Thursday newspaper round-up: Austerity, Centrica, property spat, cheese

Theresa May raised the spectre of a Greek-style economic collapse if Britain fails to press ahead with tackling the deficit on Wednesday, as she was challenged repeatedly by Jeremy Corbyn over the public sector pay cap. With intense political pressure on the prime minister – including from her own cabinet colleagues – to ease the strain for cash-strapped public servants, including nurses and teachers, she warned MPs about the risks of loosening the purse strings.- Guardian

British Gas could be preparing to raise energy prices in a move that could reignite the debate over household bills, according to City analysts. Britain’s biggest energy supplier, part of the Centrica group, was the only one of the “Big Six” not to increase prices for its standard variable tariff earlier this year, pledging instead to freeze them until the start of August. - The Times

The European Union and Japan are on course to sign a trade deal on Thursday, after talks gained impetus in the wake of Donald Trump’s threat to put up barriers to international commerce. Cecilia Malmström, the European trade commissioner, announced she had reached a political agreement with the Japanese foreign minister, Fumio Kishida: “We ironed out the few remaining differences in the EU-Japan trade negotiations,” she tweeted. “We now recommend to leaders to confirm this at summit.” - Guardian

The US has said it could use its “considerable military forces” against North Korea as it made a push for new sanctions following Pyongyang’s successful test of an intercontinental ballistic missile (ICBM) this week. Nikki Haley, the US ambassador to the UN, told a security council meeting the US would submit a draft resolution within days “that raises the international response in a way that is proportionate to North Korea’s escalation” but warned Washington had options if diplomacy failed. - Guardian

Carolyn McCall, the chief executive of easyJet, has emerged as the leading candidate to be the new chief executive of ITV. McCall, who is understood to have been interviewed for the role, is considered to be one of the strongest candidates on ITV’s shortlist and if she is successful she would become Britain’s most powerful female TV executive. - The Times

The owners of property website OnTheMarket have seized victory in a year-long competition battle with online rivals after a tribunal ruled in their favour. OnTheMarket (OTM), which is owned by a consortium of estate agents including Savills, Chestertons and Knight Frank, requires agents who want to promote properties on its site to choose between advertising on either Rightmove or Zoopla, but not both. - Telegraph

Cheese lovers should prepare themselves for rising prices as weaker sterling and demand for less mature dairy products conspire to put the squeeze on manufacturers. Prices are rising by up to 30 per cent in some cases, according to Beacon, a company that sources goods for the hospitality, leisure and care-home markets, alongside a warning from the boss of Arla Foods, one of the world’s largest dairy producers, said that there could be butter shortages by the end of the year. - The Times

A City business run by a former Conservative party treasurer has agreed to pay back donations made to five of the party’s general election candidates running against Liberal Democrats following a shareholder revolt. NEX, which used to be known as Icap and is one of the world’s biggest money-broking firms, is attempting to head off a rebellion at next week’s annual general meeting by announcing its chairman will personally pay back the £25,000 used to fund the candidates, including one who ran against Lib Dem leadership contender Sir Vince Cable. - Gaurdian

Corporate raider Edward Bramson is embarking on his biggest ever fundraising to build up £700m war-chest as he sets out on a hunt for another company to target for a shake-up. Sherborne Investors, the vehicle of the New York-based activist, has unveiled plans to float a new fund on the London stock market to raise financing for Mr Bramson’s next turnaround campaign. - Telegraph

Britons could be cooking Sunday lunch on US shale gas this weekend after it emerged that the first UK delivery of liquefied natural gas (LNG) from US fracking fields was en route to Kent. Energy analysts at Icis said the Maran Gas Mystras tanker carrying the super-chilled gas was scheduled to arrive at the Isle of Grain LNG terminal on Saturday after a 13-day journey from Sabine Pass in the Gulf of Mexico. - The Times

Almost one in five takeover announcements last year was preceded by suspicious or otherwise unusual share price movements, casting doubt over the Financial Conduct Authority’s efforts to stem insider trading. In its report for the year to the end of March, published yesterday, the watchdog said that 19 per cent of deals had been preceded by abnormal price movements in the two days before the announcement, the same as in 2015. - The Times

Rising inflation and less generous state benefits have made it harder over the past year for families on tight budgets to enjoy what the public considers a decent standard of living, according to one of Britain’s leading thinktanks. The Joseph Rowntree Foundation (JRF) said that despite an above-inflation increase in the “national living wage”, low-income families were falling further behind a minimum income standard. - Guardian

Ride-hailing firm Uber may face stricter requirements on pay and workers rights after the Department for Transport pledged to set up a working party to look at the guidance given to local authorities, ahead of a wider government review into the so-called 'gig' economy. The pledge came after a veteran Labour MP argued in a Westminster debate that the rules surrounding licences were difficult to understand and meant "it just takes a few - or at least one - transport authority to say this is the interpretation". - Telegraph