Tuesday newspaper round-up: Merkel, Google, Flotation

3rd Jun 2014 06:41

David Cameron was told to tear up his economic policy by Brussels yesterday, hours after being warned by Angela Merkel that Britain faced being ignored over who should become President of the European Commission. The Prime Minister faced a double reminder of the difficulties in store on the eve of a critical G7 summit and urgent talks with the German Chancellor. - The Times Google is understood to be investing $1bn in a fleet of satellites so that it can beam internet services across the developing world. The move will help hundreds of millions of people who do not currently have access to the web to get online - accelerating development and handing Google a huge, untapped pool of potential new users. According to The Wall Street Journal, the Californian web giant will buy around 180 satellites, designed to sit lower in the sky than many models. - The Daily TelegraphThe discount online clothing business MandM Direct is to become the latest retailer to reveal plans to float. The company is likely to announce its intention to float as early as Tuesday, with the IPO valuing the business at roughly £140m to £170m. MandM Direct, which is being advised by Canaccord and Investec, sells off excess stock at discounts of up to 75% on behalf of a collection of fashion and sports brands. - The Daily TelegraphThe Chancellor, George Osborne, is expected to announce measures to increase oversight of the £3trn-a-day foreign exchange market as investigations continue into the latest allegations of benchmark-fixing in the City. Amid concerns about damage to London's standing as a global financial centre, Osborne could unveil an overhaul as soon as next week. - The GuardianThe boss of Tesco has made two top appointments in an effort to shore up his senior team as he prepares to present a grim trading update widely expected to show the supermarket chain's worst performance for a decade. Philip Clarke, the embattled Chief Executive, has created new roles of "chief customer officer" and "chief creative officer" as he looks for answers to the supermarket's flagging fortunes. Figures due tomorrow are forecast to show a decline in like-for-like sales of between 3.5% and 4% for the three months to May 24th. - The TimesWestminster "tinkering" over green energy policy has been blamed for a slump in renewable energy investment, according to a study. A senior figure in the sector said the report amounted to "serious damage" being inflicted on the industry due to such measures as Chancellor George Osborne's Budget tax breaks for electricity generated from coal and oil Government policy meant the UK has slipped further behind the likes of China and the US in the latest "country attractiveness" index produced by ?accountant EY. - The Scotsman AB