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In the papers: Amazon should buy Ocado suggests US analyst

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The Times

Chief defends Lloyds over PPI but admits complaint failings: Lloyds Banking Group has done “absolutely the right thing” to ensure that its customers get compensation for mis-sold payment protection insurance, its chief executive told MPs. 

Peace treaty follows price war on the high seas: AP Moller-Maersk, Mediterranean Shipping Company and CMA CGM have formed the P3 alliance for the Asia-Europe, Trans-Pacific and TransAtlantic services. 

Credit Suisse analyst puts price on age discrimination claim: The leading City analyst once nicknamed the “godfather of retail” is suing Credit Suisse for more than £3 mln for age discrimination, it emerged. 

Morrison’s eases decline as discount chains eat into market share: Britain’s most traditional supermarket chain had reason for cheer as new figures showed the slide in its market share had slowed. Wm Morrison held an 11.6% share in the 12 weeks to 09 June, just slightly down on 11.8% at this time last year, according to Kantar Worldpanel. 

Carl Icahn raises the stakes in the bidding for Dell: Mr Icahn wrote to Dell shareholders to propose an alternative to the $24.4bn take-private deal offered by Michael Dell, the Company’s Founder. 

The Independent 

Shell ‘uses sabotage claims to avoid blame for Nigeria oil spills’: Shell’s persistent claims that theft and sabotage are responsible for almost all the oil spills at its operation in Nigeria could have been exaggerated, an international watchdog has found. 

Hedge fund big-hitter Loeb ups Sony stake as he targets entertainment arm spin-off: The billionaire investor Dan Loeb has increased pressure on Sony’s board by lifting his stake in the electronics group to 7%. The head of the $13 bin (£8 billion) hedge fund Third Point believes Sony should spin off its entertainment unit, which includes one of Hollywood’s leading studios. 

Bank set to miss inflation target just as Mark Carney becomes Governor post: Mark Carney, the incoming Governor of the Bank of England, could be forced to write to the Chancellor to explain away high inflation within days of starting his new job after a jump in the cost of living last month. 

Ruined crops trigger near 20% price leap: Britain’s coldest spring for more than 50 years has sent the cost of home-grown crops surging to their highest level since August 2008, figures showed. 

The £1 mln pay cut: City high-flier leaves Santander for Bank of England post: The City grandee Baroness Hogg’s high-flying banker daughter Charlotte has taken a £1 mln pay cut to become the new Bank of England Governor’s top enforcer. 

Aspen to acquire Glaxo thrombosis drugs: GlaxoSmithKline has received a bid approach for its thrombosis drug brands Arixtra and Fraxiparine, which last year bought in sales of more than £400 mln. 

QinetiQ dives into red but Boss gets £1.7 mln: The chief executive of QinetiQ pocketed £1.7 mln in pay and bonuses last year, a 13% rise on the previous year, despite the defence technology company slumping to a £137 mln pretax loss in the period. 

The Daily Telegraph 

Amazon should buy Ocado, says Cantor Fitzergerald analyst: One of America’s top technology analysts has said that Amazon should buy Ocado, describing the online retailer as having one of the “most advanced technology platforms” for grocery delivery in the world. 

UK house price growth slows to 2.6% in April: House prices in the UK rose 2.6% in the year to April, driven by London and the South East, but was down from a 2.7% increase in the year to March, according to official data. 

World’s tallest skyscraper could be built in London: London could claim bragging rights for having the world’s tallest building after Saudi billionaire Prince Alwaleed bin Talal invited bids from big cities to build a mile-high skyscraper that would dwarf Dubai’s Burj Khalifa. 

The Questor Column: Buy Aggreko. Hold Majestic Wine. 

The Guardian 

Rupert Murdoch splits empire but keeps faith in the newspapers: Rupert Murdoch’s News Corporation will be split in half on Wednesday as the mogul hopes to build two new empires out of his vast portfolio of assets. 

A million more people join the ranks of the global super-rich: A million more people joined the ranks of the global super-rich last year, almost a third of them in Asia, as soaring stock markets helped bolster the fortunes of wealthy investors. 

