HEADLINES IN BRIEF: UK WORST RECESSION IN 50 YEARS. EUROPE IS SLEEPWALKING TOWARDS IMMINENT DISASTER AND ASDA CAVES IN AS MILK PRICE PROTESTERS GAIN EDGE
GUARDIAN
BRITISH GDP FIGURES CONFIRM WORST DOUBLE-DIP RECESSION IN 50 YEARS
Official report from Office for National Statistics will show GDP shrunk by around 0.2% between April and June. Britain's longest double-dip recession for more than 50 years will be confirmed in official figures out on Wednesday. Gross domestic product (GDP) – a broad measure for the total economy – is forecast to have shrunk by around 0.2% between April and June in its third straight quarter of contraction. That would mark the longest double-dip recession since quarterly records began in 1955 and is believed to be the worst since the second world war.
DAILY TELEGRAPH
EUROPE IS SLEEPWALKING TOWARDS IMMINENT DISASTER, WARN TOP ECONOMISTS.
By Ambrose Evans-Pritchard
The euro has completely broken down as a workable system and faces collapse with “incalculable economic losses and human suffering” unless there is a drastic change of course, according to a group of leading economists. The 17 economists said Europe’s political waters have been muddied by disputes over eurobonds, debt-pooling, subsidies and fiscal union . “The sense of a neverending crisis, with one domino falling after another, must be reversed. The last domino, Spain, is days away from a liquidity crisis,” said the economists.
CITY AM
GREECE AND SPAIN SPARK EURO FEAR
By Tim Wallace
The Spanish government’s borrowing costs shot to a euro-era high yesterday as another regional authority requested a bailout, panicking already nervous investors who now fear a full rescue might be needed to try to help the country out of its debt troubles. It came as EU officials warned Greece could also need another bailout, meaning the European Central Bank and International Monetary Fund could lose the cash they pumped in earlier this year – an eventuality they previously said would never happen.
THE SCOTSMAN
ASDA CAVES IN AS MILK PRICE PROTESTERS GAIN EDGE
By Andrew Arbuckle
The battle over the price of milk swung in favour of producers last night with the National Farmers Union of England and Wales announcing that Asda had confirmed it would raise the price it pays for milk by 2p per litre (ppl) from 1 August. NFU president Peter Kendall said the price increase from Asda should now pave the way for the three big milk processors to do the right thing. “Today sees Asda joining Morrisons and the Co-operative in moving their milk price in the right direction,” he said. “They are all now committed to paying a price that covers their farmers’ cost of production.
FINANCIAL TIMES
APPLE MISSES TARGETS AHEAD OF NEW IPHONE
By Tim Bradshaw in San Francisco
Apple, the most valuable public company, missed Wall Street forecasts with its third-quarter revenues and earnings as fans held out for the next iPhone. The California-based company sold 26m iPhones in the three months to June 30, up 28 per cent on the same period a year ago and topping the company’s own guidance. But the figures marked a slowdown in the rate of growth over recent quarters, sending its shares below $600 in after-hours trading.
THE SUN
98% OF UK PROMISED CLEAR RECEPTION
Exclusive
By STEVE HAWKES, Business Editor
Nearly every Brit has been promised super-fast 4G mobile phone services in radical plans to change the industry. OFCOM yesterday unveiled plans to auction off next generation 4G licences to the likes of Vodafone, O2, T-Mobile and Orange early next year.
DAILY MAIL
MAN TO CLEAR UP BARCLAYS WAS ADVISER TO GUINNESS DURING SHARE-RIGGING SCANDAL
By James Salmon
The man responsible for cleaning up Barclays was a key legal adviser to Guinness during its infamous share-rigging scandal of the 1980s. Although he was cleared of any wrongdoing, top lawyer turned investment banker Anthony Salz’s association with one of the City’s most notorious debacles may make uncomfortable reading for Barclays’ long-suffering shareholders.
DAILY EXPRESS
NOW YOU PAY £750 A YEAR TO BE IN THE EU
By Macer Hall
Britain’s membership of the European Union is costing every household in the country an average of £750 a year, new research reveals. Figures released last night show nearly £20billion from UK taxpayers is being poured into Brussels coffers annually.
WWW.BBC.CO.UK
JAGUAR LAND ROVER CREATES 1,100 NEW JOBS IN THE UK
Luxury car company Jaguar Land Rover (JLR) is to create 1,100 new jobs in the West Midlands. The new workers will build the new Jaguar XF Sportbrake estate car and other models at its Castle Bromwich plant.
WWW.BBC.CO.UK
PEUGEOT TO MAKE DEEPER CUTS AFTER 819M EUROS LOSS
Struggling French car firm Peugeot has announced a loss of 819m euros ($989m; £638m) for the first half of the year and is planning to make 1.5bn euros of cuts
…..AND FINALLY ….
DAILY MIRROR
JIGSORE PUZZLE: MUM FINISHES 32,000-PIECE JIGSAW... ONLY TO FIND LAST PIECE MISSING
Gretha Glasel worked on the 32,256-piece jigsaw measuring 17ft x 6ft for hundreds of hours over six months. A mum spent six months doing the world’s largest jigsaw puzzle – only to find one piece was missing. The puzzle – Double Retrospect, by American artist Keith Haring – comprises 32 different images, weighs 3st and comes with its own trolley for transport. It holds the Guinness World Record for the largest commercially available jigsaw.
