STERLING HITS HIGH, SPAIN SLIDES INTO RECESSION, PENSIONERS MISS OUT ON PAYMENTS, BANKS DOWNGRADED AND A WHOLE BRIDGE IS STOLEN
DAILY MAIL
STERLING HITS 22-MONTH HIGH AGAINST EURO AS ANXIETY GROWS OVER SPAIN
By Hugo Duncan
Sterling hit a 22-month high against the euro yesterday as the deepening crisis in Spain fuelled fears about the ailing single currency. The pound was also at an eight-month high against the US dollar as investors continued to view the UK currency as a safe bet despite the double- dip recession. But experts warned that the recent gains on the foreign exchange markets could dampen exports and further delay the economic recovery.
DAILY TELEGRAPH
SPAIN SLIDES BACK INTO RECESSION
Spain slipped back into recession in the first quarter of the year as the country's finance minister confirmed emergency plans to create a "bad bank". The crisis-ridden economy shrank by 0.3pc between January and March, plunging it into a double-dip recession.
DAILY EXPRESS
HOW MILLIONS MISS OUT ON BETTER PENSIONS
By Sarah O'Grady
Millions of people are entitled to bigger pension payouts, experts said yesterday. They are missing out on “enhanced ¬annuities” which could mean the difference between a comfortable retirement or one bordering on poverty. Latest analysis shows that 70 per cent of those approaching retirement would be entitled to bigger payouts but last year only two per cent applied for them. Minor medical conditions or lifestyle factors such as smoking are enough for pension providers to pay out more.
DAILY TELEGRAPH
LLOYDS AND RBS COULD SEE PROFITS SLASHED AS MOODY'S PLANS DOWNGRADES
By Harry Wilson, Banking Correspondent
Britain's taxpayer-backed lenders, Lloyds and Royal Bank of Scotland, could see their profits slashed following a downgrade of their credit ratings. Profits at Lloyds are forecast to fall 16pc next year, while RBS's earnings will drop 8pc
GUARDIAN
BIG SIX ENERGY COMPANIES FACE CALLS FOR TOUGHER REGULATION
By Terry Macalister
The "big six" stranglehold on the UK energy market means consumers are likely to pay almost £2bn too much on household fuel by the end of the decade because of failures to improve efficiency. The warning comes from the Institute for Public Policy Research, which argues that tougher regulation is needed by the industry watchdog, Ofgem.
FINANCIAL TIMES
AIRLINE LEVY COULD AID UK BORDER CHAOS
By George Parker, Andrew Parker and Helen Warrell
Airlines using London’s Heathrow airport would pay higher landing fees to help sort out Britain’s border chaos under a plan backed by David Cameron. BAA is studying the proposal.
FINANCIAL TIMES
CHINA PMI STRENGTHENS FURTHER IN APRIL
By Simon Rabinovitch in Beijing
An important gauge of China’s industrial sector strengthened slightly in April. The official purchasing managers’ index for manufacturing rose to 53.3 last month, its highest in more than a year, from 53.1 in March. It was also China’s fifth straight month above the 50 level, which signals an expansion of activity
THE SUN
EXCLUSIVE
BOOTED OUT - HIGH STREET STORE TO CLOSE PHOTO LABS
By Steve Hawkes, Business Editor
Boots is bringing the shutters down on photo processing — 60 years after introducing it to the High Street. The privately-owned giant is closing mini-labs at 160 of its 520 stores, triggering up to 300 job cuts.
WWW.BBC.CO.UK
AUSTRALIA CUTS ITS RATES MORE THAN FORECAST TO 3.75%
The Reserve Bank of Australia has cut interest rates more-than-expected because economic conditions were "somewhat weaker" than forecast. It added that inflation had also moderated in recent months.
…..AND FINALLY ….
DAILY TELEGRAH
CZECH METAL THIEVES DISMANTLE 10-TON BRIDGE
The gang reportedly arrived at a depot in with forged paperwork claiming that the footbridge over the disused railway track had to come down. A Railways spokesman said "The thieves said they had been hired to demolish the bridge, and remove the unwanted railway track to make way for a new cycle route. … It was only after they had gone that checks were made and we realised we'd been had. The cost of replacing the bridge will run into millions."
