Morning papers: Business spending drives services boom

Britain’s services-led boom could owe more to business spending than thought, according to an influential poll that may alleviate concerns that the economic recovery is being fuelled by debt-laden households, reports the Financial Times.

The latest purchasing managers’ index, published on Tuesday, showed activity in the services sector, which makes up more than three quarters of the economy and has driven the recent pick-up in growth, rose at its fastest pace since May 1997 in October.

New York turns to the left for first time in two decades

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Liberal Democrat Bill de Blasio cruises to mayoral victory in US’ largest city beating Republican rival Joe Lhota, reports The Independent.

Greeks protest against IMF and EU

Anti-austerity demonstrators jeer, heckle and throw coins at auditors from bailout troika amid fears of more public sector cuts, reports The Guardian.

Only hours before, the Greek prime minister, Antonis Samaras, had resolutely declared that Greece was not at war with the international bodies keeping the debt-stricken country afloat.

FCA gets tough on majority shareholders

Regulators have announced a shake-up of London’s listing rules to give investors the power to take on controlling shareholders who flout corporate governance standards, reports The Times.

Under a new set of rules drawn up in response to scandals at businesses such as the emerging markets mining groups ENRC and Bumi, non-executive directors will be required to point out if large shareholders, who own more than 30  per cent of a company, are trying to hoard controls.

Eurozone to see meagre growth in year ahead

The eurozone economies will grow at a slower speed than previously expected in 2014, according to a forecast yesterday by the European Commission, reports CityAM.

The euro area is now expected to grow by only 1.1 per cent in 2014, compared to the 1.2 per cent projected in the spring, in spite of the region’s emergence from a long recession earlier this year.