Chinese economic growth slowed unexpectedly to 7.7 per cent in the first quarter, down from 7.9 per cent the previous quarter, writes The Telegraph. Analysts were expecting a figure closer to 8.0 per cent. “China’s growth rebounded late last year from its deepest slump since the 2008 global crisis but analysts say a recovery will be weak and still is being supported by government spending, while growth in consumer spending is subdued,” the paper says.
Supermarket group Tesco is expected to report its first profits fall in nearly two decades on Wednesday and will likely announce the full or partial sale of its struggling American chain, Fresh & Easy, according to The Independent.
The Financial Times says that CVC Capital Partners is mulling a takeover of online betting group Betfair. CVC is the owner of car-racing marketing firm Formula One.
The Times says that Royal Mail is looking to float on the stoke market this autumn but at a price of just £2.5bn, down from earlier estimates of a value of £4.0bn.
According to research from Which?, millions of frustrated customers are expected to switch bank accounts over the next year “as mis-selling, poor customer service and a faster switching service persuade them to make the move”, The Guardian says. The survey found that more than a quarter have had a problem with their current account.
Hitachi is showing reluctance about building Britain’s next wave of nuclear reactors and will pull its deal with the government unless it has better terms, reports The Telegraph. “The political landscape has changed radically in Japan since Shinzo Abe took office in December and signalled a revival of Japan’s nuclear industry, a move that lessens the need for Hitachi to search for contracts abroad,” the paper says.
