Monday newspaper round-up: China cuts rates, Barclays, Greece

China has lowered interest rates for the third time in six months in an effort to avert a slowdown, cutting the benchmark lending and deposit rates by 25 basis points each, The Wall Street Journal writes.

"Barclays faces fines and penalties of more than £2 billion this week as the big investment banks make final settlements with British and US authorities over their involvement in the rigging of global currency markets," reports The Times.

"Greece and the Eurozone face a week of fresh nail-biting uncertainty," according to The Guardian. Athens faces a Tuesday deadline to repay €770m to the International Monetary Fund as Eurozone finance ministers prepare a report on progress towards a cash-for-reforms deal.

BG Group's chief executive Helge Lund has said that employees must compete for jobs under the natural gas company's takeover by oil major Shell, he said in an interview with The Telegraph.

Package holiday outfit Thomson is expected to be split from TUI Group as part of the parent company's rebranding, The Times reports. TUI will outline a new branding strategy on Wednesday alongside its half-year results.

The Bank of England's inflation report on Wednesday may include a warning from governor Mark Carney to markets that they are too relaxed about the timing of an interest rate hike, according to The Guardian. Carney may use the statement that policy tightening could come sooner than traders are pricing in.

China become the world's largest importer of crude oil in April, overtaking the US for the first time, reports the Financial Times. Chinese crude oil purchases from overseas reached a new high of 7.4m barrels a day last month, while the US imported 7.2m.