DAILY TELEGRAPH
DEBT CRISIS: SPAIN AND ITALY TO BE BAILED OUT IN £600BN DEAL
By Robert Winnett, Political Editor in Los Cabos, Mexico
European leaders are poised to announce a £600 billion deal to bail out Spain and Italy, it emerged at the G20 summit on Tuesday night. Two rescue funds are to be used to buy the debts of the troubled economies. It is hoped that the move, which represents a substantial shift in policy for Germany’s chancellor, Angela Merkel, will send a strong signal to financial markets that Europe’s biggest economy is finally prepared to back its weaker neighbours.
FINANCIAL TIMES
G20 BID TO CUT COST OF EURO BORROWING
By Chris Giles and George Parker in Los Cabos and Peter Spiegel in Brussels
Eurozone members of the G20 have committed to driving down borrowing costs, according to the communiqué from the summit in Mexico. On the day that Spain was forced to pay more than 5 per cent to borrow money for one year, the need for action to stem the spiral of rising government bond yields was accepted by Germany, France and Italy, the G20’s three eurozone members.
FINANCIAL TIMES
POOR GLOBAL GROWTH PUSHES DOWN UK INFLATION
By Sarah O’Connor, Economics Reporter
Faltering global growth has pushed UK inflation to its lowest since 2009, raising expectations that the Bank of England will restart quantitative easing to stimulate the economy. Falling commodity prices helped to lower nflation from 3 per cent in April to 2.8 per cent in May
GUARDIAN
RYANAIR PLANS €640M AER LINGUS TAKEOVER
By Rupert Neate
Budget airline, which already owns 29.82% of the Irish flag carrier, proposes €1.30 a share cash offer to buy rest of rival. No frills airline Ryanair is planning a €694m (£560m) takeover of Aer Lingus, its third attempt to buy its rival in the last six years.
CITY AM
HIGH-TAX UK LOSING OUT AS INVESTORS FAVOUR GERMANY
By Tim Wallace
High taxes, expensive workers and a lack of decent office space is driving foreign investors away from the UK and into Germany, according to a damning new report published today. Unless major changes are made, the UK will lose its place as Europe’s top destination for foreign direct investment (FDI) to Germany within the next two years, Ernst & Young warns.
THE SCOTSMAN
BOOTS SELLS MAJOR STAKE TO US GIANT WALGREENS FOR £4.3BN
By Gareth Mackie
The owner of Boots yesterday agreed to sell 45 per cent of the health and beauty business to Walgreens, the largest pharmacy chain in the US, in a deal that could lead to an eventual £10.3 billion takeover. Private equity firm KKR, which teamed up with Alliance Boots’ then executive deputy chairman Stefano Pessina to buy the company for £11.1bn in 2007, is selling the stake for $6.7bn (£4.3bn) in cash and shares.
THE SUN
APPLE TABLET TRIGGERS BEST ARGOS SALES IN 3 YEARS
By Steve Hawkes, Business Editor
Britain’s iPad tablet computer boom has triggered the best sales at Argos for almost three years. Bosses hit back at their army of City critics yesterday as the catalogue chain finally showed signs of life.
DAILY MAIL
WE DON'T WANT TO STRIKE
By Sophie Borland
On the eve of their walk-out, doctors signal that they're ready to put their patients first. Support has waned and doctors admit to having a 'crisis of confidence'. Dispute expected to lead to the cancellation of 1.25million GP appointments. Only 281 centres confirmed they would definitely take part in a walk-out
DAILY EXPRESS
HOUSE PRICES ON RISE AT LAST
By Sarah O’Grady
Britain’s housing market is surging upward again with prices rising by £1,250 a month. Official figures yesterday showed house values have had their biggest annual gain since the end of 2010. The 1.4 per cent year-on-year increase in April added an extra £15,000 to the value of a home in the last 12 months, according to the Office for National Statistics. That works out at £41 a day.
WWW.BBC.CO.UK
CABLE TO FORCE THREE-YEARLY BINDING VOTES ON EXECUTIVE PAY
Business Secretary Vince Cable will announce plans on Wednesday to force companies to have binding votes on executive pay every three years. Companies will then have to stick to their pay plans for the next three years or have another shareholder vote. They will also have to publish a simple figure every year showing how much executives have been paid.
DAILY MIRROR
GOING AGAINST THE GRAIN
Jack Daniel's have poured cold water on claims that the original recipe for their American whiskey was discovered in Wales. Businessman Mark Evans, 54, was researching his family history when he discovered the recipe in a dusty old book of herbal remedies. It was written in 1853 by his great-great grandmother, a local herbalist in Llanelli called Mrs Daniel.
