Morning papers: Osborne moves to cap payday loans cost

The Treasury plans to limit the cost of payday loans as the industry comes under mounting political scrutiny, reports the Financial Times.

The Financial Conduct Authority, which takes over regulation of the sector in April, already has the power to cap the cost of payday loans. But in an amendment to the banking reform bill going through parliament, George Osborne, chancellor, has “put a duty on the FCA to use those powers to impose a cap”, the Treasury said on Monday.

Energy firm RWE npower axes £4bn UK windfarm amid political uncertainty

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Britain’s green ambitions have been dealt a blow as a big six energy company has pulled the plug on one of the world’s largest offshore windfarms, with the political storm enveloping the industry threatening the multibillion-pound investments needed to meet emissions targets and head off a looming capacity crunch, reports the Guardian.

Weeks after warning that the government was treating environmental subsidies as a “political football”, the German-owned RWE npower is pulling out of the £4bn Atlantic Array project in the Bristol Channel because the economics do not stack up.

RBS appoints law firm Clifford Chance to examine small business allegations

Royal Bank of Scotland has appointed the law firm Clifford Chance to examine damaging allegations that the bailed-out bank is deliberately wrecking viable small businesses to make a profit, reports the Guardian.

The move came as Sir Andrew Large said in a report commissioned by the bank that RBS had left itself open to accusations of conflict of interest by small firms placed in its restructuring division because of its opaque management structure.

Nasdaq reprises the glory days after Iran deal

American stocks rose across the board yesterday, with the tech-heavy Nasdaq index topping 4,000 points briefly for the first time since the dot-com bubble in September 2000, as investors took encouragement from Sunday’s breakthrough deal to limit Iran’s nuclear programme, reports the Times.

The Nasdaq, which started trading yesterday up 32.2 per cent so far this year, is the latest US stock index to cross a psychologically important milestone.

Premier Oil offers 5% to investors prepared to lend it cash for seven years as the march of the retail bond continues

Premier Oil is looking to raise cash from savers with a seven-year retail bond offering an annual return of 5 per cent, reports the Daily Mail.

The offer from the oil and gas explorer and producer requires a minimum investment of £2,000 and the official deadline is 6 December.