Morning papers: Bernanke faces grilling over QE

Ben Bernanke’s power over markets will be put to the test this week when he gives what is likely to be his last monetary policy report to US Congress, reports the Financial Times.

The US Federal Reserve chairman testifies before the House Financial Services committee at 10am on July 17, and repeats the performance in front of the Senate Banking committee the next day, with markets still jittery about the central bank’s plan to gradually slow its $85bn (£56.2bn) a month in asset purchases.

But Mr Bernanke has a growing problem as he tries to convince markets that a “tapering” of quantitative easing does not mean an earlier rise in interest rates: the widespread expectation that he will step down next January.

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UK inflation data could force Mark Carney to pen letter to chancellor

New Bank of England governor Mark Carney finds out on Tuesday if he faces the embarrassing task of explaining himself to the chancellor in an open letter about rising inflation, reports the Guardian.

Consumer prices data due this morning is widely expected to come in just shy of the 3.1 per cent mark that would trigger a letter but economists say there are too many wild cards to rule it out.

AngloGold poised to write down value of assets by up to $2.6bn

AngloGold Ashanti joined other goldminers in responding to the sharp fall in the price of the precious metal by writing down the value of assets by up to $2.6bn and curbing production plans, reports the Financial Times.

Goldminers around the world have cut the value of their assets by billions of dollars in recent weeks.

More than 2,400 UK bankers paid €1m-plus, EU regulator says

The row over bankers’ pay has been reignited by data showing that more than 2,400 bankers in the City were paid in excess of €1m (£870,000) in 2011 – more than three times as many as in the rest of the EU put together, reports the Guardian.

Former RP Martin brokers charged over Libor fixing

Two former RP Martin brokers have been charged in connection with the Serious Fraud Office investigation into the manipulation of Libor, reports the Daily Telegraph.

The two men, Terry Farr and Jim Gilmour, were charged yesterday by City of London Police with conspiracy to defraud. They were charged at Bishopsgate police station in London, and are due to appear before Westminster Magistrates’ Court at a later date.

UKFI highlights improved prospects for Lloyds selloff

The prospects for selling off the stake in Lloyds Banking Group are better than a year ago, the body which controls the stakes in the bailed-out banks has said, in spite of warning the first disposals could take place at a loss to the taxpayer, reports the Guardian.

Morrisons boss says companies should pay an ‘online tax’

The head of one of the UK’s largest supermarkets has admitted internet sales are damaging the high street and said his company is willing to pay an “online tax” to address the problem, reports the Daily Mail.