Wednesday newspaper round-up: Carney, Stansted, Microsoft...

16th Jul 2014 06:44

Mark Carney has rejected calls by the Bank for International Settlements (BIS) for a swift return to normal interest rates, lambasting the lauded Swiss institution for operating "in a vacuum" and "outside political and economic reality". The Governor of the Bank of England said that BIS, considered to be the "bank of central banks" and a bastion of monetary policy, was issuing recommendations from a false premise. - The TelegraphStansted airport has unveiled plans to go head-to-head with Gatwick and offer an alternative to Heathrow for London-bound long-haul carriers. Long written-off under its previous owners ? the Spanish-led consortium that owns Heathrow ? as an airport to service the short-haul market, London's third airport believes it can attract Middle Eastern airlines, such as Emirates and Etihad, to Essex. - The TimesMicrosoft is expected to cut thousands of jobs in its biggest cull in at least five years. The bulk of the reduction in its 127,000 workforce is expected in the Nokia handset business, which it took on earlier this year. The latest job cuts could exceed the 5,800 posts axed in 2009. But according to reports yesterday, the company's engineering and marketing functions, including the European Xbox team in Reading, are also likely to be affected. - The ScotsmanThey used to be deadly rivals in the early days of the personal computer wars who barely acknowledged each other's existence. Last night, however, in a sign of just how far, and fast, the world of technology is changing IBM and Apple joined forces to create easy-to-use business apps and to sell iPhones and iPads to IBM's customers. - The TimesTesco is facing criticism from farmers for promoting New Zealand lamb at the height of the British season for the meat, despite its promises to back local producers. National Farmers' Union (NFU) president Meurig Raymond said he was angry and disappointed that Tesco was promoting imported meat just 18 months after promising farmers at their annual union conference that it would source more red meat closer to home in the wake of the horsemeat scandal. - The GuardianJ Sainsbury is to convert part of one of its supermarkets into a Netto store as the company relaunches the discount chain in the UK. This means the Netto venture, which is a partnership with Dansk Supermarked, will help Sainsbury's tackle two challenges in the grocery industry - the rise of the discounters and declining sales for out-of-town hypermarkets. - The TelegraphGoldman Sachs and JP Morgan reported better-than-expected earnings on Tuesday even as poor trading conditions and a sluggish economy continued to be a drag on the Wall Street banks' profits. - The GuardianBC