Here are the top business stories making the headlines in the morning newspapers.
Shrinking economy
The UK economy shrank between April and June, official figures out this morning show.
The economy contracted by 0.1% in the second quarter of the year, the Office for National Statistics (ONS) said.
That compares to the first three months of this year when gross domestic product (GDP) - which measures economic activity - grew.
The Bank of England has forecast the UK will fall into recession towards the end of this year and the downturn will last for all next year.
The BBC says that the ONS also announced that the economy shrank by 0.6% in June due to the extra bank holiday to celebrate the Queen's Platinum Jubilee.
French president caps energy price rises
EDF energy customers in Britain are paying almost two-and-a-half times as much as their counterparts in France after Emmanuel Macron imposed strict caps on price rises.
The company’s customers on this side of the Channel have had their bills capped at £1,971 by energy regulator Ofgem, while French customers on regulated tariffs face bills of around 950 euros (£803).
The Telegraph says French president has told state-owned EDF it can only increase bills by 4% this year to shield households from soaring energy costs, meaning customers face a rise of 38 euros (£32) to 988 euros (£835) a year.
But in Britain, customers are preparing for bills to rise by more than 80% to around £3,582 in October.
Customers face even more pain next year as annual energy bills will soar to more than £5,000 next April, according to a grim new forecast.
In France, the government has forced EDF to sell electricity generated by its ailing fleet of nuclear reactors to rival suppliers at well below market prices so it can maintain low prices for consumers. Mr Macron has also launched plans to nationalise EDF so he can have more control over the company's plans for consumer prices.
The French state is poised to pay up to €10bn (£8.4billion) to buy the 16% stake in EDF that it does not already own.
The Telegraph adds that EDF is currently suing the government for €8.3billion (£7billion) over the losses incurred as a result of the price controls.
Citizens Advice warns on support for households
Many households cannot wait for the UK Government to decide whether more support will be given to cope with energy bills, Citizens Advice has said.
The charity said it made more food-bank referrals and crisis support in July than it had in 2019 and 2020 combined.
The BBC says the warning comes after the energy regulator said bills could start to rise at the end of this month, more than five weeks earlier than thought.
Reducing methane emissions
Trade body Offshore Energies UK (OEUK) has launched new guidelines to help oil and gas firms reduce methane emissions from the production of oil and gas.
The guidelines follow publication of the organisation's Methane Action Plan (MAP) last year.
Methane is one of the most potent greenhouse gases in the world's atmosphere today, having 20 - 86 times the impact than that of carbon dioxide.
Globally, the oil and gas industry is the third-largest emitter of methane, after agriculture and waste.
Around 56% of the UK sector's emissions come from venting - direct emission to the atmosphere - and another 31% from burning the gas in flares.
Energy Voice says the MAP set out a series of priorities for the sector.
And you thought inflation was high in the UK...
Argentina's central bank has raised its main rate of interest to 69.5% as it tries to contain soaring inflation.
The bank put up its 28-day benchmark rate by 9.5%, its second hike in as many weeks.
It comes as new figures showed inflation in the country had hit a 20-year high of over 70%.
The BBC says the inflation rate is forecast to top 90% by the end of the year.
Controlling soaring prices, tackling high debt levels and reining in government spending in South America's second-largest economy are at the top of the agenda for Argentina's latest economy minister, Sergio Massa.
Mr Massa, who is the third person to hold the post since early last month, aims to calm inflation using a more-conventional approach than his predecessors.
Along with raising interest rates, he has pledged to not call on the central bank to print more money this year to fund government spending.
In recent weeks, protestors have taken to the streets of the capital Buenos Aires to demonstrate against President Alberto Fernandez's handling of the economy.