What the other papers say this morning - 11 July 2013


Turkey probes foreign exchange
Turkey has launched a wide-ranging probe of foreign exchange transactions, a move some commentators say could chill foreign investment, as Ankara seeks to relieve pressure on the lira and assert its authority after weeks of mass protests.The Turkish central bank sold $1.3bn (£0.87bn) in foreign currency on Wednesday in a continuing effort to bolster the lira, as the banking regulator confirmed it was investigating foreign exchange. Market participants said the inquiry went into extensive detail, seeking to identify who has recently sold lira.

Retailers split on Bangladesh plan
US retailers have deepened a rift with their European rivals over factory safety in Bangladesh by launching an alternative reform plan that avoids accountability mechanisms accepted in Europe.Jay Jorgensen, chief compliance officer at Walmar said his company could not sign the European accord.

Anglo American warns on mines
Mark Cutifani, chief executive of Anglo American, warned that the wage negotiations in South Africa’s mining sector will determine not only the future of the industry, but also the future of the continent’s largest economy.


Families face debt timebomb
More than 800,000 households face the prospect of spending more than half of their income on debt repayments, even if interest rates rise in line with market predictions to about 2 per cent by 2017.

Services to take on apprentices
The Government is to fund 10,000 apprenticeships a year for legal, accountancy and consulting firms as part of a push to support the professional services industry, the Business Secretary will announce today.

The Daily Telegraph

Sainsbury's Local to pass big stores
Today, the supermarket has 591 supermarkets and 541 smaller Sainsbury’s Local outlets, but chief executive Justin King confirmed at Sainsbury’s annual meeting yesterday that convenience stores will overtake supermarkets by the end of the year.

Heritage tourism generates £26.4bn
Heritage tourism is booming, according to a report published by the Heritage Lottery Fund, fuelled by international visitors and more Britons holidaying at home. The last time a similar study was conducted in 2010, it was valued at £20.6bn


Luxembourg PM to Resign
Luxembourg's Prime Minister Jean-Claude Juncker said his government would resign following an intense parliamentary debate over alleged corruption in the country's secret service.The move means the Eurozone member will have new elections in the next three months.

Portuguese President’s budget pact
Portugal's president refrained from pulling the plug Wednesday on the embattled government but called for what he termed a "national salvation pact" among the main parties, with new elections no earlier than mid-2014.