Thursday newspaper round-up: British Steel, Monzo, digital tax
By Michele Maatouk
Date: Thursday 15 Aug 2019
(Sharecast News) - The Turkish pension fund poised to buy British Steel was accused of corruption by a parliamentary commission, and jointly owns a car plant where striking workers were allegedly mistreated. A subsidiary of Oyak, a £15bn pension scheme chaired by an army general, is on the verge of being named the government's preferred bidder to take over British Steel, including the Scunthorpe steelworks where more than 4,000 people work. - Guardian
Digital bank Monzo is dipping its toes into the short-term loans market a year after Wonga's collapse, but insists it will not target customers who usually turn to payday lenders. The challenger bank formally launched loans for its 2.5 million customers on Thursday, following a trial with around 4,000 of its users. Those who qualify will be able to borrow as much as £15,000 for up to 60 months, or take loans as small as £200 for as little as 90 days. - Guardian
Investors and markets have been spooked by one of the most reliable indicators of an impending recession, which has not been seen for more than a decade. Both the US Treasury and UK yield curves - one of the most closely watched harbingers of doom in bond markets - inverted for the first time since the financial crash on Wednesday, coming off the back as Germany's economy contracted, eurozone growth was slashed in half and Chinese factories suffered a shock setback. - Telegraph
About 120,000 businesses that missed a tax deadline will escape a fine after HM Revenue & Customs said that it would show leniency before a possible no-deal Brexit. The tax authority could have issued cumulative fines running into tens of millions of pounds after one in four companies failed to comply with new online filing rules in time. Officials said that they would not levy penalties because businesses may be "fully focused" on leaving the European Union on October 31. - The Times
Plans for the next wave of offshore wind farms have been thrown into confusion after it emerged that the government's subsidy scheme to support the projects is facing a legal challenge. The government confirmed yesterday that the competition to award subsidies for up to six gigawatts of new offshore wind turbines was being delayed after the legal challenge from an unnamed complainant. - The Times
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