What the other papers say this morning


Nissan hits back at tax critics
Nissan yesterday became the latest company to face scrutiny over its tax affairs after it was revealed that Britain’s biggest carmaker avoided millions in corporation tax every year by selling vehicles through a Swiss company that manages its European operation. The company hit back at the criticism, saying it was “a massive contributor to the British economy” and its investment in Sunderland had generated financial benefit to the exchequer worth far more than its savings in corporation tax.

Germany investigates UBS clients
State prosecutors are searching the properties of various UBS‚Äąclients across Germany as officials intensify their efforts to crack down on alleged tax evasion ahead of a key vote on a tax deal with Switzerland.

Bloomberg lets others into network
Bloomberg is launching an iTunes-style portal for applications to allow clients and outside developers to incorporate their own software into the group’s financial data terminals and sell it to Bloomberg’s roughly 315,000 subscribers.


MegaFon market debut to go ahead
The stock-market debut of the telecoms company MegaFon is set to go ahead despite concerns raised about the editing of the Wikipedia entry of the billionaire oligarch behind the deal.

Moonpig delivers gloomy tidings
PhotoBox has been forced into the red in its first year after buying Moonpig. PhotoBox was forced to write down the value of Moonpig, after the government closed down a VAT loophole in the 2011 Budget.

The Daily Telegraph

Enterprise Zone could create jobs
Thousands of jobs could be created at the former Pfizer site in Kent, as new owner Discovery Park said it would take advantage of the site’s Enterprise Zone status and tax reliefs to attract global brands to the site.

Govt defends small Post Offices plan
The Government has defended the introduction of a new type of small Post Office branch after MPs argued that the move could lead to a reduction in services for consumers.


Kodak reaches deal with bondholders
Eastman Kodak reached a deal with bondholders for $793m (£500m) in loans that could help take the onetime photography icon out of bankruptcy proceedings, the company said.

Trading glitch hits NYSE
NYSE Euronext will not resume trading in more than 200 securities affected by a trading glitch reported shortly after the opening bell, and it will not hold normal closing auctions in these issues.