Monday newspaper round-up: Oil companies, mortgage payments, Chery Automobile

(Sharecast News) - The world's biggest oil companies are on track to amass profits of more than $95bn (£71bn) in the third quarter as the war in the Middle East drives up the price of fossil fuels. The windfall war profits have sparked calls for oil corporations such as Saudi Aramco and BP to pay for environmental damage and help the world transition towards renewable energy. - Guardian More than 2.3m UK households face a sharp rise in mortgage payments as they come off fixed-rate deals in 2027, with the Bank of England expected to begin raising interest rates this week. The Bank's nine-member monetary policy committee (MPC) is widely expected to increase the base rate from 3.75% to 4% on 5 November after UK inflation rose further to 3.5% in September. - Guardian

British radio stations are demanding compensation to cover soaring costs if ministers switch off terrestrial TV in the next decade. The commercial operators behind stations such as Heart, Magic and Classic FM are pushing for a "mitigation package" amid concerns the transition to streaming could force them off air. The Government has said there is a "compelling" case for switching off terrestrial signals in 2034, though some campaigners are calling for this to be delayed until 2044. - Telegraph

Rich residents of Italy who move abroad are to be hit with an "exit tax" under plans drawn up by Giorgia Meloni's government. In its draft 2027 budget, Rome said it was planning a 26pc capital gains levy for individuals who move their tax residence abroad and have assets of more than €800,000 (£670,000). The surprise policy, which was not trailed in advance, threatens to ensnare wealthy British expats and others who have relocated to Italy in recent years. - Telegraph

The Chinese car manufacturer Chery Automobile has said it wants to "become British", with plans to move design and engineering facilities into the UK and ultimately open manufacturing assembly lines. The company, which was set up in 1997 by state government officials in the southeastern city of Wuhu, is the parent company of global brands such as Omoda and Jaecoo. Together, these have stormed British dealerships to make Chery the second largest seller of new cars in the UK behind the Volkswagen Group. - The Times

Political groups affiliated with some of Britain's biggest companies with operations in the United States have donated millions of dollars to federal candidates before the US mid-term elections. A total of about $3.7m has been donated by political action committees (PACs) associated with top British companies in the current election cycle. About $2.3m went to Republican candidates and about $1.4m to Democrats, according to analysis of Federal Election Commission data by OpenSecrets, a non-profit organisation. - The Times