In brief: MPs accuse US of anti-British bias over Standard Chartered, Bank of England expected to cut growth forecasts, and Olympic bonanza on Visa cards.
FINANCIAL TIMES
British MPs accuse US of anti-City agenda
By Jim Pickard
Several senior British MPs accused US regulators of pursuing an anti-City of London agenda in its assault on Standard Chartered, suggesting it was part of an apparent campaign to weaken a rival financial centre.
John Mann, a Labour member of the Treasury select committee, said he detected an “increasing anti-British bias by US regulators and politicians” which could have been influenced by a desire to shift business from the City to Wall Street.
THE TELEGRAPH
Shares dive as Standard Chartered reels
By Louise Armitstead and Helia Ebrahimi
Standard Chartered’s shares plunged more than 16pc as analysts warned it could lose 40pc of its earnings and face $5.5bn (£3.5bn) of costs if US regulators are successful in securing money-laundering charges against the bank.
The 160-year-old British bank saw a further £5.8bn wiped off its value, taking total losses to more than £8bn since New York state financial regulator Benjamin Lawsky branded it a “rogue institution” in an explosive order published on Monday.
CITY A.M.
Deloitte’s US arm dragged into scandal
By Elizabeth Fournier
The US arm of Deloitte yesterday denied any wrongdoing in its dealings with Standard Chartered, after the advisory firm was accused of colluding with its client to conceal billions of dollars in transactions through Iran.
“Deloitte Financial Advisory Services performed its role as independent consultant properly and had no knowledge of any alleged misconduct by bank employees,” it said in a statement yesterday, adding: “Allegations otherwise are unsupported by the facts.”
SKY NEWS
Permanent Job Appointments Fall Again
The number of people placed in permanent jobs has fallen for the second month in a row, suggesting that employers are putting recruitment decisions on hold until after the Olympics, according to new research.
A report by KPMG and the Recruitment and Employment Confederation (REC) said there was still a "high degree of uncertainty" among employers.
There were reductions in both permanent and short-term staff appointments during July, while recruitment consultants reported an increase in the availability of staff.
THE SUN
Back E.ON the street
By Rhodri Phillips
Energy firm E.ON is to open a store later this year - giving a power company its first permanent presence on the high street since 1999.
Customers will be able to pay bills, give meter readings, complain or receive advice and information about services.
E.ON Open House will open in Nottingham by October and if it succeeds during a six-month trial more branches could be launched across the UK.
BBC.CO.UK
Bank of England expected to cut UK growth forecasts
The Bank Of England is expected to cut growth forecasts close to zero from the 0.8% predicted in May as the double-dip recession intensifies.
The quarterly inflation report is likely to indicate no growth for 2012 compared with 2% predicted a year ago.
Governor Sir Mervyn King is expected to be asked about a possible interest rate cut from the current record 0.5%.
DAILY MAIL
House price fall hits hopes of remortgaging for millions
By Laura Shannon
Falling house prices are blocking millions of homeowners from cheaper mortgages as lenders knock off thousands of pounds during a property valuation.
A so-called ‘down-valuation’ by a lender can wipe out thousands of pounds of equity at remortgage — and also trap borrowers desperate to move to a bigger home.
DAILY EXPRESS
Church sells £1.9m holding in Newscorp
The Church of England has sold all its shares in Rupert Murdoch’s News Corporation in protest at the company’s response to the phone-hacking scandal.
It comes a year after the Church threatened to pull its investments from the company if it failed to hold “senior managers” to account in the wake of the News of the World closure.
THE GUARDIAN
Apple heads toward Google-free iPhone as YouTube app is dropped
By Juliette Garside
When Steve Jobs launched the first iPhone he invited Google's former chief executive Eric Schmidt on stage, but one of the most successful collaborations in Silicon Valley is gradually being unpicked.
Apple has taken another step to creating a Google-free iPhone by confirming that the latest version of its mobile software will not come with YouTube pre-loaded.The search giant has had a major presence on the iPhone since the first model appeared in 2007, with Apple's bestselling product dependent on Google for three of its most popular applications: search, maps and YouTube.
THE INDEPENDENT
Surprise as head of Co-op decides to retire
By Gideon Spanier
The boss of the Co-operative Group has surprised the City by announcing his retirement, weeks after buying 632 branches of Lloyds Banking Group in a transformational deal to boost its high street presence.
Peter Marks will step down next May, after a six-year spell at the helm, when he will be aged 63. He said he had been planning his retirement for some time, delayed an announcement because he did not want to jeopardise the Lloyds deal.
THE TIMES
London nightspots enjoy Olympic mini boom
By Jenny Booth
Overseas tourists spent £450 million on their Visa cards during first week of the Games, 8 per cent up on last year
London restaurants and nightclubs are enjoying an Olympic boost from overseas visitors, according to Visa, the official credit and debit card company to the Games.
Around £12.7 million was spent on Visa cards in restaurants last week, an increase of almost 20 per cent on a year ago, while the amount spent in nightclubs surged by 24 per cent to £2.1 million.
THE SCOTSMAN
Second-half sales down, but Greggs bites back with innovative formats
By Dominic Jeff
Bakery chain Greggs will accelerate its expansion programme in the second half of the year after new initiatives proved successful even as sales slowed due to bad weather.
The company said plans to roll out a franchised version of its stores at motorway service stations would create 500 jobs, while it is pushing ahead with plans to refurbish more than 100 high street shops.
