Times
Poundland is expanding its clothing range in a bid to copy the success of George at Asda. The discounter is introducing clothes from Pep&Co in 50 of its larger stores in the next few months. - Mail
Rovio, the Finnish mobile games company, is opening a studio in London that will focus on developing “massive multiplayer online” games as it seeks to reduce its dependence on its fading Angry Birds franchise. The company said it chose London after considering and rejecting several other European locations in what is being seen as another vote of confidence in the British economy after the Brexit vote. - The Times