In brief: David Walker named as chairman of Barclays, Nomura says Britain could leave the EU, and Man Utd cuts the value of its share flotation.
FINANCIAL TIMES
David Walker named Barclays chairman
By Patrick Jenkins, Banking Editor
Barclays has moved swiftly to fill the governance vacuum at the bank following the mass resignations that followed its indictment by regulators over the Libor lending rate scandal, appointing City grandee Sir David Walker as its next non-executive chairman.
Sir David, 72, who will join the board in September and succeed the outgoing chairman, Marcus Agius, in November, is a respected financier and corporate governance expert who has been outspoken in his criticism of high banker pay.
CITY A.M.
Nomura: Britain could leave EU
By Michael Bow and James Waterson
Investment bank Nomura has issued a stark prediction to the City of London that it is “increasingly likely” the UK would exit the European Union – firing the opening shot in a debate about the City’s view on EU membership.
In a risk assessment issued to clients, analysts said a perfect storm of fraught coalition tensions, declining British influence in Europe, and moves for closer EU integration risked forcing an “in or out” referendum before 2015 – causing the coalition government to fall.
THE GUARDIAN
Greece braced for 'hottest autumn yet' over round of new spending cuts
By Helena Smith in Athens
New spending cuts being asked of Greece by international creditors are pushing Athens' fragile coalition towards a showdown with unions and anti-bailout forces amid signs that it will be civil servants who will bear the brunt of the belt-tightening.
Word is spreading of an incendiary autumn with labour groups, backed by the radical left main opposition Syriza party, warning of protests in September. The prospect of mass lay-offs in the state sector and a spate of planned privatisations are setting the scene for the "hottest fall yet," unionists said.
bbc.co.uk
Man Utd lowers stock float value
Manchester United has been forced to cut the value of its imminent share flotation in New York.
The football club said it would sell shares at $14 each, below the $16-$20 range that it announced just weeks ago.
It is selling shares representing 10% of the club, which will raise $233m (£150m) to pay off some debt, below the $333m hoped for.
THE SUN
Voice is fading as music giant HMV in £16m loss
By Rhodri Phillips
Troubled music chain HMV announced a £16.2million annual loss yesterday — just days after its chief exec and finance boss both quit.
The retailer saw overall sales slide 20.8 per cent after a “turbulent year” in which it faced fierce online competition and sold bookseller Waterstones.
SKY NEWS
Payday Loans Firm 'Shut Down' By Watchdog
An online payday loan firm is under threat of closure amid claims it allowed fraudsters to impersonate thousands of customers who were then hounded for millions of pounds of loans they knew nothing about.
The Office of Fair Trading (OFT) imposed a £544,000 penalty on MCO Capital which had traded under the names of Helploan and Balanceloan at the time of the fraud.
DAILY MAIL
More pressure heaped on Osborne after devastating slump in exports
By Hugo Duncan
George Osborne was last night under mounting pressure to breathe life into the ailing economy after a devastating slump in exports.
Official figures showed sales of British-made goods overseas crashed 8.4 per cent in June and 4.9 per cent in the second quarter of the year - shattering hopes of an export-led recovery.
It was a body blow to the Chancellor who in his ‘march of the makers’ Budget in March 2011 said he wanted to see the words ‘made in Britain... drive our nation forward’.
THE TELEGRAPH
George Osborne calls Tim Geitner to demand "fair treatment" of Standard Chartered
By Louise Armitstead, Chief Business Correspondent
The Chancellor told Tim Geitner he would not impede any investigation but that he had been “very concerned about the way” in which New York’s Benjamin Lawsky had sprung his explosive order on Monday.
The US Treasury department has responded with a letter conceding that the investigation by its Office of Foreign Assets Control (OFAC) into Standard Chartered would be both co-ordinated and quiet going forward.
THE INDEPENDENT
Watchdog: Disgraced Libor could be killed off
By James Moore
Libor interest rates could be scrapped in an attempt to restore trust in the financial system, the head of the new city watchdog will say in a speech today.
Martin Wheatley, who will run the Financial Conduct Authority, will argue that "the existing structure and governance of Libor is no longer fit for purpose and reform is needed".
DAILY EXPRESS
Virgin ups stakes in West Coast Line Fight
By Philip Waller
Sir Richard Branson’s Virgin Group has pledged new trains and destinations in a last-ditch attempt to avoid losing its flagship West Coast rail route to rival FirstGroup.
Virgin is understood to have promised to run services to places such as Blackpool and Shrewsbury as part of a £6billion bid to win the new 14-year franchise.
THE TIMES
Home repossessions fall to 18-month low
By Mark Bridge
The number of home repossessions has fallen to its lowest level in a year and a half despite the difficult economy, lenders said today.
There were 8,500 repossessions between April and June this year, marking the lowest quarterly total since the final three months of 2010, according to the Council of Mortgage Lenders (CML).
THE SCOTSMAN
US operations are focus of sell-off talk after Aviva posts £681m loss
By Kirsty Dorsey
Aviva, Britain’s second-biggest insurer, plunged to a £681 million half-year after-tax loss after writing down the value of its US business, fuelling speculation that the operation will be sold.
The firm sliced £876m of goodwill off Aviva USA, erasing all of its value above that of its assets.
