HEADLINES IN BRIEF: SPAIN TO INFLICT BILLIONS OF LOSSES ON SMALL SAVERS. DIAMOND SAYS IT’S “UNFAIR AND UNFOUNDED”, FAMILY OF FOUR 'NEED £36K FOR DECENT STANDARD OF LIVING', SPRING IN STEP OF UK OUTPUT AND FINALLY FRENCH COWS REARED ON FINE WINE
DAILY TELEGRAPH
PAY WHEN YOU DIE SOLUTION FOR PENSIONERS MOVING INTO CARE HOMES
By Robert Winnett and Tim Ross
Pensioners moving into nursing homes will be able to borrow money from the Government rather than having to sell their property to pay for care, under plans to be unveiled by ministers. Pensioners moving into nursing homes will be able to borrow money from the Government rather than having to sell their property to pay for care, under plans to be unveiled by ministers.
FINANCIAL TIMES
SPAIN PRESSED TO INFLICT LOSSES ON SAVERS
By Miles Johnson in Madrid, Peter Spiegel and Joshua Chaffin in Brussels
European authorities are pressing Spain to inflict billions of euros of losses on small savers by wiping out certain types of bank debt before its financial institutions are recapitalised using eurozone rescue funds. The bailout conditions for Spain’s banks would force any lender taking aid fully to write off their preferred shares and subordinated bonds, according to a draft memorandum of understanding seen by the Financial Times.
CITY AM
DIAMOND: UNFAIR AND UNFOUNDED TO SAY I WAS NOT CANDID
By David Hellier & Lauren Davidson
BOB Diamond yesterday accused the Treasury select committee of tarnishing his reputation as the Libor scandal surrounding the bank he once ran continues to unfold. In a letter to chairman Andrew Tyrie, the former Barclays boss expressed “dismay” at the suggestion that he was “less than candid with the committee last week,” calling the implication “totally unfair and unfounded”.
GUARDIAN
FAMILY OF FOUR 'NEED £36K FOR DECENT STANDARD OF LIVING'
By Randeep Ramesh, social affairs editor
Joseph Rowntree Foundation report finds a couple with two children need £36,800 - a third more than before the recession. The study found that childcare was now a family’s biggest weekly outgoing. A couple with two children needs to earn £36,800 to have an acceptable standard of living, a third more than before the recession, according to a report published by the Joseph Rowntree Foundation.
THE SUN
M&S AIN’T ROSIE
By Steve Hawkes, Business Editor
The boss of Marks & Spencer was under huge pressure last night as his turnaround of the store giant came off the rails. Marc Bolland was forced to admit that the chain was “under-performing” on clothing after the worst sales for more than three years.
DAILY MAIL
EXPLOSIVE DOCUMENTS REVEAL THE FSA WAS CONCERNED ABOUT BARCLAYS' BEHAVIOUR FOR YEARS
By Rob Davies And Hugo Duncan
The breakdown in trust between Barclays and City regulators has been laid bare in a series of explosive documents published in the light of the Libor-fixing scandal. Letters from the Financial Services Authority to Barclays reveal concerns about the lender’s culture and behaviour were piling up for years. The deterioration in relations culminated in Bank of England governor Sir Mervyn King telling the bank’s non-executives that boss Bob Diamond had to go.
DAILY EXPRESS
SPRING IN STEP OF UK OUTPUT
By David Shand
Demand for food and drink during the Jubilee and an extra day at work after the Government delayed a public holiday provided a timely boost to Britain’s manufacturing output and exports in May. After gloomy surveys of purchasing managers cast doubt about prospects, official figures yesterday showed production output rose 1 per cent between April and May, with manufacturing up 1.2 per cent.
…..AND FINALLY …
DAILY TELEGRAPH
FRENCH COWS REARED ON FINE WINE
By Peter Allen in Paris
French cows are enjoying up to two bottles of high quality wine every day as farmers attempt to produce the best beef in Europe. The extraordinary development has seen a 'Vinbovin' label of meat established which is already being championed by some of the best restaurants in Paris. It follows an experiment in Lunel-Viel, in the southern Herault region of France, which saw three cows fed local wine for four months.
