Thursday newspaper round-up: Libor lawsuit, UK shale, freedom of movement

Digital Look WebFG News | 17 Aug, 2017 08:29 - Updated: 08:29 | | |

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The US government has filed what could be the largest Libor scandal-related lawsuit yet against some of Britain’s biggest lenders, alleging that their role in rigging borrowing rates had played a part in the collapse of American banks once worth more than $400 billion. The Federal Deposit Insurance Corporation has begun a High Court claim against banks including Barclays, Lloyds Banking Group and Royal Bank of Scotland, alleging that they colluded to hold down borrowing rates for several years, a practice known as “lowballing”, to give the market a false idea of their financial health. - The Times

The rise of the UK's nascent shale industry is "overhyped" and 55m years too late, according to new research of the UK's geology. A team of scientists has warned that the UK's most promising shale gas reservoirs have been warped by tectonic shifts millions of years ago which could thwart efforts to tap the gas reserves trapped within layers of shale. - The Daily Telegraph

EU citizens will be free to travel to Britain and live here after Brexit under immigration plans being drawn up by the Home Office. The principle of freedom of movement will remain for those who want to visit or stay in the UK but a system of permits will limit the number of people migrating to work. - The Times

Apple will seek to rival blockbuster shows such as Game of Thrones with a $1 billion production budget to make and buy television series and films. The iPhone maker will compete with Hollywood production houses such as HBO and video-streaming services such as Netflix in an increasingly heated battle for viewers. - The Times

Ireland's finance minister said the European Commission's demand that Dublin collect up to €13bn (£11.9bn) in back taxes from Apple was unjustified, in an interview with Germany's Frankfurter Allgemeine newspaper. The European Commission ordered Apple to repay taxes to Ireland after ruling last year that the US technology company paid so little tax on its Ireland-based operations that it amounted to state aid. - The Daily Telegraph

Elliott Advisors has upped the ante in its campaign for change at BHP Billiton, increasing its stake in the mining group to boost its shareholder rights. The activist investor, which is calling for changes including the spin-off of BHP’s American oil and gas assets, said that it held 5 per cent of the shares in BHP, up from the 4.5 per cent “economic interest” that it held previously. - The Times

One of the bloodiest corporate governance wars of recent times appears to have come to an end after the activist New York hedge fund Elliott Advisors and Akzo Nobel called a truce — until, at least, the autumn. In a statement they said: “Akzo Nobel and Elliott have agreed, subject to the terms of a standstill agreement, to seek to suspend all ongoing litigation for at least three months.” - The Times

Poundland has claimed Toblerone’s shape is no longer distinctive enough to be a valid trademark, in legal documents defending its right to launch a copycat bar. Last month, the budget chain was forced to delay the launch of its Twin Peaks bar, which has two humps rather than the single peaks of Toblerone, after a legal warning from the brand’s owner, a Swiss division of Mondelēz. - Guardian

Labour has accused the government of interfering with the independence of the BBC and Ofcom after the culture secretary demanded that the media regulator should scrutinise the broadcaster more closely. Tom Watson, Labour’s shadow culture secretary, said Karen Bradley had made a “serious mistake” by writing to Ofcom to call for the media regulator to set more quotas for the BBC’s radio and TV content and to hold the broadcaster to account over the diversity of its on-screen and off-screen workforce. - Guardian

As one of the premium fashion houses, Gucci fiercely guards its designs against copycats. Some younger designers believe that the £10 billion brand should turn that ferocity on itself after four accusations of plagiarism this year. Gucci has withdrawn two designs after complaints that it had used the work of artists without crediting them. - The Times

Britain’s biggest companies have been told that a lack of diversity in their boardrooms could hinder government plans to increase trade with non-EU countries after Brexit. The warning comes as a report shows the number of FTSE 100 businesses with no ethnic minority representation at senior level has fallen from 62 to 58. However, none of the companies have CEOs or chief financial officers who are women from ethnic minority groups. - Guardian

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