The British government is making a last-minute diplomatic push to persuade the EU to publicly and explicitly state its willingness to hold talks on post-Brexit trade before March next year. A draft statement due to be signed off by EU leaders on Friday, along with comments from senior officials and diplomats in Brussels, suggest substantive talks can only start in spring, once the EU has published its own plan for the future. - Guardian

The water regulator has promised the toughest clampdown on household bills since the industry was privatised 30 years ago. However, while shares in the listed water companies drifted toward two-year lows, having lost 20 per cent since the summer, prices may not fall by quite as much. Ofwat claimed the regime for setting water bills from the spring of 2020 will be the hardest yet for any privatised regulated utility in the country. - The Times

Deutsche Börse, the German stock exchange operator, is to consider the launch of a bitcoin future on its Eurex derivative exchange. A spokesman for the Frankfurt-based exchange, said it will take “some time” before a final decision is made. - The Times

The richest 0.1% of the world’s population have increased their combined wealth by as much as the poorest 50% – or 3.8 billion people – since 1980, according to a report detailing the widening gap between the very rich and poor. The World Inequality Report, published on Thursday by French economist Thomas Piketty, warned that inequality had ballooned to “extreme levels” in some countries and said the problem would only get worse unless governments took coordinated action to increase taxes and prevent tax avoidance. - Guardian

Britain has emerged as the unlikely first recipient of gas from a sanctioned Russian project after fears of a winter supply crisis drove prices close to five year highs. Russian President Vladimir Putin opened the £20bn Yamal project on Russia's northern coastline last week. Shortly after, British wholesale gas prices soared to four-year highs when a crucial North Sea pipeline was put out of action by a crack and a distribution hub in Austria was hit by an explosion. - Telegraph

The projected returns on research and development for the world’s leading pharmaceutical companies have fallen to their lowest level in eight years. The returns for the 12 leading companies, including Glaxosmithkline and Astrazeneca, are estimated to have dropped to 3.2 per cent this year, down from 10.1 per cent in 2010, according to an annual analysis by Deloitte. - The Times

The public will be able to give feedback for the first time in more than three years on Heathrow’s expansion as part of a consultation being launched by the airport next year. The 10-week public planning consultation, which starts on Jan 17 and will run until March 28, will allow the public to put forward their views on various factors of the expansion scheme. - Telegraph

Controversial legislation that would have made it harder for journalists to expose wrongdoing by criminals and corrupt politicians was rebuffed last night, after senior peers spoke up in defence of press freedom. The “repressive” amendment to the Data Protection Bill would have had a “chilling effect” on the media by allowing the subjects of investigations to obstruct publication, the House of Lords heard. - The Times

MPs have accused Boeing of risking the special relationship between Britain and the US with “spiteful” behaviour towards Bombardier that puts thousands of jobs at risk in Northern Ireland. Sir Michael Arthur, president of Boeing Europe, responded to the claims of MPs on the Northern Ireland affairs select committee yesterday by saying that Boeing had become a scapegoat. - The Times