Tuesday newspaper round-up: Debt, Trade war, Syria

Households continued to pile debt on to their credit cards and run down their savings to meet living costs in May as the squeeze on wages bit deeper. The annual growth in personal deposits dropped to 2.6%, the lowest for more than five years, according to figures from the British Bankers' Association. Consumer credit growth, in credit cards, overdrafts and personal loans, slowed to a rate not seen since October 2015, but at 5.1% remained high by historic standards. - The Times

The threat of a global trade war was growing last night after the European Union promised to retaliate if the Continent's producers became "collateral damage" in measures to protect the American steel industry by classifying it as a matter of national security. Brussels is drawing up plans to hit back at US exports if the European steel industry suffers as a result of the United States resorting to a rarely used measure to restrict steel imports. - The Times

The White House has declared that it believes Bashar al-Assad’s regime is preparing to carry out another chemical weapons attack, and warned that the Syrian leader and his military would "pay a heavy price" if it went ahead. - The Guardian

An Israeli billionaire was on the verge last night of raising more than £300m to fund his property empire by selling more than half of his remaining holding in the gambling company that he founded, Playtech. - The Times

Workers at a British luxury smartphone maker fear that hundreds of skilled jobs may be at risk amid anger over missing pension contributions and a dispute over how its Turkish exile owner took control of the business. Vertu Corporation Ltd (VCL), which was once owned by the Finnish mobile giant Nokia and sells its "Handmade in England" handsets to wealthy clients for as much as £40,000, is also facing claims by suppliers over unpaid bills. - The Daily Telegraph

London is the second-best city in the world to invest in property, despite impending Brexit, according to a new index produced by investment firm Schroders. Los Angeles narrowly beat the British capital to grab top spot in the Schroders Global Cities 30 index, which aims to cherry pick the world's locations with the greatest promise for future growth. - The Daily Mail

One third of non-British workers are considering leaving the UK, with highly skilled workers from the EU most likely to go, according to new research into the impact of Brexit on the jobs market. The consultancy firm Deloitte found 47% of highly skilled workers from the EU were considering leaving the UK in the next five years. - The Guardian

The amount of onshore wind power connected to the Northern Ireland grid has breached the 1 gigawatt (GW) mark for the first time, meaning almost a quarter of the region's electricity comes the renewable energy source. Fresh data from NI Electricity Network has revealed the surge in connections just weeks after official figures showed that onshore wind rose to make up over 22pc of Northern Ireland’s electricity in the 12 months to the end of March. - The Daily Telegraph