DAILY TELEGRAPH
'GET SOME BACKBONE' OSBORNE URGED AS CBI AND BCC SLASH GROWTH FORECASTS
By Philip Aldrick, Economics Editor
Business has called on ministers “to get some political backbone and show some leadership”, as the two largest industry lobby groups - the CBI and BCC - slashed their growth forecasts for the year, rounded on the Government for failing to kick-start the economy, and warned the Chancellor that he may miss his deficit reduction goals. Ministers are wasting easy opportunities to lift growth, leaving businesses “frustrated” with the lack of action, the CBI said as it predicted that GDP would shrink by 0.3pc this year – sharply lower than its outlook in May for 0.6pc growth.
FINANCIAL TIMES
BRUSSELS PUSHES FOR WIDE ECB POWERS
By Peter Spiegel in Brussels
The European Central Bank would be given sweeping authority over all 6,000 eurozone banks under a plan being drawn up by the European Commission, putting Brussels on a collision course with Germany and the ECB itself, which have urged a more decentralised first step towards “banking union”. The plan would strip existing national supervisors of almost all authority to shut down or restructure their countries’ failing banks, giving those powers to Frankfurt.
GUARDIAN
BARCLAYS APPOINTS ANTONY JENKINS AS NEW CHIEF EXECUTIVE
By Julia Kollewe
Barclays has appointed its head of retail and business banking Antony Jenkins as chief executive to replace Bob Diamond, who was forced out by the Libor fixing scandal. The new chief executive, who comes from the "safer" retail side of the business, pledged to restore Barclays' reputation, but his appointment comes as the Serious Fraud Office launches an investigation into payments made after the bank tapped Middle Eastern investors for emergency funds in 2008. Barclays shares dropped 1.45p to 184.9p.
THE SUN
NEW BARCLAYS BOSS ANTONY JENKINS ON JUST £8.6M A YEAR
That's £3.5m LESS than disgraced ex-chief Bob Diamond
Antony Jenkins was promoted to succeed disgraced Bob Diamond as chief executive after three years in charge of retail and business banking. The appointment of the exec dubbed “Safe Hands” came 12 hours after Barclays admitted it faces a criminal investigation over its 2008 bailout by sheikhs.
CITY AM
JENKINS VOWS TO MEND BARCLAYS
By Tim Wallace
Antony Jenkins yesterday pledged to restore Barclays’ tarnished reputation by taking the lead in reforming the industry, insisting he will wholeheartedly take part in schemes to boost lending and will seek to implement the new ring-fence well ahead of official deadlines. Jenkins has taken over from shamed chief executive Bob Diamond who resigned at the start of July after becoming embroiled in the Libor fixing scandal that saw the bank hit by a £290m fine.
DAILY MAIL
FRESH SIGN OF A NEW HOUSEHOLD BILLS SQUEEZE
By Tara Evans
EDF Energy has pulled its cheapest fixed gas and electricity tariff for new customers after hundreds of thousands signed up in the rush to avoid winter energy bill hikes. In a further sign that a fresh household bills squeeze is on the way, the energy giant has closed one of the cheapest fixed price tariffs on the market. The energy firm said that the number of customers on its Blue Price Promise tariff was close to reaching the cap that it can accept.
DAILY EXPRESS
INVESTORS FACE WIPEOUT AS JJB SPORTS CRASHES
By David Craik
Shares in struggling sportswear chain JJB Sports crashed 80 per cent yesterday as it put itself up for sale and warned shareholders such as IT guru Bill Gates that they could be left with nothing.
JJB, down 2p to ½p, said it had tried and failed to raise an unspecified amount of new cash from investors and suppliers to fund its turnaround plan including the redesign of its 180 stores.
WWW.BBC.CO.UK
FOOD PRICES JUMP WILL HIT POOR, WORLD BANK WARNS
Global food prices have leapt by 10% in the month of July, raising fears of soaring prices for the planet's poorest, the World Bank has warned. The bank said that a US heatwave and drought in parts of Eastern Europe were partly to blame for the rising costs. The price of key grains such as corn, wheat and soybean saw the most dramatic increases, described the World Bank president as "historic"
NEWS.SKY.COM
SQUATTERS FACE JAIL AFTER RIGHTS ARE AXED
A new law comes into effect this weekend which threatens squatters with jail if they enter an unoccupied residential property. A new law comes in on Saturday for England and Wales making it an offence for squatters to enter or occupy an abandoned or empty property without the owner's permission. The introduction of the offence - which will carry a maximum sentence of up to six months in jail for persistent offenders, a £5,000 fine or both - follows a Government consultation on the issue last summer.
….. AND FINALLY ….
DAILY TELEGRAPH
THE JIL SANDER PAPER BAG THAT WILL COST YOU £185
BY Bibby Sowray
Jil Sander's menswear autumn/winter 2012 'Vasari' bag is possibly the world's most expensive paper bag - but that hasn't stopped it from selling out. There's a more luxurious leather version too, but you'll be left with little change from £500. Alternatively, you could fashion your own using a McDonald's takeaway bag and a biro.
SOMETHING YOU WON’T FORGET
One in every three hundred births in the US occurs in a vehicle - UberFacts
