Newspaper round-up: Brexit blueprint, G20, BHS, oil surplus

The world’s largest economies have pledged to use all policy tools available to kick-start flagging global growth in the wake of the Brexit vote, according to a communiqué issued by G20 finance ministers after talks in China. They warned that Britain’s decision to quit the European Union had added to uncertainty over the global economy but said that members stood ready and determined to use “all tools — monetary, fiscal and structural” to keep growth on track. - The Times

Goldman Sachs has been blamed by MPs for lending a “lustre” of credibility to a doomed deal to rescue BHS, the retailer formerly owned by Sir Philip Green which subsequently collapsed with the loss of 11,000 jobs in one of Britain’s biggest corporate failures. The MPs said the bank had been currying favour with its billionaire client by helping Sir Philip pull off the “otherwise questionable” sale, which it branded the “unacceptable face of capitalism”. - Financial Times

Britain’s business establishment rounded on Sir Philip Green last night, blaming the “greed” of a handful of companies for damaging public confidence and fuelling pressure for tough new rules that threaten to damage UK competitiveness. Sir Roger Carr, one of Britain’s most respected businessmen and a former director of the Bank of England, led criticism of Sir Philip, whose ownership of BHS had created a “contagious problem” for business with the scandal surrounding the collapsed retailer badly staining its reputation. - The Times

The global oil market has a huge overhang of crude that could take up to two years to clear, according to one of the world’s top traders. Ian Taylor, chief executive of Vitol, warned that “it could take a year or two” to clear the build-up of surplus crude in onshore storage facilities or, increasingly, in floating storage aboard tankers around the world. - The Times

One of Britain’s largest shopping centre developers is to list on the Johannesburg stock exchange. Hammerson, the FTSE 100 property company whose portfolio includes the Bullring in Birmingham and Brent Cross shopping centre in London, will list in September as it seeks to broaden its appeal to South African investors. - Times

The number of applications to build new shops fell by 9% in the past year, according to a report on Monday, marking the seventh decline in a row. There were 6,700 applications for new retail developments in 2015, down from 7,360, according to commercial law firm EMW. They are down by nearly a half from the pre-recession peak of 11,900 in 2008. - Guardian

Donald Trump has threatened to pull the US out of the World Trade Organisation if he enters the White House, as the Republican presidential nominee branded the body a "disaster". In an escalation of the protectionist rhetoric used so far throughout his campaign, Mr Trump vowed to "renegotiate" its relationship with the international trade body if it tried to block his policies. - Telegraph

Verizon Communications is expected to announce a near-$5 billion bid today for the core business of Yahoo, it was reported on Sunday night. The American telecoms giant was understood to be putting the final touches to an approach worth $4.8 billion to acquire the internet group’s main search, advertising, media and email operations, according to The Wall Street Journal.

The Olympic Park, scene of many British triumphs at the 2012 Games, is to be turned into a launch pad for the nation’s next generation of technology stars with the opening of Europe’s largest innovation centre. As part of an attempt to build a lasting economic legacy for the London Olympics, it is hoped that the new campus, planned for early next year, will attract 500 companies, both large and small. - The Times

Self-employed workers for restaurant delivery firm Deliveroo are being told in their contracts that they cannot go to court to try to be recognised as staff members with the firm. A clause in supplier contracts for the company says cyclists working for it cannot go to an employment tribunal if they are unhappy with their current status. If they do they must pay the company’s costs.

Several British banks are ploughing money into artificial intelligence (AI) in the hope that it could start helping customer service behind the scenes in the coming months and soon be let loose on the public. Barclays’ former chief executive, Antony Jenkins, believes half of all jobs in banking could be chopped in the next decade as automation takes hold, underlining the scale of potential transformation. - Telegraph

Plans to set fire to coal under the seabed at up to 19 sites around the UK would cause significant climate pollution, groundwater contamination and toxic waste, according to a report by environmentalists. The UK government’s Coal Authority has granted licences for underground coal gasification (UCG) covering more than 1,500 sq km of seabed off north-east and north-west England, Wales and east central Scotland. - Guardian