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The European Commission has set out new claims that the online giant Google abuses its dominant market position.

It has been formally investigating the company under European competition rules since 2010.

It has now issued two so-called 'Statements of Objections', in which it sets out its claims against the company and invites a response.

In the first, it sets out new evidence to support existing allegations that Google unfairly favoured its own "comparison shopping service" over those of rivals in search results.

In the second, it claims that the company abuses its market power by restricting the ability of its competitors to place search results on third party websites. 

There is increasing pressure on British MEPs to step down from influential EU positions, the Guardian reports, external.

While in theory the Brexit vote changes nothing in the short-term, in reality "everything is in flux", says the article.

Theresa May "is in no rush to invoke Article 50" - the process for leaving the EU - but businesses are "craving greater certainty at this unsettling time" says Ros Kellaway of law firm Eversheds.

However, it's in the best interests of businesses to wait, she says.

"What's more, having a hard stop to any complex regulatory negotiations is always problematic, but especially so in something as staggeringly complex and multi-faceted as Brexit. 

"Many commentators already see the two year deadline as unrealistic. Businesses could be forgiven for being fearful of protracted Article 50 negotiations, but the reality is, a longer wait to get things right is categorically in their best interests," she says.    

House of Commons
Parliament

SNP spokesman Pete Wishart describes the reshuffle as "the night of the long silver spoons", teasing Commons leader, prominent Leave campaigner, and Theresa May-backer Chris Grayling about his lack of promotion so far.

He continues: "We thought the new prime minister didn't have a sense of humour - she's only gone and proven that totally wrong by appointing [Boris Johnson] foreign secretary." 

He asks when new departments will be finalised. 

Mr Grayling rejoins that he's "surprised" Mr Wishart does not see Commons leader as "top job" given he is the opposite number. 

A revised schedule will be in place by September, he says. 

Not everyone is impressed with the massive free advertising, or "news coverage" being given to Nintendo this week, as Guardian technology editor Jonathan Haynes tweets:  

Once you've worked out what Pokemon Go is, there's another company that those of you outside Asia may not know about.

It's called Line - and is a messaging app similar to What's App or Facebook Messenger - and the reason we mention it is because it's set to begin trading on the New York Stock Exchange later.

The share sale is likely to be the biggest in the US so far this year.

The Japanese company has about 218 million monthly active users and makes its money from advertising and selling its virtual stickers and games.  

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Many experts are predicting a rate cut by the Bank of England today.

Here's a reminder of what was happening in the UK when interest rates were last cut - on 5 March 2009.

The virtual reality game was already available in the US, Australia and Germany but some UK gamers found ways around the country restriction to get early access.

How does it work? The app lets players roam a map using their phone's GPS location data and catch Pokemon characters to train and battle.  

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That virtual reality game that everyone is talking about, the one that's boosted Nintendo shares and annoyed the US holocaust museum, it has just been released in the UK (some of you) will be glad to hear.

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The California Air Resources Board (CARB) has rejected Volkswagen's plan to recall vehicles with 3-litre diesel engines, calling the proposal incomplete and deficient.

The German carmaker has agreed to spend up to $15.3bn (£11.6bn) to settle consumer lawsuits and government allegations that diesel cars with smaller 2-litre engines cheated on US emissions tests.

But the Californian regulator said that Volkswagen hasn't provided a full description of devices that turn off pollution controls on the 3-litre engines, and its proposed plan doesn't let CARB fully evaluate whether it would fix the emissions.

Talks continue between regulators and the car maker. 

The FTSE is positively perky this morning - up 0.84% to 6,726 - with miners and housebuilders leading the charge.

As for the pound, it is up 0.65% against the dollar at $1,3232 and against the euro it is up 0.54% at €1.1918.

Today Programme
BBC Radio 4

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Axelle Lemaire, France's minister for digital affairs, calls on the UK to set out its negotiating position for leaving the EU.

"We've been observers of something happening in the UK and we're still observing," she tells Today. This is "a script that we're not writing", she claims, adding: "We need to know what the UK will be asking."

She describes the current situation in the UK as "becoming a bit like Game of Thrones meeting the Monty Pythons" and says that 27 other EU member states "cannot be held hostage" by UK internal politics.

"We will have to discuss what we call the four pillars" of the single market, she continues, which includes freedom of movement. Leave supporters in the UK have called for free trade without free movement but Ms Lemaire says: "It's not Europe a la carte."

Financial markets may put the probability of a rate cut today at about 80%... but it might not happen, Neil Wilson from ETX Capital says.

"Critically, we just haven’t had enough data yet on the economic impact of Brexit. The MPC [monetary policy committee] may want to wait until August, when we will have the first genuine post-Brexit PMI surveys, before shifting monetary policy," he says.

"The Bank may want to keep its powder dry so it has room for manoeuvre if the data does start to show a material impact to economic activity from the Brexit vote. Cut now and there is precious little space to go further."

Today Programme
BBC Radio 4

The deficit reduction plan in 2010 was the right thing at the time, but the UK is now entering a “new phase”, which will be judged by “a different set of parameters”, new Chancellor Philip Hammond tells the Today programme.

Speaking to Mishal Husain, Mr Hammond says the deficit will still need to be cut but the question of how and when would need to be reassessed.

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Superdry has said its Idris Elba range helped boost sales in the year to 30 April.

Retail revenue was up 24.5% and like-for-like sales grew 11.3%.

"We are reaching more customers with a greater breadth of product and were delighted with the positive reaction to our Womenswear offer and the innovations through Superdry Sport and the premium Idris Elba range," said chief executive Euan Sutherland.

However, profit before income tax fell fell to £55.4m in the year, down from £59.5m the year before.

"Big events such as elections typically do unsettle markets, so it is no surprise that the EU referendum has been associated with a downturn in activity," says Simon Rubinsohn, Rics chief economist.

"However, even without the build-up to the vote and subsequent decision in favour of Brexit, it is likely that the housing numbers would have slowed during the second quarter of the year. 

"Rics data does suggest that the dip in activity will persist over the coming months, but the critical influence looking further ahead is how the economy performs in the wake of the uncertainty triggered by the vote to leave [the EU]."

Read more here.