PRESS DIGEST- British Business - June 26

Wed Jun 25, 2014 8:34pm EDT

The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Telegraph

BANKS SHOULD HAVE FINAL SAY ON MORTGAGE LENDING, SAYS RBS

(bit.ly/1pkN5YR)

Royal Bank of Scotland has told Mark Carney that lenders should make decisions about mortgage policy, on the eve of the Bank of England introducing new rules intended to cool the housing market.

BARCLAYS SUED BY NY ATTORNEY GENERAL OVER DARK POOLS

(bit.ly/1pkNc6I)

Barclays is being sued over claims it falsified marketing material to mislead people into investing in its dark pools by the New York attorney general.

The Guardian

FURIOUS INVESTORS ATTACK WPP AND RBS OVER EXCESSIVE BONUSES AND PAY

(bit.ly/UKM7r9)

Investors at two FTSE 100 companies have joined the chorus of protests against excessive executive pay, with nearly 30 percent of shareholders at the advertising group WPP refusing to endorse a plan that allowed founder Sir Martin Sorrell to receive a 30 million pound windfall last year while the Royal Bank of Scotland chairman Sir Philip Hampton was forced to defend the bank's bonus schemes.

US ECONOMY SHRINKS AT FASTEST RATE SINCE RECESSION AS HARSH WINTER BITES

(bit.ly/1nFsuJp)

The US economy has shrunk at its fastest rate since the depths of the recession five years ago as it emerged that the harsh winter took a far bigger toll on activity than previously estimated.

The Times

BARCLAYS ACCUSED OF DECEIVING INVESTORS

(thetim.es/1yPmqFI)

Barclays Bank was last night charged with "fraud and deceit" in its dealings with investors by New York's attorney general.

BANK'S FPC AIMS TO COOL HOUSING HOTSPOTS

(thetim.es/1jPnCib)

Tougher affordability tests on homebuyers are regarded by bankers as the most likely move to be announced by the Bank of England's Financial Policy Committee today as it attempts to cool down an overheating housing market.

The Independent

WONGA ORDERED TO PAY 2.6 MLN STG COMPENSATION AFTER USING FAKE LAW FIRMS TO CHASE DEBTS

(ind.pn/1iHH6dB)

The payday lender Wonga is facing the prospect of a criminal investigation after City watchdogs handed police a file detailing how the company lied to hard-up borrowers.

EASYJET'S SIR STELIOS HAJI-IOANNOU TO FLOAT EASYHOTEL ON LONDON'S AIM

(ind.pn/1leoGff)

EasyJet founder Sir Stelios Haji-Ioannou is set for another punt at the stock markets next week with his latest budget venture, easyHotel. The company plans to raise 30 million pounds by joining London's junior AIM market, just half of the 60 million pounds the chain had hoped to raise in the latest sign of investor fatigue.

(Reporting by Tasim Zahid in Bangalore; Editing by Eric Walsh)

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.