Morning Wrap: today's top business stories

News stories from around the web.

New Statesman

Banking Commission: Bankers should face threat of jail and loss of bonuses (Telegraph)

Senior bankers should face jail and the loss of millions of pounds in bonuses if they are involved in a future banking collapse, according to a report by a cross-party group of MPs and peers.

Running of UK banks slated (FT)

The UK government has “interfered” in the running of the part-nationalised banks in a manner that is “clearly not acceptable”, a sweeping parliamentary review into the failings of the British banking system has concluded.

Google challenges US surveillance gag (FT)

Google has challenged the US ban on disclosing the extent of its involvement in secret government surveillance, in the latest move by an internet company to counter the damage caused by the recent National Security Agency internet spying scandal.

Japan exports rise by most since 2010 (BBC)

Japanese exports rose in May by the most since 2010 as the yen weakened, providing a boost to Prime Minister Shinzo Abe's plan to revive the economy.

Food labelling: Consistent system to be rolled out (BBC)

A new consistent system of front-of-pack food labelling is to be introduced in the UK, the government says.