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Monday Papers: IMF discusses third way over bailouts

Monday Papers: IMF discusses third way over bailouts

Top stories

  • Financial Times: The International Monetary Fund is discussing changes to its rules that could require countries in difficulty to extend maturities on their sovereign debt as a condition of seeking its help.
  • Financial Times: Investment banks are cashing in on a boom in global stock market listings this year amid a resurgence of initial public offerings from Europe and Asia; worldwide IPO fees of $3.15 billion for the year to date are up nearly two-thirds from the same period a year ago, according to Thomson Reuters and Freeman Consulting.
  • The Daily Telegraph: China's Premier Li Keqiang will visit the UK this week to build on 'indispensable partnership' between countries as UK is poised to push for more Chinese investment.
  • The Guardian: The debate about house prices is reignited on Monday amid claims by Britain's biggest property website Rightmove that prices for homes have come "off the boil"; the asking prices posted on the Rightmove website for homes in London fell by 0.5% in early June, compared with the month before, in part due to a rapid increase in sellers rushing to cash in on rising prices.
  • Daily Mail: RBS is considering to offload stake in Ulster Bank to private equity players in a bid to lift shares ahead of Government sale.
  • Financial Times: Britain’s defence spending will soon fall below the target set by Nato, according to an analysis commissioned by senior military personnel.
  • Financial Times: Tungsten Corporation, Edmund Truell’s digital invoicing start-up, is set to join the ranks of a new breed of small business lenders in Europe after getting the go-ahead from UK regulators to operate a bank.
  • Financial Times: The cost of insuring against global bank defaults has plunged to its lowest level since the financial crisis in a sign that investors are willing to bet the industry has become safer.

Business and economics

  • Financial Times: Three of the world’s biggest electric-car makers, Tesla, Nissan and BMW, are interested in collaborating on charging technology, following Tesla Motors’ decision to offer its patents to rivals in an attempt to promote the low-emission vehicles.
  • Financial Times: Banks have improved the way they lend to small businesses, according to the independent external reviewer; Russell Griggs, who oversees an appeals process for frustrated customers, set up by most of the big banks in 2011, revealed the proportion of appeals upheld fell in the third year of the scheme.
  • Financial Times: After a long, hot spring of industrial unrest, the Chinese government is attempting to bring closure to the last in a series of high-profile labour disputes involving some of the world’s most powerful multinational companies.
  • Financial Times: Venezuela’s oil minister has signalled further relaxation of the country’s complex foreign exchange rate system, saying its three rates were no longer suitable and would progressively converge.
  • Financial Times: US production of liquid petroleum is surpassing its previous peak, reached in 1970, in the latest landmark for the country’s shale oil boom; four decades of decline in US oil output have been reversed in just five years of growth.
  • Financial Times: Japan’s robot makers are facing new and difficult challenges, particularly off the factory floor, as other countries catch up and hardware – the robot “bodies” that Japanese groups have proven so skilled at making – increasingly gives way to software “brains” as a frontier for innovation.
  • Financial Times: Family businesses in Europe have become more optimistic about their prospects and are increasing their hiring on the back of the economic pick-up in the region.
  • Financial Times: Germany’s antitrust watchdog has raised the alarm over Europe’s biggest telecoms takeover in a decade, as Brussels edges towards giving regulatory approval for the deal.
  • Financial Times: China’s troika of digital champions collectively known as BAT, Baidu , Alibaba and Tencent, further underlined their hold on the world’s biggest market of internet users when Alibaba – the ecommerce group – snapped up UCWeb, a Chinese internet browser company, last week.
  • Financial Times: Central banks around the world, including China’s, have shifted decisively into investing in equities as low interest rates have hit their revenues, according to a global study of 400 public sector institutions.
  • Financial Times: Businesses are taking a tougher stance in defence of their brands, according to new figures from the UK’s Intellectual Property Office (IPO) showing an increase in attempts to block rival trademark registrations.
  • Financial Times: An energy spat between Moscow, Kiev and Brussels is threatening to erupt into a third “gas war” in eight years and potentially disrupt the flow of Russian gas to European markets via Ukraine, a major transit corridor.
  • Financial Times: Britain’s Nuclear Decommissioning Authority is facing a £200 million damages claim from one of the bidders, Energy Solutions, who lost out on a £7 billion deal to clean up Britain’s oldest nuclear power plants.
  • Daily Mail: A massive £7.5 billion a year is being ‘lost’ by smaller firms because they do not let customers pay by card.
  • Daily Express: IMImobile, which helps businesses to use mobile technology, is planning to raise £30 million in floatation listing.
  • The Guardian: The British public dramatically underestimate what the poorest pay in tax and wrongly believe the richest face the biggest tax burden, according to new research that calls for a more progressive system.
  • The Guardian: Members of the Co-operative Group are being offered representatives on the board of the troubled chain of supermarkets, funeral homes and pharmacies in an attempt to win support for a radical overhaul of the way the debt-laden mutual is run.
  • The Guardian: Europe has produced 30 technology companies worth more than $1 billion (£590 million) since the millennium, according to research that explodes the myth that the region's internet entrepreneurs lack vision and sell up too early.
  • The Independent: The British advertising market is growing at an “amazingly strong” rate and is set to overtake Germany to be the world’s fourth largest in a sign that the UK recovery is accelerating.
  • The Independent: Traditional high-street retailers are still failing to recognise the importance of improving their websites and offering better online shopping, according to a new report.
  • The Independent: The digital thermostat company Tado has claimed some customers are shying away from rival Google’s Nest because they fear the internet giant is amassing too much information about them.
  • The Daily Telegraph: The personal wealth of J Tomilson Hill, the head of Blackstone's hedge fund business and inspiration for the iconic film character, has surged along with Blackstone's share price to join the ranks of global billionaires.
  • The Daily Telegraph: Ontario Teachers' Pension Plan and Borealis Infrastructure have told the Treasury of their desire to add the new high-speed network to their portfolios.
  • The Daily Telegraph: Operating losses of Pizza Hut have narrowed at the 300-strong restaurant chain although sales were dented by a reduction in promotional activity.

Share tips, comment and bids

  • Financial Times: Convergence Pharmaceuticals, a UK biotech company spun out of GlaxoSmithKline is gearing up for a possible stock market flotation after strong trial results for a new painkiller.
  • Financial Times: Medtronic, the medical device company, is set to merge with rival Covidien in a deal valued at close to $50 billion that marks the latest example of a US company using a merger to move its tax domicile abroad to shelter it from the country’s corporate tax rates.
  • Financial Times: Global Invacom, a manufacturer of technology to the global satellite industry, will seek a listing in the UK on the junior market to fund plans to acquire rival groups.
  • Financial Times: Voestalpine is looking at possible acquisitions to complement its special steel division, as the Austrian steel group presses ahead with ambitious plans to double its revenues by 2020.
  • Daily Mail: Former WHSmith boss Kate Swann is set for a return to the City as her food and shops chain seeks a £2 billion stock market listing.
  • Financial Times (Lex): European oil: petrol pumps.
  • Financial Times (Lex): Walmart: a click away.
  • Financial Times (Lex): UK housebuilders: huffing and puffing.

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