Monday Newspaper round up.

The Telegraph writes that BP’s giant underwater oil project offshore Angola has come in four billion dollars over budget after delays set it back a year.

According to The Independent, unions are meeting with AstraZeneca in an attempt to convince the pharmaceuticals group to reverse plans to shut down its R&D site in Cheshire and move 2,000 jobs to Cambridge by 2016.

Justin King, the Chief Executive Officer (CEO) of supermarket group Sainsbury’s has dampened speculation that he is to quit and has also quashed rumours that he could replace Bernie Ecclestone as Formula One’s CEO, writes The Independent.

“Australia’s huge coal industry is a speculative bubble ripe for financial implosion if the world’s governments fulfil their agreement to act on climate change, according to a new report,” The Guardian reports. The paper says that much of the country’s coal reserves will become worthless as the world reaches carbon emission limits.

Financial Times says that Intermediate Capital Group and Lloyds are discussions about Europe’s largest collateralised loan obligation since the financial crisis. The talks increase “hopes that a once important source of funding for business in the region is making a comeback”, the paper writes.

Up to 200,000 jobs in manufacturing could come home to the UK over the next 10 years, according to The Telegraph, as outsourcing becomes increasingly unattractive. The paper cited new research that said the move would cut the trade deficit by a third.

WPP’s CEO Sir Martin Sorrell has agreed to take a pay cut of £100,000 in an effort to appease angry shareholders, The Times writes.

Bank lending to UK companies is set to increase for the first time in four years as lenders’ appetite for corporate risk returns, The Scotsman says, citing research from Ernst &Young. Lending to businesses is expected to rise by 3.0% this year.

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