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Tuesday newspaper round-up: Corporation tax, Bacanora, Channel 4, Schroders

The UK would reap an extra £14.7bn annually by adopting Joe Biden’s proposal for a new global minimum corporation tax rate of 21%, according to a major thinktank. The Institute for Public Policy Research (IPPR) Centre for Economic Justice has urged the government to embrace and push for the US president’s proposals at the forthcoming G7 summit, arguing that the global system would both be fairer and allow the UK to raise billions in vital revenue. – Guardian
Just 7% of in-store purchases in the UK could be made in cash by 2024, a report has forecast, after the coronavirus pandemic fuelled the switch to cards and mobile payments. While cash accounted for 27% of in-store transactions in 2019, the latest global payments report from processing company Worldpay found that had fallen to 13% last year. The report predicts usage will continue to drop over the next three years. – Guardian

Salad Cream is coming back to Britain as part of Kraft Heinz’s plans to invest £140m in its Wigan factory in a post-Brexit vote of confidence in Britain. The plant at Kitt Green is Europe’s largest food processing facility and makes tinned foods such as baked beans, soups and pasta. The investment will upgrade the plant and machinery, make the facility more environmentally friendly and bring manufacturing of Heinz ketchup, Salad Cream and mayonnaise back to Britain and create up to 50 full-time jobs. – Telegraph

Small investors fighting a potential takeover of London-listed lithium miner Bacanora by a Chinese mining giant believe their campaign is gaining traction after the company fired a shot across their bow reminding them of City rules. The small shareholders, who claim to number about 400 individual investors holding 6pc of Bacanora between them, are battling a possible £190m bid from Ganfeng that they say undervalues the Aim-listed business. – Telegraph

Ministers are exploring a sale of Channel 4 amid a surge in dealmaking in the entertainment industry. The government-owned broadcaster has been placed on a list of assets that could be offloaded as the Treasury seeks to repair the country’s Covid-scarred finances. – The Times

Worries that buying M&G would damage Schroders’ culture was one reason plans were abandoned for a takeover that would have created a £1 trillion UK investment colossus, Peter Harrison has revealed. Speaking for the first time about the deal that never was, the Schroders chief executive said that he had few worries about the monetary size of the deal but was concerned about how M&G would fit into the company’s culture. – The Times

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