Monday newspaper round-up: Co-op Bank, British aerospace, Morrisons

27th Jul 2015 07:48

(ShareCast News) - Shareholders in The Co-operative Bank are considering buying the remaining 20 per cent stake as they look for ways to recover their investment. Several American hedge funds are understood to be considering making an offer for The Co-operative Group's holding as they explore a potential future sale or merger of the business with one of Britain's growing band of challenger banks. - The TimesNearly two thirds of British aerospace engineers believe that their companies face productivity problems that prevent the industry from competing properly overseas. According to research from BDO, the accountancy firm, and the Institution of Mechanical Engineers, the problem is contributing to a wider struggle in what is a demanding global aerospace sector. - The TimesBuyers at Morrisons have attempted to secure one-off payments from about 20 suppliers in a potential breach of a government-backed code, with only "a handful" blocked by the supermarket's legal team. A government-backed code prohibits one-off demands and states that supermarkets must not "vary any supply agreement retrospectively", except in very specific circumstances. - The GuardianUK households can withstand a rise in interest rates as they have been "toughened up" by the financial crisis, according to a new report. With the Bank of England just months away from increasing rates for the first time in nine years to tackle inflationary pressures, some experts fear that mortgage holders could struggle to meet higher repayments. - The Daily TelegraphA secret cell at the Greek finance ministry hacked into the government computers and drew up elaborate plans for a system of parallel payments that could be switched from euros to the drachma at the "flick of a button". The revelations have caused a political storm in Greece and confirm just how close the country came to drastic measures before premier Alexis Tsipras gave in to demands from Europe's creditor powers, acknowledging that his own cabinet would not support such a dangerous confrontation. - The Daily TelegraphTourists are returning to Greece in big numbers, easing fears that capital controls and anti-austerity protests would undermine one of the cash-strapped country's few successful industries in the middle of the summer season. - The Wall Street Journal