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In the papers today - Thursday 3 July

Britain's housebuilders were in turmoil last night after Taylor Wimpey, the biggest company in the sector by volume, admitted that it had failed to tie up a £500M rescue package and risked breaching its banking covenants next year...

...The stock market value of Taylor Wimpey plunged by nearly 50% amid City warnings that its future was in doubt - The Guardian

Shares in Taylor Wimpey spiked in the last minutes of trading on Wednesday, as an unknown investor looked set to try to resuscitate the housebuilder’s botched share placing. The shares closed down 42% at 35p, but gained ground late on, following an earlier fall of up to 60%, after the developer announced it had failed to agree a £500M ($995M) refinancing deal with shareholders and potential new investors - The Financial Times

A Palestinian construction worker killed three people when he drove a bulldozer into oncoming traffic on a busy Jerusalem street yesterday, crushing cars and overturning a bus, in what Israeli police said was a terrorist attack. At least 44 others were injured: drivers in cars, pedestrians and passengers in the bus which was driving up Jaffa Road, in west Jerusalem, at the time of the incident - The Guardian

The Government is expected to climb down on its controversial plans to impose retrospective charges as part of its road tax shake-up - The Times

The aviation industry is being used as a political pawn with the introduction of identity cards for its workers, airline chiefs claim. In a strongly worded letter to Jacqui Smith, the home secretary, they said that forcing airport workers to an ID card from November next year was "unnecessary" and "unjustified" - The Daily Telegraph

Severe adverse effects from climate change can be avoided at reasonable cost but only if politicians stop talking and start acting, a major report from PricewaterhouseCoopers says today. Updating a study it conducted two years ago, it calls on leaders of the Group of Eight leading economies, particularly the United States - the world's largest per capita polluter - to commit themselves to firm timetables for emissions reductions at next week's summit in Tokyo - The Guardian

The president of the European Central Bank (ECB) said yesterday that inflation could explode without action being taken to quell price pressures. Jean-Claude Trichet's comments cemented expectations that the ECB will press ahead today with a controversial increase in euro-zone interest rates - The Times

Coal prices have tumbled from record highs earlier this week as buyers sit on their hands, setting off a scramble by hedge funds to liquidate speculative positions. Newcastle and South African cargoes have plunged by over $20 a tonne in the last day, apparently triggered by fears of a European economic slowdown and concerns that the coal shortage in China mighty not be quite as extreme as supposed - The Daily Telegraph

Fresh signs of the resurgence of Britain's coal mining industry emerged yesterday with the announcement of an agreement by Scottish Coal to supply £700M of coal over five years to Scottish Power. The company - the UK's second largest coal mining group - will today publish details of the agreement to supply the electricity generator, which burns between 4m and 6m tonnes of coal a year. Most of this is imported but with international coal prices rising more than 80% this year, UK electricity generators worry about the cost of relying on foreign fuel - The Financial Times

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