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In the papers - Tuesday, 15 January 2008

Britain faces a £1bn black hole after the 2012 Olympics because of 'ludicrous' property price projections backed by ministers, it emerged last night...

...Today the Conservatives and Liberal Democrats will, for the first time, vote against Government plans to give the Olympics more money - The Times

Iberdrola, the Spanish utility that owns ScottishPower, is in talks about entering a joint venture with British Energy to build a nuclear power plant in Britain. The companies are believed to be discussing construction of a 1,600-megawatt plant in southern England at an estimated cost of about £2.1bn - The Times

Balfour Beatty was big enough to escape from the wreckage otherwise known as the London Underground contractor Metronet. The business, in which it owned a 20 per cent stake, is now in administration and Balfour is facing write-offs of around £100m - enough to sink less muscular outfits - The Independent

Tens of thousands of home owners are braced for a repeat of last summer's catastrophic flooding after forecasters predicted more than a week's rainfall could fall across Britain in a few hours. In western areas, up to 40mm of rain was expected to fall this morning - about a third of the average British rainfall for January - The Daily Telegraph

China is building pipelines across Burma to carry huge quantities of oil and gas after securing new contracts with the Rangoon junta. A 1448km pipeline is to be built - possibly this year - to take gas from the coast of Burma to China after Beijing won contracts to explore three large offshore fields - The Daily Telegraph

National Express, operator of the One franchise, has secured a compensation package thought to be in the region of £3m from Network Rail to refund passengers hit by the New Year engineering overruns at Liverpool Street station. The compensation is the result of talks last week between National Express chief executive Richard Bowker and his opposite number at Network Rail, Iain Coucher - The Daily Telegraph

Britain will be told by Brussels to increase its use of renewable energy by at least sixfold by 2020 to meet the controversial climate change targets agreed by Tony Blair in the dying days of his premiership – Financial Times

A shake-up of London's stock market listing rules has been proposed by the financial watchdog in a bid to shore up the UK capital's reputation as a financial centre. The proposals could give two distinct tiers of listings, those companies with lower corporate governance standards could be relegated to the lower tier – Financial Times

London Olympic organisers will tomorrow launch a website enabling thousands of businesses to compete for some of the £6bn of work being tendered for the 2012 games – Financial Times

Container shipping lines have started a concerted effort to rehabilitate the industry's battered public image, launching a campaign to show its environmental record is improving – Financial Times

Balfour Beatty dismissed suggestions that it would suffer from the current economic uncertainty, arguing its core markets were "unaffected in the short and medium term by month-to-month economic volatility." – Financial Times

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