Wednesday newspaper round-up: UK growth, Glencore, Google

Britain's growth over the next three months will be roughly one third the pace of other major world economies, according to forecasts from the Organisation for Economic Co-operation & Development. In an update that will dent the Chancellor's claim to be driving Britain back to competitive prosperity, the leading think-tank expects annualised quarterly growth of just 1%for the three months to the end of June, compared with an average for the G7 leading economies excluding Japan of 2.9%, the Telegraph reports.The longest squeeze in British living standards in almost a century intensifies today - which has been dubbed "worse-off Wednesday" because it marks the beginning of a tax year in which tax increases and benefits and public-sector cuts will add to the misery already experienced by the millions struggling to cope with high inflation and minimal pay rises. Put simply, the 2011-12 fiscal year will be the first full year of Coalition cuts, and the one when the pain begins in earnest, says the Independent.Demand from key institutional investors for shares in Glencore on its flotation has been well above the group's expectations, particularly in Asia and the Middle East, according to bankers involved in the initial public offering. The Swiss-based company plans to allocate between 20 and 30 per cent of its IPO to so-called cornerstone and anchor investors, which commit themselves to buy ahead of the launch of the flotation and usually are locked in for a certain period, the Financial Times reports.The Telegraph reports that US authorities are said to be considering a competition investigation into Google's dominance of internet searches in America. The Federal Trade Commission (FTC), one of the two arms of government responsible for regulating competition, is considering a broad investigation, according to Bloomberg.Procter & Gamble (P&G) yesterday agreed to sell "iconic snack brand" Pringles to Diamond Foods in a deal worth $2.3bn (£1.4bn). Pringles, the world's largest potato crisp brand, will triple Diamond's existing snack business, the Independent reports.A bank worker got the sack after she criticised her boss's £4,000-an-hour salary on Facebook. Stephanie Bon, 37, from Colchester, Essex, was working as a £7-an-hour HR assistant for Lloyds Banking Group when she heard about her new chief executive's mammoth salary. Miss Bon went on Facebook and posted 'LBG's new CEO gets £4,000 an hour. I get £7. That's fair.' But after her bosses heard about the comment she was marched from the offices and fired, the Daily Mail reports.The Guardian reports that April may prove the cruellest month for American Apparel as the hipster retailer faces a deadline to raise cash or go bust. Last week the clothing chain known for its risque marketing campaigns warned that it may have to file for bankruptcy in a regulatory filing. Now it has emerged that two banks have given AA until 30 April to prove it is a "going concern" or they will call in their loans, according to fashion trade bible Women's Wear Daily (WWD).A "say on pay" could be introduced across Europe, along with potential quotas for the number of women in boardrooms, as a result of proposals outlined by the European Commission. British companies have been required to put their remuneration policies to a shareholder vote since 2003 when pharmaceutical company GlaxoSmithKline became the first company to have its pay plan opposed by its investors, reports the Guardian.RG