Tuesday newspaper round-up: 'Credit impulse', soft Brexit, end of austerity

The global ‘credit impulse’ has fallen as dramatically over recent months as it did during the onset of the Lehman crisis, signalling serious headwinds for the world economy and asset prices just as the US Federal Reserve tightens monetary policy. A key UBS tracking indicator shows that the impulse has plummeted by 6pc of GDP since peaking last year, driven by powerful swings in China and the US. - Telegraph

The start of formal Brexit talks has been delayed in the wake of the political uncertainty caused by Theresa May’s disastrous election result. Michel Barnier, the EU's chief negotiator, yesterday met Oliver Robbins, the most senior civil servant in David Davis's Brexit department, but the two men failed to reach an agreement on a start date for talks. - Telegraph

Senior Cabinet ministers are engaged in secret talks with Labour MPs to secure cross-party backing for a soft Brexit, it has emerged. Some of the most senior members of Theresa May's team have been discussing how to force the Prime Minister to make concessions on immigration, the customs union and the single market. - Telegraph

Theresa May is poised to bring to a close seven years of austerity after Tory MPs warned that they would refuse to vote for further cuts. The prime minister spent the day apologising to her cabinet and backbenchers, saying that she took full responsibility for losing the party’s Commons majority and running a poor campaign. - The Times

Employers in Britain are planning to take on new workers over coming months despite looming Brexit negotiations and slower economic growth, according to a survey. A poll of 2,109 employers by recruitment agency ManpowerGroup found that a net balance of 5% were planning to increase staff levels rather than cut them over the July-to-September quarter. - Guardian

Allied Irish Banks is set to join the FTSE 100 as one of its biggest listings in two decades with a valuation of about €12 billion. The lender, which had to be rescued by Irish taxpayers during the financial crisis, will be priced at between €3.90 and €4.90 a share with conditional dealing due to start on June 23 with expected admission to the London and Irish Stock Exchanges around June 27. - The Times

Donald Trump has committed “unprecedented constitutional violations” by failing to appropriately disentangle his public responsibilities as president with his private interests as a businessman, according to a lawsuit filed by the attorneys general of Maryland and Washington on Monday. The lawsuit, filed by DC attorney general Karl Racine and Maryland attorney general Brian Frosh in a Maryland federal court, alleges that Trump has violated the emoluments clause of the US constitution by failing to relinquish ownership of his vast business holdings. - Guardian

The National Trust is facing a legal challenge after forcing a fracking company to divert around its land when surveying for shale gas. Ineos Shale is beginning seismic testing for gas this week across 250 square km of the east Midlands. - The Times

Ineos has set out a plan to spend about €2 billion bumping up its chemical processing capacity across Europe. The privately owned petrochemicals business run by the billionaire Jim Ratcliffe has earmarked half the cash for a propane dehydrogenation unit that is expected to be built on the Continent. - The Times

The Competition and Markets Authority is continuing its probe into the takeover of Amec Foster Wheeler by rival Wood Group. The £2.2 billion deal has raised concerns about competition in the North Sea, as the group has a combined share of around 60 per cent of the market. - Mail

Oil and gas companies are ploughing on with job cuts but many now feel more confident that the worst of the downturn in the UK is over, according to an industry survey published today. The research found that 52 per cent of contractors and operators believe the bottom of the cycle has been reached. - The Times

Motoring giant Ford is building an innovation centre for driverless cars to take advantage of Britain’s ‘world-class digital talent’ and academic institutions. The hub, due to open later this year, will house about 40 specialists in the Here East campus on the Olympic Park in east London. - Mail

Technology companies that fail to remove extremist content from the internet would face hefty fines under laws proposed by Britain and France. Theresa May and President Macron of France plan international sanctions to force internet companies to take action over jihadist propaganda and attack guides for would-be terrorists. - Telegraph

Cut-price supermarket chain Aldi is seeking to conquer the US market – building on its unprecedented success in Britain. The German firm already has 1,600 American stores but plans to expand this to 2,500 – which would make it the third-largest US retailer. - Mail

Firefighters are investigating whether a “severe” blaze at one of Rick Stein's flagship Cornish restaurants was started deliberately. A major investigation was underway on Monday after the celebrity chef's upmarket eatery in the tiny port of Porthleven came within minutes of being completely destroyed. - Telegraph

The former chairman of Just Eat has died after a short illness. Takeaway industry pioneer John Hughes, 65, took a leave of absence less than two months ago to undergo medical treatment. - Mail