Asda slips as supermarkets battle for middle ground: Discount chains Aldi and Lidl and high-end grocer Waitrose win more customers than their supermarket rivals, while Sainsbury’s also gains market share. 

Huawei unveils Ascend P6, world’s slimmest smartphone: Smartphone’s ‘instant facial beauty support’ capitalises on growing trend for ‘selfies’ and will retail below price for latest Apple iPhone. 

Jo Swinson proposes streamlined appeals system for businesses: The Business Minister, Jo Swinson, is proposing a streamlined appeals system for challenging decisions by the UK’s economic regulators, which include Ofcom, the Competition Commission, Ofwat and the Office of the Rail Regulator. 

Daily Mail 

Commission calls for UKFI to be scrapped due to risk of ‘unacceptable’ political meddling: The report by MPs and peers said UKFI should be wound up and its responsibilities for Royal Bank of Scotland and Lloyds Banking Group handed back to the Treasury. 

Appeal of Costa coffee houses perk up Whitbread’s first quarter results: Sales at the Costa coffee chain helped boost like-for-like revenues 3.1% at the hotel and restaurant business in the first 13 weeks of the year, compared to a year ago. 

Former Co-op Chief Richardson resigns from M&S Bank after questions on his suitability asked: Former Co-operative Bank Boss Neville Richardson has resigned from the boards of Marks & Spencer Bank and estate agent Countrywide, amid mounting criticism of his record. 

Daily Express 

Investor clashes over £7.6 bn Easyjet deal: Budget airline Easyjet is buying new aircraft worth up to £7.6 bn, sparking a new row with rebel investor Sir Stelios Haji-Ioannou. 

Car sales drop across Europe: EU registrations fell 5.9% to 1.04 million cars from 1.11 million a year ago, the lowest since May 1993. 

Schemes put builders on the Crest of a wave: Crest, which floated earlier this year and is set to join the FTSE 250 this week, sold 810 homes in its first-half up 9% from last time with forward sales up 50%. 

Chemring losses hit £9 mln after US defence cuts: Chemring’s shares came under fire as the defence group slipped into the red amid a squeeze on US military budgets. The FTSE 250 company, which makes flares and devices to detect roadside bombs, had a torrid 2012 issuing two profit warnings, changing its chief executive and seeing potential US private equity bidder Carlyle Group walk away. 

The Scottish Herald 

Anger at FirstGroup bonus offer to Boss: FirstGroup Chief Executive Tim O’Toole was offered a bonus of £592,000 for his performance in a year in which profits slumped 87% and was followed by a £615mln fundraising, the rail and bus group’s annual report has revealed. 

Staff at Lloyds discovered troubles at Co-op Bank back in December in bid proposals: Lloyds Banking Group discovered Co-operative Bank’s capital troubles in December when it examined revised bid proposals for the Verde branches, including Lloyds TSB Scotland, the part-nationalised institution has revealed. 

The Scotsman 

Lloyds chiefs deny pressure behind Co-op deal: Lloyds Banking Group’s top brass have rejected allegations that they were leant on by government ministers to sell hundreds of branches to the Co-operative Group in an eventually abortive £750 mln deal. 

Moody’s slashes mutual bank’s rating again: Co-operative Bank has suffered a fresh credit rating downgrade, just a day after its parent company unveiled a £1.5 billion rescue plan. Moody’s Investor Service, which last month downgraded the Co-op’s debt to “junk” status, lowered its rating on the its senior unsecured debt and deposits by a further four notches because of “the lack of clarity on the implications for the bank’s future standalone strength”. 

City AM 

Cameron leads way on G8 tax avoidance deal: Leaders of the G8 nations signed a commitment to tax transparency, pledging to fight to money laundering and tax evasion. 

Cinven rejected calls for higher price for float: Cinven, the private equity group, resisted suggestions to price the flotation of Partnership Assurance, the specialist insurer, at the top of the range earlier this month. 

Ryanair is set for expansion: Ryanair’s investors almost unanimously approved a deal to buy 175 Boeing planes for delivery between 2014 and 2018, allowing the budget carrier to further expand its network. 


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