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What the Papers SayBack

The Financial Times

Athens offered last chance to avoid crashing out of single currency

Greek flag

New reform proposal to be presented tonight

Eurozone leaders remain sceptical

Osborne to abolish Sunday trading laws

Big retailers to benefit most from new powers for local councils and mayors

George Osborne will offer to rip up the remaining restrictions on Sunday trading in tomorrow’s Budget in a move that will delight big retailers but antagonise corner shops and the religious right.

Bumper car registrations belie health of the sector

Car dealers registered more vehicles between January and June than in any other first-half on record— but the boom may be less impressive than it appears.

Dealers say that actual new car sales are flat or falling, discounting is high and a growing proportion of the registrations are by dealers themselves, raising doubts over the health of one of the engines of the economic recovery.

Aero engine trouble diverts Rolls chief to new profit warning on maiden flight

Rolls-Royce yesterday highlighted the broad challenges facing the global aerospace industry, blaming a fourth profit warning in less than 18 months on problems in the core unit that makes engines passenger jets.

Companies and Markets

Honda chief steers clear of output targets to rebuild brand

Honda’s new chief executive has steered the carmaker away from a policy of targeting aggressive volume growth in an effort to rebuild a brand tarnished by quality lapses over the past year

In his first news conference since his appointment last month, Takahiro Hachigo struck a cautious tone that mirrored that adopted by rival Toyota following its own recall problems in 2010. But Mr Hachigo offered few new initiatives on how Japan’s third largest carmaker would overcome lacklustre sales and thrive in a market increasingly dominated by bigger players.

Veclocys tumbles after chief is suspended

Allegations of serious misconduct by Lipski are latest blow for group

Velocys, the US-UK gas-to-liquid fuel business backed by Russian oil tycoon Roman Abramovich, suffered a 19 per cent fall in its share price yesterday after revealing it had suspended its chief executive.

Buoyant US crude crimps calls for exports

Urgency of political push to open markets is undermined by erosion of WTI’s discount

A handful of US senators last month sent a letter warning President Barak Obama that lifting America’s 40-year-old ban on exports of crude oil could “harm businesses, consumers and our national security”.

The Times

Midland’s devolution

The West Midlands is the latest region to sign up for George Osborne’s plans for devolved powers to the regions.

Text driver killed cyclist

A motorist who hit and killed a cyclist while sending text messages has been jailed for 21 months by a judge at St Alban’s crown court.

The Daily Telegraph

Business

‘Spooked’ SMEs missing out by keeping less in savings

Britain’s small businesses are missing out on thousands of pounds of interest payments by refusing to move huge cash piles from current accounts to savings accounts.

The Independent

Driverless cars could cut carbon emissions by 90 per cent

Driverless cars and “super Uber” fleets of robot taxis have the potential to disrupt the car-owning democracy that has shaped urban planning and personal transport over the past century, a study has concluded.

More car buyers go British

Members of Nissan’s manufacturing staff inspect a vehicle at the firm’s plant in Sunderland on the day it was announced that the number of new cars sold in the UK hit a record 1.3 million in the first six months of the year.

Study says offices play key role in job satisfaction

Most workers say the quality of their offices plays a big part in whether to stay in their job, a Royal Institute of Chartered Surveyors study has found.

‘Two tier’ recovery sees service growth pick up

The UK is showing signs of “two tier” economic growth, with the services sector reporting better jobs, investment, confidence and cashflow in the second quarter of the year.

The Daily Mirror

Boris calls for high earners to get tax cut

Millionaire Tory Boris Johnson has demanded another huge tax cut for the rich in tomorrow’s Budget.

Mean bosses cut pay rises

Workers miss out on recovery

Stingy firms are cutting pay rises despite the economy picking up, research reveals.

Posted by Lois Hardy on 07/07/2015