Tuesday newspaper round-up: Liberty Steel, food inflation, Volvo, IPOs

(Sharecast News) - Liberty Steel's operations in South Yorkshire lost £340m in four years, according to figures that shine a light on the difficulties facing a business on the brink of liquidation that employs 1,450 people. The company, owned by the metals magnate Sanjeev Gupta, is desperately searching for investors or lenders before a 16 July deadline, after London's high court granted it extra time last week. - Guardian EU leaders have expressed hopes for a quick deal to resolve the trade war with the US after Donald Trump announced he was delaying his threatened 50% tariffs for the bloc until 9 July. The US president said on Sunday he would pause the border tax due to be imposed on 1 June, which he had announced two days earlier, after what he called a "very nice call" with Ursula von der Leyen. - Guardian

Food inflation is accelerating as supermarkets pass on the cost of Rachel Reeves' tax raid. Figures from the British Retail Consortium (BRC) and NielsenIQ showed food price inflation rose to 2.8pc in May, up from 2.6pc in April. It marks the fourth month in a row of rising food inflation. - Telegraph

Rachel Reeves is being forced towards a tax raid of up to £30bn by benefit giveaways and her struggle with rising borrowing costs. Experts fear higher taxes are now inevitable after Labour pledged to restore winter fuel payments and review the two-child benefit cap, piling costs on the beleaguered Chancellor. - Telegraph

Volvo has cut about 3,000 jobs in its head office because of a slowdown in demand for electric vehicles, geopolitical uncertainty linked to President Trump's tariff regime and other rising costs. The Swedish carmaker, which recently drafted back from retirement Hakan Samuelsson, its long-serving chief executive, is under pressure to revive its flagging share price and respond to a rapidly changing automotive landscape. - The Times

The market for initial public offerings will not recover until investors regain trust in companies looking to list, one of the UK's largest technology backers has warned. Peter Singlehurst, who leads private company investments at Baillie Gifford, said the memory of the 2021 IPO boom in the UK and US and the sharp declines in many of those companies' share prices had done lasting damage to investor confidence. - The Times