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Saturday Papers: Spain needs €60bn to shore up banks

And France's 2013 budget shows that a new 75% tax rate will raise just €200 million in extra revenue next year.

 
Saturday Papers: Spain needs €60bn to shore up banks

Top stories

  • The Daily Telegraph: Spain has revealed that it needs almost €60 billion to shore up its battered banking sector, as France's 2013 budget shows that a new 75% tax rate will raise just €200 million in extra revenue next year.
  • Financial Times: Realogy Holdings, owned by private equity group Apollo Global Management, has set the terms of a $1 billion share offering as it prepares to kick-off its roadshow next week.
  • Daily Mail: Output from services firms – such as lawyers and accountants, hairdressers and restaurants – rose 1.1% in July, figures from the Office for National Statistics showed.
  • The Daily Telegraph: BAE Systems and EADS will not tolerate attempts by France and Germany to increase their stakes in a merger of the two companies, sources close to the companies have disclosed.
  • The Daily Telegraph: Britain is edging closer to losing its gold-plated sovereign credit rating due weak growth and ballooning government borrowing, ratings agency Fitch has warned.
  • Daily Mail: The initial public offering of shares in Direct Line will value them at between 160p and 195p, it was announced today.
  • Daily Express: Brewing giant Heineken has won the £4 billion takeover battle for the maker of Singapore's Tiger beer.
  • Daily Express: Britain’s banks are -battling Apple and Google to lure software engineers as they scramble to put services on smartphones and tablets.
  • The Independent: Xstrata and Glencore were scrambling to sort out their differences yesterday ahead of Monday's deadline to agree the final terms of an $80 billion mining and commodity trading mega-merger between the two.

Business and economics

  • The Daily Telegraph: Landlords have fired a shot across the bows of Sports Direct and JJB Sports by calling on the Government to change insolvency laws so it is easier to retrieve unpaid rents from companies in administration.
  • The Guardian: Ed Miliband will promise to end rip-offs in the pensions industry by putting a 1% cap on pension charges and forcing pension firms to stop hiding the true impact of charges they intend to levy on the eventual value of a pension.
  • The Daily Telegraph: New Thomas Cook boss Harriet Green has a "very difficult" turnaround job on her hands, analysts have warned, after the tour operator unveiled a drop in summer holiday bookings.
  • The Guardian: G4S said on Friday that it would keep Nick Buckles in the top job despite the 52-year-old acknowledging to MPs that the staffing crisis had been a "humiliating shambles".
  • Financial Times: Grains prices jumped after a rush of buying orders triggered by the US government’s quarterly inventory data, which showed levels were far lower than forecast.
  • The Daily Telegraph: European pension funds are among those who will share $2.4 billion after Bank of America agreed to settle allegations it misled shareholders over its controversial acquisition of Merrill Lynch.
  • The Daily Telegraph: Apple has been forced to apologise for its disastrous mapping service, admitting that it "fell short" on its promise to deliver world class products.
  • The Guardian: Payments business PayPal has been hit by technical hitches in the UK which has led to some transactions being held for security checks.
  • Daily Mail: The true cost of Tesco’s billion pound attempt to turn around its ailing UK business will be revealed next week when the grocer is expected to post its first fall in profit for 20 years.
  • The Guardian: Shell has rejected a plea from its French rival Total that the energy industry should abandon its search for oil in the Arctic on the grounds that a spill would ruin the reputation of any company involved.
  • The Guardian: A Swiss-based hedge fund manager has been handed a £900,000 fine by the Financial Services Authority for manipulating the share prices of companies with the intention of boosting the value of his fund.
  • Daily Mail: Bank of England governor Sir Mervyn King called for swift progress in the reform of Libor, as a bevy of institutions – including data services firm Bloomberg and Thomson Reuters - began jostling for the job of overseeing the crucial rate.
  • Financial Times: Resignations by senior managers at HM Revenue & Customs rose sharply in the past tax year, as performance lapses at the organisation drew sharp criticism.
  • Financial Times: T-Mobile USA, the fourth-largest US mobile operator by subscribers, has reached an agreement to sell the rights to lease and operate its 7,200 cellular towers to Crown Castle International for $2.4 billion in cash.

Share tips, comment and bids

  • The Daily Telegraph: The Government's bid to capitalise on the value of nuclear company Urenco will step up a gear today as it appoints banking advisers to lead a £3 billion sale.
  • Financial Times: Medtronic is to pay $816 million for China’s KangHui Medical, which makes implants to treat orthopaedic conditions, as the US medical devices maker tries to bolster its foothold in one of the world’s fastest growing healthcare markets.
  • Financial Times: A group of leading City investors are seeking to raise £500 million for an innovative new London-listed fund intended to generate millions each year for research into groundbreaking cancer treatments.
  • Financial Times: Vestas and General Electric, two of the world’s largest wind turbine manufacturers, this week both gave gloomy forecasts for the outlook of the US market because of uncertainty over a critical tax credit.
  • Financial Times: IGas Energy has extended its ambitions to lead the consolidation of the UK’s onshore oil sector by agreeing to buy out the interests of fellow producer Providence Resources in fields in the Weald Basin on the UK’s southern coast.
  • The Daily Telegraph (Comment): Who the next Governor of the Bank of England should be is a favourite topic of any boardroom discussion these days.
  • Financial Times (Lex): France and Spain – while Paris aims for tax rises to fix its deficit, Madrid is mostly cutting, although only a well-executed EU bailout is likely to calm investors.
  • Financial Times (Lex): Apologetic bosses – difficult to measure impact on share price of Apple chief’s public contrition since investors will not care so long as profits continue to roll in.

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