Sunday newspaper round-up: Indian stocks, Flutter Entertainment, Rishi Sunak

by | Dec 10, 2023

(Sharecast News) – India’s stock market is poised to take Hong Kong’s spot among the world’s largest trading venues, in a rise analysts say attests to investors’ optimism about the economic prospects of the world’s most populous country. The total market capitalisation of companies listed on the National Stock Exchange of India was $3.7tn as of the end of October, according to the World Federation of Exchanges, a trade association of publicly regulated stock markets, compared with the Stock Exchange of Hong Kong’s $3.9tn. – Financial Times

One of the United States’ largest online gambling operators tried to water down rules designed to help problem gamblers and protect young and vulnerable people, according to documents seen by the Guardian. FanDuel lobbied for New York to rethink a proposed ban on gambling platforms from using certain words and phrases to attract people “who are or may be” problem gamblers to their websites. The company, which is owned by the Dublin-based gambling giant Flutter Entertainment, also opposed a rule prohibiting sports-betting advertisements near college campuses. The state’s legal age for the activity is 21. – The Guardian

Rishi Sunak’s premiership appears to be in the balance as the so-called “star chamber” of Tory lawyers concluded his plans to rescue the ailing Rwanda asylum scheme are “not fit for purpose” – with the PM reportedly deploying David Cameron to fend off a rebellion. The verdict, which will be closely watched by dozes of rebel MPs, sets the prime minister up for a potential defeat in a crucial Commons vote on Tuesday hanging on a margin of 28 ballots, in a struggle now reminiscent of Theresa May’s fight with a bitterly divided Conservative Party over Brexit. – The Independent

Electric cars should finally become more affordable next year because new government rules will levy a fine of £15,000 per car if too few are sold. Under the zero emission vehicle (ZEV) mandate, which comes into force on January 1, manufacturers will have to ensure that 22 per cent of cars they sell every year are fully electric. The target will rise each year, hitting 80 per cent in 2030. If too few electric cars are sold, the manufacturer will either have to pay a £15,000 fine for each petrol, diesel or hybrid model sold above that threshold, or buy “credits” from rivals such as Tesla, which has an all-electric range. – The Sunday Times

The EU’s trade commissioner has said he wants to conclude a trade deal with the Mercosur group of Latin American countries despite objections raised by France. President Emmanuel Macron last week launched a full-scale attack on the proposed pact, saying it would be disastrous for the environment, French farmers and industry. But Valdis Dombrovskis, the European Commission vice-president in charge of trade policy, told the Financial Times that a majority of EU countries backed the deal and that many of the French concerns would be addressed in the final agreement. – Financial Times

Britain’s official employment figure could be out by as much as a million, Bank of England Governor Andrew Bailey has admitted ahead of the Bank’s next interest rate decision. Bailey revealed the figure during a recent select committee hearing to illustrate the difficulty the Bank faces when judging the state of the economy. Some experts say discrepancies in data published by the Office for National Statistics (ONS) mean rate-setters are ‘flying blind’ because they lack solid information on how many people are employed. Former Bank of England chief economist Andy Haldane said: ‘They’re certainly flying in fog about the labour market.’ – Mail on Sunday

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