Thursday newspaper round-up: Amazon, contactless payments, Glaxo, Redrow
It would take Boris Johnson two full terms as prime minister to fulfil his pledge to “level up” the British economy, according to one of the UK’s leading economic thinktanks. The National Institute of Economic and Social Research (NIESR) said Johnson’s plans would probably take more than a decade to raise the level of economic output across the country, due to capacity constraints. - Guardian
Amazon is promoting poor-quality products with an “Amazon’s Choice” badge as cunning sellers manipulate the algorithmic recommendation system behind the label, according to research from the consumer rights group Which?. Many of the most popular items sold on Amazon.co.uk are labelled Amazon’s Choice, a thin blue badge that renders a product more visible on the search results page. - Guardian
A Brussels crackdown on contactless payments could cause mass confusion for millions of customers and trigger a €57bn (£48bn) hit to businesses across Europe, experts have warned. The new Strong Customer Authentication (SCA) rules require banks to verify a customer’s identity every time they make payments totalling €100 (£85). – Telegraph
The break-up of Glaxosmithkline is set to become one of the most expensive corporate demergers to date after the drugs group estimated that it would cost £2.4 billion. The FTSE 100 company yesterday issued details of its ambitious plans to spin-off its consumer healthcare joint venture with Pfizer via a listing on the London Stock Exchange in 2022. – The Times
Redrow has appointed a new chief executive from within its ranks after the housebuilder faced a shareholder revolt over its leadership. The FTSE 250 company said that Matthew Pratt, 44, a long-serving employee who was promoted to chief operating officer last year, would take over in July. John Tutte, 63, executive chairman, will step back to the role of non-executive chairman and will leave the company completely next year. – The Times