… EU CRISIS …
GUARDIAN
EUROZONE CRISIS: GERMANY AND FRANCE CLASH OVER EUROBONDS AT SUMMIT
By Ian Traynor in Brussels and Patrick Wintour
A major rift has opened up between Germany and France for the first time in 30 months of euro crisis over how to restore confidence in the single currency. A special EU summit marking the debut of France's President Fran̤ois Hollande saw him challenge Germany's chancellor, Angela Merkel, on the euro, arguing that the pooling of eurozone debt liability Рeurobonds Рhad to be retained as an option for saving the currency. Merkel has ruled out eurobonds as illegal under current EU law.
FINANCIAL TIMES
EUROPEAN LEADERS PUT OFF KEY DECISIONS
By Peter Spiegel and Hugh Carnegy in Brussels
European leaders put off any decisions on shoring up the region’s banks at a late-night summit on Wednesday despite rising concerns that instability in Greece was undermining confidence in the eurozone’s financial sector. Instead, the heads of the EU’s main institutions were given the task of drawing up proposals for closer fiscal co-ordination in time for another summit next month.
WWW.BBC.CO.UK
EU WANTS GREECE TO STAY IN EUROZONE, SAYS VAN ROMPUY
EU leaders want Greece to remain in the eurozone but to "respect its commitments", European Council President Herman Van Rompuy has said. Mr Van Rompuy, speaking at an informal EU summit, said continuing "vital reforms" were essential for Greece to overcome its economic problems.
…. IT’S THE ECONOMY …..
GUARDIAN
RETAIL FIGURES PLUNGE AS FRUGAL BRITONS POSTPONE SUMMER SHOPPING TRIPS
Zoe Wood and Larry Elliott, economics editor
The Bank of England signalled fresh action was required as consumer confidence continues to bump along the bottom. The precarious state of the high street was underlined when official figures showed that last month saw the biggest plunge in spending for two years – and experts predicted that many more shops will go bust this year. Wet weather throughout April contributed to a worse-than-expected 2.3% fall in sales volumes.
DAILY TELEGRAPH
HEWLETT-PACKARD TO SLASH 27,000 JOBS
Hewlett-Packard is to slash 27,000 jobs, or 8pc of its global workforce by 2014, as chief executive Meg Whitman attempts to revive the fortunes of the world's largest PC maker. News of the job losses overshadowed the release on Wednesday of HP's latest quarterly results. The company's profits and revenues were both better than analysts had estimated. HP said that the move would cut costs by up to $3.5bn (£2.2bn) a year.
DAILY MAIL
MARKETS PLUNGE AS IMPASSE ON EURO BONDS SEES HOPE FOR EU SUMMIT 'CHUCKED OUT THE WINDOW'
By Tanya Jefferies
Financial markets have tumbled as a plan to issue 'euro bonds' to combat the eurozone debt crisis appears dead before a crunch summit in Brussels has even begun. Blue-chip shares in London plunged 2.5 per cent after the French initiative - which would see joint eurozone bonds issued as new source of borrowing for debt-stricken countries - was roundly rejected by both Germany and Austria, who fear they will have to pick up the bill.
.. THE OTHER NEWS…
DAILY EXPRESS
NATIONWIDE’S LOAN PLAN FOR SMALL FIRMS
By Andrew Johnson
Nationwide Building Society ¬yesterday revealed plans to step up its assault on leading high-street banks by lending to small businesses for the first time. Chief executive Graham Beale has said small business lending would be a “good strategic fit” for the company, which believes the move will build on recent steps to accept deposits from firms.
CITY AM
FACEBOOK HIT BY LAWSUIT OVER ITS FLOAT
By Lauren Davidson
Facebook shares rose three per cent to $32 yesterday, reversing the stock’s two-day slide. But Facebook was yesterday hit by lawsuits from disgruntled shareholders. US law firm Robbins Geller filed a class action on behalf of new Facebook investors, alleging that the prospectus issued ahead of the IPO was “false and misleading”. The suit, which is also directed at Morgan Stanley and Mark Zuckerberg, claims that Facebook revenue forecasts which were downgraded just days before the flotation were “selectively disclosed by the defendants to certain preferred investors”.
….. AND FINALLY ….
DAILY TELEGRAPH
FORD RECLAIMS OWNERSHIP OF BLUE OVAL LOGO
By Richard Blackden, US business editor
A public address system usually reserved for firedrills at Ford's headquarters in Detroit delivered far less alarming news this week. The logo was one item among a huge swathe of collateral that Ford put up in late 2006 to secure a $23.4bn (15bn pound) loan from a syndicate of banks. Bill Ford, the company's executive chairman and great-grandson of founder Henry Ford, took to the tannoy system to tell staff that the carmaker had reclaimed official ownership of the blue oval logo that sits on all its vehicles.
