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Thursday Papers: Fed prepares to unwind crisis-era stimulus

And RBS told to pump £833 million into scheme to shed customers to avoid forced Williams & Glyn sell-off.

 
Thursday Papers: Fed prepares to unwind crisis-era stimulus

Top stories

  • Financial Times: The Federal Reserve signalled it is ready to start unwinding its crisis-era stimulus programme as soon as its next meeting, suggesting that the central bank remains confident in the US outlook even as it acknowledges weak inflation readings.
  • The Daily Telegraph: The Royal Bank of Scotland looks to have avoided a forced sale of its troublesome Williams and Glyn business after the European Commission all but confirmed a plan to end eight years of uncertainty surrounding it.
  • The Times: Britain’s biggest drugs company will cull more than 30 development programmes and aim for £1 billion of extra annual savings in a shake-up under its new boss.
  • Financial Times: Hershey lowered its expectations for sales growth this year amid “challenging” conditions in the retail industry, even as its second quarter revenues were bolstered by new products and an upbeat Easter season.
  • Financial Times: Noble Group has announced a dramatic shrink-to-survive plan and a partnership with rival commodity trader Mercuria after warning that it could sink to a loss of as much as $1.8 billion in the second quarter.
  • Financial Times: Amber Rudd, the home secretary, promised business on Thursday that she would not close the door to European workers after Brexit, in a significant softening of the government’s tone on EU migration.

Business and economics

  • Financial Times: Amazon’s market value on Wednesday smashed through the half-a-trillion dollar mark for the first time, underscoring the rapid appreciation in the e-commerce giant’s share price.
  • The Daily Telegraph: A row has broken out between Britain’s car makers and the Government as senior industry figures last night complained they had been “blindsided” by the clean air announcement that pledged to remove petrol and diesel cars from the UK’s roads by 2040.
  • The Times: Mark Zuckerberg’s multibillion-dollar bet on video appeared to boost the fortunes of Facebook in the second quarter, with the technology company and publisher unveiling results that beat Wall Street expectations.
  • The Times: The British car industry has scrapped its target of producing a record-breaking two million cars a year by 2020.
  • The Daily Telegraph: Catering support services giant Compass looks set to take market share from its competitors in North America as its operations there surge ahead.
  • The Daily Telegraph: Joules, the fashion brand known for its bright Breton stripes, has toasted a 19.6% jump in sales and a return to the black in its first full year as a public company.
  • The Daily Telegraph: US fashion retailer American Eagle Outfitters is pulling out of the UK less than three years after opening its first stores on British soil.
  • The Daily Telegraph: Tullow Oil has laid bare the full cost of the floundering oil market recovery after revealing a $650 million (£498 million) writedown on its African oil assets and gloomier than expected results.
  • The Daily Telegraph: Lloyds Banking Group has set aside £300 million to repay 600,000 customers for mortgage arrears errors that took place over a seven-year period, sources said.
  • The Daily Telegraph: Mike Ashley, the Newcastle United owner and Sports Direct boss, has won a High Court battle with an investment banker over a £15 million deal allegedly made in a London pub.
  • The Guardian: Three Californian communities have launched legal action against some of the world’s biggest oil, gas and coal companies, seeking compensation for the current and future costs of adapting to sea level rises linked to climate change.
  • The Daily Telegraph: ITV is poised to hit Virgin Media with a hefty bill for carrying its main channel backed with a tacit threat of a blackout if it refuses to pay up.
  • The Guardian: London businessman Andronicos Sideras has been found guilty of conspiring to defraud customers by adding horsemeat to batches of beef and relabelling them as pure beef.
  • The Times: Companies which rely on TNT for deliveries could be facing weeks more of disruption as the courier company struggles to get to grips with the cyberattack it suffered last month.

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3 comments so far. Why not have your say?

alan franklin

Jul 27, 2017 at 06:42

Is Michael Gove the government's court jester? So we'll soon all be driving round in souped up milk carts? Utter rubbish - but exactly what I would expect from this pompous little clown.

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Tony Peterson

Jul 27, 2017 at 11:39

Alan, I don't care much for Murdoch's spy in the cabinet either, but I feel he just might be right on this one.

After all if the statistics on early deaths due to air pollution are to be believed, more than one Grenfell tower's count of the dead happens every single day

due to vehicle emissions.

Shouldn't we all be feeling like the manufacturers of combustible cladding when we climb into our cars?

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stirrer

Jul 27, 2017 at 17:15

all the 'ministers' are given the ag job as punishment.

strange considering how much farming contributes to the economy

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