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Saturday Papers: Rajat Gupta found guilty of insider trading

Gupta, who sat on the boards of Goldman Sachs and Procter & Gamble, was found guilty of passing on confidential information about the companies to a hedge fund.

 
Saturday Papers: Rajat Gupta found guilty of insider trading

Top stories

  • The Daily Telegraph: Rajat Gupta, who sat on the boards of Goldman Sachs and Procter & Gamble, was found guilty by a New York jury of passing on confidential information about the companies to a hedge fund.
  • The Daily Telegraph: The Government's £140 billion emergency lending scheme will do little to kick-start growth and more measures are urgently needed, economists and bankers have warned.
  • Financial Times: Burger King, the US fast food restaurant chain, has said that it plans to open 1,000 stores in China through a new joint venture, in an effort to gain ground on rivals Yum Brands and McDonald’s.
  • Daily Mail: The Monetary Policy Committee is expected to restart its printing presses as early as next month to add to the £325 billion it has already created through quantitative easing.
  • The Daily Telegraph: Facebook's chief technical officer Bret Taylor has announced he is leaving the world's leading social network to start a new company with a friend.
  • The Daily Telegraph: Deepening splits between Angela Merkel and François Hollande erupted into the open on Friday as the German chancellor attacked Paris for allowing the French economy to stall.
  • Financial Times: The Federal Reserve Bank of New York has auctioned more than $5 billion in face value of securities related to the bailout of American International Group as part of a series of sales that now stand to bring profits to the insurer and the central bank.

Business and economics

  • Financial Times: Carrefour’s new chief executive has sold the French retailer’s stores in Greece for €1 to its local joint venture partner, while Crédit Agricole is transferring assets to France from its Greek subsidiary Emporiki bank, it was revealed on Friday.
  • The Daily Telegraph: Ten banks in France, the Netherlands, Belgium and Luxembourg have been downgraded as Moody's continues to cut the credit ratings of major lenders amid fears over the worsening crisis in the eurozone.
  • Financial Times: Thomas Cook has cut its overall UK holiday capacity 13% and Tui 6% to adjust to the consumer spending downturn and the trend for “stay-cations”.
  • The Daily Telegraph: A trust linked to Gulf Keystone Petroleum's chief executive Todd Kozel "forgot" to disclose the sale of an estimated £12 million of shares in the oil explorer.
  • Financial Times: Allders, the department store backed by fashion entrepreneur Harold Tillman, has become the latest retailer to collapse into administration.
  • The Daily Telegraph: Jaguar Land Rover sales grew by another 35% in May despite the deepening eurozone crisis causing worldwide economic uncertainty.
  • Financial Times: Mike Lazaridis and Jim Balsillie, Research In Motion’s former co-chief executives, will receive about $12 million in exit payments after they stepped down from the top jobs at the struggling Canadian manufacturer of BlackBerry smartphones in January.
  • The Independent: Nearly 900 people will lose their jobs next week after another wave of store closures at collapsed retailer Clinton Cards was announced.
  • Financial Times: Goldman Sachs is shaking up the management of its merchant banking division after the departure of three senior partners, including the co-head of Mitt Romney’s finance committee.
  • The Daily Telegraph: Albemarle & Bond recovered its lustre despite the pawnbroker indicating that the high street gold rush, as households sought to raise cash by selling jewellery, had slowed.
  • The Independent: Sly Bailey left Trinity Mirror yesterday with immediate effect, as the troubled newspaper group performed a U-turn on plans for her to stay until the end of the year.
  • The Daily Telegraph: The International Monetary Fund on Friday urged Europe to help Ireland refinance its crippling bank bailout and consider taking equity in state-owned banks to help Dublin return to bond markets and avoid a second bailout next year.
  • The Daily Telegraph: Italy is to sell off state assets worth €10 billion in a bid to cut debt and pay bills.
  • The Guardian: From 2 October customers of both Lloyds TSB and Bank of Scotland will see the interest rate on their overdraft increase by as much as 5%, while the annual fees some customers pay for their current accounts will rise by up to £24 a year.
  • The Guardian: A weak dollar and the tumbling house prices that resulted in foreclosures across America have attracted a wave of buyers from Europe, Asia, Canada and Latin America; international buyers accounted for $82.5 billion of homes sold in the US in the year to March, almost 9% of sales, according to a survey by the National Association of Realtors – a jump of 24% from the previous year.
  • The Independent: The future of the financially stricken Coryton refinery in Essex, which supplies around 20% of London and the South-east's fuel, was in further doubt yesterday as it emerged the Government will not keep it alive with state aid.

Share tips, comment and bids

  • The Daily Telegraph: Hong Kong Exchange & Clearing has paid £1.4 billion for the London Metal Exchange, a company which makes £11.2 million operating profit - a multiple of more than 124 times.
  • The Independent: Scottish & Southern Energy is to spend €488 million buying up power stations in Ireland, making Britain's second-biggest energy supplier the number three in the Emerald Isle.
  • The Daily Telegraph: Brookfield, one of the biggest property developers in North America, is in exclusive talks to buy Hammerson’s portfolio of London assets for more than £500 million.
  • The Daily Telegraph: Ryanair faces the prospect of being forced to sell down its 29.8% stake in Aer Lingus after the Office of Fair Trading referred the six-year old holding to the Competition Commission.
  • The Independent: The beleaguered junior stock market Plus Markets yesterday sold its technical trading platform for a nominal £1 to its employees and other individuals.
  • The Independent: Premier Foods yesterday offloaded Sarson's and Dufrais vinegars and Haywards pickles to Japanese food producer Mizkan in a £41 million deal.
  • Daily Express: One of the pioneers of the British computer industry Psion has been sold to Motorola Solutions of the US for £129 million.
  • Financial Times: Tom Alexander, the former boss of Everything Everywhere, is pulling together a private equity-backed bid for the UK’s largest mobile operator.
  • Financial Times: Residential Capital has called on the judge hearing its bankruptcy to ignore an offer from Berkshire Hathaway to be the “stalking horse” bidder for assets to be sold in its bankruptcy, according to court papers.
  • The Guardian (Comment): Osborne has ditched austerity with a 'funding for lending' scheme, but he still has to address the growth problem.
  • The Independent (Comment): In Liverpool during the first half of the week for the annual conference of Airmic, who are the people in our largest businesses who buy their company's insurance.
  • Financial Times (Lex): Motorhomes: sales of recreational vehicles have accelerated after a difficult period during the slowdown but there are a few bumps on the road.
  • Financial Times (Lex): Hong Kong / LME: the Asian exchange’s move on the London market is more than merely a commercial deal and it now has a trophy on its hands.
  • Financial Times (Lex): Coke in Myanmar: after 60 years away, the drinks company is back but the prospect of great rewards from the southeast Asian country cannot be great.

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