HEADLINES IN BRIEF: PANIC SELLING OF SHARES, MOODY’S WARNS EUROZONE CORE, 'MORALLY WRONG' TO PAY TRADESMEN CASH IN HAND, CHINA’S £11BN BID TO BECOME A MAJOR PLAYER IN THE NORTH SEA, PAY MORE FOR YOUR FOOD – SAYS RICK STEIN
GUARDIAN
PANIC SELLING OF SHARES IN SPAIN AS COUNTRY'S BOND YIELDS GO ABOVE 7.5%
By Giles Tremlett in Madrid and Larry Elliott
Spain announced tough curbs on the short-selling of shares on the Madrid stock exchange on Monday after fears of a second successive summer crisis for the eurozone triggered big falls on the world's financial markets. Interest rates on US Treasury bonds dropped to levels not seen since the 19th century as investors sought safe havens in anticipation that Greece would be the first country to exit the 17-nation single currency area.
CITY AM
EURO CRISIS BACK AS SPAIN FEELS THE HEAT
By Tim Wallace
The Eurozone crisis flared back up yesterday as Spanish and Italian government borrowing costs soared to levels not seen since the start of the year, while Germany and other safe haven nations came under pressure from ratings agency Moody’s. The euro hit a two-year low against the dollar, trading in stocks of Italian firms including UniCredit was suspended as the country’s main market fell, and Italy and Spain introduced short-selling bans to try to ease the burden on markets.
FINANCIAL TIMES
MOODY’S WARNS EUROZONE CORE
By Michael Mackenzie in New York, James Wilson in Frankfurt and Gerrit Wiesmann in Berlin
Moody’s has lowered its outlook for triple A-rated Germany, the Netherlands and Luxembourg to negative from stable, in a move that highlights the dangers the core of the currency union faces from the eurozone debt crisis. The rating agency said the outlook had changed because of both the increased likelihood of an exit by Greece from the single currency and the need for greater financial support for struggling eurozone countries from the strongest members of the bloc.
DAILY EXPRESS
EURO CHAOS TO WRECK PENSIONS
By Macer Hall
The pension plans of millions of Britons were dealt a devastating new blow yesterday when the deepening eurozone crisis triggered meltdown on global stock markets. Around £29billion was wiped off the value of shares on London’s FTSE 100 Index after Spanish government borrowing costs reached a new high, suggesting the country will need a huge new bailout.
WWW.BBC.CO.UK
CREDITORS TO AUDIT GREEK PROGRESS ON DEBT REDUCTION
Representatives from the troika of international lenders arrive in Greece on Tuesday to assess its progress towards reducing its huge debts. They must decide whether Greece is eligible to receive 31.5bn euros - the last tranche of a 130bn euro ($158bn, £102bn) aid package agreed in March.
DAILY TELEGRAPH
IT IS 'MORALLY WRONG' TO PAY TRADESMEN CASH IN HAND, SAYS DAVID GAUKE
By Christopher Hope, Senior Political Correspondent
People who pay cash in hand to tradesmen are “morally wrong”, damaging the economy and helping tax evaders, a minister has warned. So far cash-in-hand builders, hospital consultants, home tutors, plumbers and eBay traders have all been targeted by HMRC inspectors, pulling in an extra £500million in tax since 2007
THE SCOTSMAN
CHINA’S £11BN BID TO BECOME A MAJOR PLAYER IN THE NORTH SEA
By Perry Gourley
Cash-rich China is to become a major player in the North Sea - including the operator of its biggest field – under two deals worth almost £11 billion announced yesterday. State oil company China National Offshore Oil Corporation (CNOOC) is buying Canadian rival Nexen for £9.7bn in a blockbuster transaction which would represent China’s biggest-ever foreign corporate takeover.
THE SUN
AIR CON - BA AND VIRGIN TOLD: STOP FUEL RIP-OFF
Exclusive
By Steve Hawkes, Business Editor
British Airways and Virgin Atlantic were last night urged to “Play Fare” by millions of passengers — and cut fuel surcharges. Oil prices sank to $89 a barrel in New York yesterday — almost 20 per cent below March’s price. Brent crude in London dropped $4 to $102.83 against $125 in early April. But despite the falls, neither BA nor Virgin have cut their fuel levy.
DAILY MAIL
SAINSBURY'S AND BRITISH GAS ACCUSED OF MIS-SELLING ENERGY DEALS
By Peter Campbell
British Gas and Sainsbury’s were yesterday accused of ripping off thousands of customers by mis-selling energy deals. Some 43 salesmen employed by the energy giant but working in the supermarket’s stores have been suspended for accosting shoppers and pushing them to switch to more expensive gas and electricity tariffs. More are expected to be axed in the coming weeks. In some cases customers could have been left up to £300 worse off.
….. AND FINALLY …..
DAILY TELEGRAPH
RICK STEIN: PEOPLE SHOULD 'EAT LESS, MOAN LESS AND VALUE FOOD MORE'
By Andrew Hough
British consumers should pay more for their food, Rick Stein has said, as he urged people to “eat less, moan less, and value food more”. The celebrity chef and restaurateur argued that people did not understand the implications of cheap produce in supermarkets. Calling for the cost of food to increase, the television presenter, 65, attacked some households for not valuing food enough.
