Wednesday newspaper round-up: US tax bill, EU referendum, LSE, Saudi Aramco
Senate Republicans have passed a sweeping overhaul of the US tax code, placing Donald Trump on the brink of scoring his first major legislative victory. The Senate approved the $1.5 trillion tax bill, which includes permanent tax breaks for corporations and temporary tax cuts for individuals, by a final vote of 51-48. Once enacted, the legislation will represent the most drastic changes to the US tax code since 1986. – Guardian
Britain could have a second EU referendum as an early Christmas present in 2018, the Liberal Democrats have said, proposing a lengthy 12-week campaign starting in September to give the UK the option to accept a deal or stay in the EU. The party said holding a referendum on the final deal – which the government has repeatedly ruled out – in December was compatible with the tight timetable of EU withdrawal, falling within the article 50 timeframe of two years, which will end in March 2019. – Guardian
MPs have written to Toys R Us demanding an explanation for why the struggling retailer handed a bumper pay increase to bosses despite falling sales and growing losses which is threatening its survival. Frank Field MP, chairman of the Work and Pensions Committee, on Tuesday wrote to Toys R Us boss Steve Knights, citing The Sunday Telegraph’s exposé of how the salary for Roger McLaughlan, former chief executive, was boosted from £356,000 to £1m in 2015 and a further £1.3m in 2016. – Telegraph
Measures to make it easier for companies in the defence sector to sell their products abroad and get more smaller companies involved in the sector will be unveiled later today. Gavin Williamson, the new Secretary of State for Defence, will reveal a “refresh” of the defence industrial policy, looking at how the Ministry of Defence's £18.7bn annual spend on new kit can help Britain’s arms industry expand and deliver wider economic benefits to the UK. – Telegraph
The billionaire hedge fund manager behind a campaign to unseat the chairman of the London Stock Exchange has pledged to continue his fight after failing to persuade fellow investors to vote him out. Sir Christopher Hohn, 51, said that he would not let up in his attempts to force out Donald Brydon, despite more than three quarters of investors backing the City grandee to remain as chairman of the exchange. – The Times
Hong Kong Kong is emerging as a serious contender to host the initial public offering of Saudi Aramco in a challenge for London and New York. The Chinese special administrative region’s exchange has stepped up its lobbying in recent months as Saudi Arabia continues to prevaricate over its plans for the flotation. Saudi Aramco is the world’s biggest oil company with production of 10.5 million barrels of oil per day and its target valuation of $2 trillion would make it more than twice the size of Apple. – The Times