Wednesday newspaper round-up: Chelsea FC, Soros, banks

by | May 25, 2022

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An international deal that would force the world’s biggest multinational companies to pay a fair share of tax has been delayed until 2024 amid fresh wrangling over the painstakingly negotiated agreement. Mathias Cormann, the secretary-general of the Organisation for Economic Co-operation and Development (OECD), told the World Economic Forum in Davos, Switzerland, that there were “difficult discussions” taking place that meant the deal could not come into force in 2023, as previously hoped. – Guardian
The £4.25bn takeover of Chelsea football club has been completed after Roman Abramovich agreed to the UK government’s terms for the sale, ending a tumultuous period that raised fears over the club’s existence. Nadine Dorrie, the sports and culture minister, said the UK government issued a licence on Tuesday night that permits the sale of Chelsea. A new era at Stamford Bridge can officially begin after a bid led by Todd Boehly, a part-owner of baseball’s LA Dodgers, was given permission to go through. The government issued a licence for the sale after it said it was “now satisfied that the full proceeds of the sale will not benefit Roman Abramovich”. He was hit with sanctions after the Russian invasion of Ukraine. – Guardian

George Soros has warned that the conflict in Ukraine could spiral into a Third World War that ends western civilisation. Mr Soros, the billionaire investor and advocate of European integration, said that the conflict had “shaken Europe to its core” in a speech to the World Economic Forum in Davos. – Telegraph

Europe’s leaders are increasingly worried that the EU will jump from the frying pan into the fire as it breaks dependence on Russian fossil fuels, becoming equally dependent on supplies of strategic minerals controlled by China. Ursula von der Leyen, the European Commission’s president, said Brussels is scrambling to lock in a long-term supply of critical raw materials vitally needed to underpin its green deal and its vast expansion of renewable power, seeking accords with friendly countries as surging global demand for green-tech resources far exceeds existing supply from miners. It has already signed a deal with Canada. – Telegraph

Britain’s biggest lenders and insurers face losses of more than £330 billion by 2050 if governments allow carbon emissions to rise unchecked, the Bank of England has warned, as it urged the City to do “much more” to manage its exposure to climate change risks. The findings of Threadneedle Street’s first climate stress test on the financial system, released yesterday, indicate that about 7 per cent of households – roughly two million – that have insurance today might be forced to forgo cover in future, either because the cost of policies would be too expensive or because their homes had been rendered uninsurable. – The Times

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