What the Sunday papers said
Monday 30 July 2012
The Independent on Sunday: Banks face giant bill for IT upgrade after causing chaos
Britain's beleaguered banks must quickly inject billions of pounds into their creaking IT systems, on top of forking out for the many scandals that will continue to hit banking results this week. The warning from software firm Temenos comes after a computer meltdowns at NatWest and Nationwide that caused chaos for customers and hit the industry's reputation.
The Mail on Sunday: Rivals fear Tesco may push 'nuclear' price war button
Tesco's rivals and suppliers fear the supermarket giant may be planning a major price war if its recovery strategy does not work. The prospect that Tesco might be forced into dramatic action is being dubbed as its 'nuclear option' and rival chains are concerned about the impact.
The Sunday Telegraph: RBS's Irish arm takes £25m hit on interest-rate swaps debacle
Royal Bank of Scotland has forked out more than €30m (£25m) to a businessman who claimed he was mis-sold an interest rate swap by the bank. RBS's Irish subsidiary has agreed a settlement with David Agar that will see it write off swaps and loans worth €30m .
The Sunday Times: Britain heading for triple-dip recession next year
The UK economy could suffer a triple-dip recession next year after a brief recovery driven by the Olympic Games. Economists fear the Eurozone crisis will drag Britain back into recession next spring after a Greek exit early in 2013.
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