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Sunday Papers: European regulators stall on £1.2bn EMI sale

And the Bank of England is poised to sharply downgrade growth and inflation forecasts.

Sunday Papers: European regulators stall on £1.2bn EMI sale

Top stories

  • The Sunday Telegraph: Regulators have questioned whether Universal is proposing to sell off enough of its US back catalogue, including rights to music of Rihanna, in a move which could fatally undermine its move to buy EMI for £1.2 billion.
  • The Sunday Telegraph: The Bank of England is poised to sharply downgrade growth and inflation forecasts amid a weak economy hit by the eurozone crisis and slowing domestic demand.
  • Mail on Sunday: Tesco Bank chief Benny Higgins has said he will launch the supermarket’s long-awaited current account product next year once the Government has followed through its reforms to the banking sector.

Business and economics

  • The Sunday Telegraph: Jon Hunt, the founder of estate agent Foxtons, has launched a luxury serviced office business as his latest venture.
  • The Independent on Sunday: David Wolffe, the finance director of HMV, is poised to leave the troubled entertainment retailer just days after its chief executive Simon Fox quit.
  • The Sunday Telegraph: The creditors of WorldSpreads are set to pursue the former directors and advisers to recoup some of the money from the failed spread betting company.
  • Mail on Sunday: BT is considering teaming up with its rivals to launch a legal challenge to the Competition Commission’s decision to let BSkyB be the first company to broadcast Hollywood blockbusters on TV in Britain.
  • The Independent on Sunday: River Island, the UK fashion chain, is plotting to open its first store in the US.
  • The Sunday Telegraph: City regulators are to investigate how a major stake in hotel and property company MWB changed hands more than 18 months ago without the market being updated about the move.
  • The Independent on Sunday: Rio Tinto and Xstrata are set to reveal that profits nose-dived in the first half of the year as a vice-like squeeze of rising costs and tumbling commodity prices strangled their bottom lines.
  • Mail on Sunday: British satellite company Inmarsat posted a 13% fall in profits over the past six months, even though its key maritime arm returned to growth.
  • The Independent on Sunday: Investors in InterContinental Hotels, which is reeling from a price-fixing investigation, hope for better news this week with City analysts betting they may be on track for a $1.5 billion bonus.
  • The Sunday Telegraph: The chief executive of Coca-Cola has defended the role of Olympic sponsors, saying that without them the Games would not be anything like as rich an event.
  • Mail on Sunday: The consortium behind the building of the Olympic Park has reported a £27 million dividend payout for its three companies.

Share tips, comment and bids

  • The Sunday Telegraph: Bankers at a number of London institutions are looking at Marks & Spencer as a potential £6 billion bid target as the retailer’s shares have slipped almost 50% since their highs.
  • The Independent on Sunday: Japan Airlines plans to launch Asia's biggest flotation this year less than three years after it became the largest non-financial bankruptcy in Japanese history.
  • The Sunday Telegraph: A key shareholder in Xstrata will demand that commodity trader Glencore raises its offer for the FTSE 100 miner despite the company reporting its interim profits have halved this week.
  • The Sunday Telegraph: Anya Hindmarch, the luxury handbag company, has been sold to a Middle East investor in a private deal thought to value it in the region of £20 to £30 million.
  • The Sunday Telegraph: As Avanti's satellite providing broadband services blasts into space, the Aim-listed business is eyeing a listing on the main market of the London Stock Exchange.
  • The Observer: Manchester United, the world's most valuable sporting club, is launching a third flotation, this time in America - where many people do not regard football as a top-flight sport.
  • The Sunday Telegraph (Comment): Why the 'long, painful correction’ is nowhere near over? Rate cuts that began in August 2007 won’t be reversed any time soon.
  • The Sunday Telegraph (Comment): After the mess of G4S, Circle health is the type of company David Cameron should be encouraging.
  • The Sunday Telegraph (Comment): With Marks & Spencer's shares on the wane, it is perhaps unsurprising that financiers have started to wonder if the retailer could be open to some form of third party offer.
  • The Observer (Comment): The government's economic strategy has failed: now we need wage-led growth and an industrial strategy that can create better jobs.
  • The Independent on Sunday (Comment): Why won't the banks back small business? Potentially lucrative opportunities are beckoning would-be exporters but they are frustrated because they cannot take advantage without funding.
  • The Independent on Sunday (Comment): Bank of England Governor Sir Mervyn King may feel justified in borrowing from Harold Macmillan this week, when he presents the Old Lady's inflation and growth forecasts in a far different climate to his last quarterly update in May.
  • Mail on Sunday (Midas share tips): Buy Provexis

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