GUARDIAN
MARIO MONTI: WE HAVE A WEEK TO SAVE THE EUROZONE
John Hooper in Rome
Italy's prime minister, Mario Monti, has warned of the apocalyptic consequences of failure at next week's summit of EU leaders, outlining a potential death spiral whose consequences would become more political than economic. The Italian leader is to hold talks with the German Chancellor, the French president and Spain's prime ministe in the hope that the four countries can pave the way for a breakthrough at next week's meeting.
DAILY TELEGRAPH
DEBT CRISIS: MOODY'S DOWNGRADE OF BRITAIN'S BANKS TO HIT FAMILIES
By James Kirkup, Deputy Political Editor
Moody’s, a leading international ratings agency, on Thursday night cut its scores for Barclays, Lloyds and Royal Bank of Scotland because of the eurozone crisis. Senior politicians warned the banks not to use the downgrade as an excuse to charge more for borrowing on the high street.
FINANCIAL TIMES
MOODY’S DOWNGRADE HITS 15 TOP BANKS
By Tom Braithwaite, Ajay Makan and Tracy Alloway in New York
Fifteen of the biggest global banks were downgraded on Thursday by Moody’s Investors Service, adding to pressure on their borrowing costs and questions over their business models. Morgan Stanley, the focus of investor anxieties in the weeks leading up to the announcement, escaped the three-notch downgrade that the rating agency had threatened during its review of large trading banks. Its long-term credit rating was cut from A2 to Baa1, three notches above “junk”.
FINANCIAL TIMES
IMF CHALLENGES BERLIN’S CRISIS RESPONSE
By Peter Spiegel and Alex Barker in Luxembourg
The IMF challenged Berlin’s game plan for pulling the eurozone out of its crisis by advocating a series of short-term fixes that the German government has resisted. Christine Lagarde, the IMF chief, said eurozone leaders needed to prevent the single currency from deteriorating further by considering the resumption of bond buying by the European Central Bank and pumping bailout money directly into teetering banks.
….. IN STRIKE NEWS ….
DAILY MAIL
PRESCRIPTION FOR SANITY: 90% OF DOCTORS SNUB THEIR UNION AND KEEP ON WORKING
By Sophie Borland and Vanessa Allen
In the end only 11,500 took part in the British Medical Association's protest. Strike led to the cancellation of 2,700 operations and 18,750 consultations. BMA admitted that doctors had been 'struggling with their consciences'
DAILY EXPRESS
SUMMER OF FLIGHT CHAOS
By Giles Sheldrick
Millions face summer holiday hell after staff at Britain’s biggest airport yesterday announced two strikes from next week. A 72-hour walkout at the airport’s biggest cargo company could cause knock-on flight cancellations. The strike over pay by Swissport Cargo Services staff will affect some of the world’s biggest airlines including Australia’s Qantas, Singapore Airlines and Korean Air.
…..THE REST OF THE NEWS ….
THE SCOTSMAN
THOUSANDS OF RBS CUSTOMERS CAUGHT UP IN ONLINE BANKING FAILURE
By Craig Brown
RBS customers are among more than 100,000 whose bank accounts were hit by a technical fault that saw payments frozen, benefits stopped and access to their balance details blocked. The system collapse also affected NatWest and Ulster Bank and led RBS group to keep more than 1,000 branches open until 7pm last night to help customers.
WWW.BBC.CO.UK
NATWEST BRANCHES OPEN EARLY TO DEAL WITH GLITCH
Around 1,000 NatWest branches are to open at 08:00 BST to help customers unable to access their accounts because of a glitch. Technical issues also meant that some balances were not updated with overnight payments. One small business owner told the BBC that the electronic system to pay staff was not working.
CITY AM
BUSINESSES BACK RETURN OF O-LEVELS
By James Waterson
Business groups last night welcomed the news that education secretary Michael Gove wants to drop GCSEs and bring back traditional O-level exams in an attempt to boost academic rigour. “Businesses have steadily lost confidence in the ability of the education system to deliver young people who are ready for the world of work,” said Adam Marshall of the British Chambers of Commerce.
THE SUN
BLAST AT ‘UK’ LABELS WHO MAKE CLOTHES ABROAD
Exclusive
By Steve HawkeS, Business Editor
A tiny UK clothing label has slammed bigger rivals for talking up their British roots — but making clobber overseas. The boss of Salford-based menswear brand Private White vc yesterday ripped into Hackett and Jack Wills, Tm Lewin and Charles Tyrwhitt. Fashion brand Jack Wills has registered the trademark “Fabulously British”. But admits: “The products available this season are woven in the UK but manufactured in Europe and the Far East”.
….. AND FINALLY ….
WE KNOW WHERE YOU LIVE, CAMELOT TELLS £63M MYSTERY PRIZE-WINNER
By Andrew Hough
A winning ticket to the £63.8 million EuroMillions jackpot remained unclaimed on Thursday night nearly a fortnight after the draw, the National Lottery said. The ticket was purchased at a shop in the Stevenage and Hitchin area in Hertfordshire, officials said. Officials it was the longest time such a large win had gone unclaimed.
