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Wednesday newspaper round-up: Barclays, High St prices, Ocado…

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03/07/2013
S&P downgrades Barclays, Deutsche and Credit Suisse; shop prices fall at fastest rate for six years; more high street shops should shut, says Ocado boss.

Barclays, Deutsche Bank and Credit Suisse have been downgraded by Standard & Poor’s over doubts about the future of European investment banking, the Financial Times said.

High street shop prices are falling at the fastest rate in more than six years, figures from the British Retail Consortium’s shop price index revealed. Prices in June were 0.2 per cent lower than in the same month last year and flat compared to May, The Telegraph reported.

JP Morgan has come down on one of its top London dealmakers because of his indiscreet communications more than two years before he was fined £450,000 for allegedly leaking inside information, The Times unveiled.

Ocado boss, Tim Steiner, has launched an attack on high street retailers who are asking the government to review business rates, according to The Guardian. He said more traditional shops needed to close and told rivals to stop complaining.

Bank of England official Andrew Bailey said the UK regulator raise concerns about a black hole in Co-op Bank’s finances a year before it was lined up to buy 632 branches from Lloyds, the Daily Mail reported.

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