- The Daily Telegraph: US firm Destination Maternity withdrew its proposal to take over British baby goods retailer Mothercare as shareholders in the UK company demanded a higher price.
- The Daily Telegraph: UK economy finally returns to its pre-financial crisis level; second quarter GDP growth of 0.8% means total economic output was 0.2% points bigger than in the first quarter of 2008, its previous peak.
- Daily Express: BSKYB is to create a pan-European broadcasting and broadband leviathan after agreeing to buy Sky Deutschland and Sky Italia from parent group Fox in a £5.3 billion deal.
- Daily Mail: The boss of Royal Bank of Scotland warned of ‘bumps in the road’ ahead as it stunned the market with a dramatic bounce in profits.
- The Guardian: The property developer Vincent Tchenguiz will receive at least £6 million and an apology from the Serious Fraud Office following the collapse of an investigation against him two years ago.
- The Daily Telegraph: Bose claims Beats, bought by Apple in May for $3 billion, has breached patents connected to blocking out background noise when listening to music on its headphones.
- The Independent: Lloyds Banking Group has admitted it is likely to be the next bank to get hit by the Libor-fixing hammer.
- Financial Times: Brazil is freeing up more than $20 billion in its banking system as Latin America’s largest economy struggles to escape the grip of “stagflation” ahead of presidential elections in October.
Business and economics
- Daily Express: Bank of Scotland signalled its readiness for re-privatisation with the biggest first-half profit since its 2008 Government bailout.
- Daily Express: Britain’s biggest mobile operator EE hailed its “best business results” in four years as it signalled further UK expansion after signing up a record number of 4G customers over the past three months.
- Financial Times: Alan “Ace” Greenberg, a penny-pinching, cigar-chomping, card-trick-playing master of the trading floor who personified the rough-and-tumble world of Wall Street during the years he led the Bear Stearns investment bank, has died at age 86.
- Daily Mail: Anglo American yesterday unveiled a 48% rise in half-year profits, as favourable currency.
- The Guardian: The government is to receive a boost to its coffers after Virgin Money agreed to repay £154 million of a financing package it arranged when the lender bought the troubled Northern Rock in January 2012.
- Financial Times: Several former employees of Alstom, the French industrial champion that is the subject of a successful €12.35 billion bid from General Electric, have been notified by the UK’s main anti-bribery agency that they will face criminal charges.
- Financial Times: Citigroup will pay a record fine to settle charges that it failed to protect confidential equity trading data in the latest regulatory crackdown aimed at restoring investor confidence in the structure of the US stock market.
- Daily Express: The new boss of London’s Heathrow airport yesterday vowed to press ahead with plans for a third runway, although it is investing less in the next few years.
- Daily Mail: Irn-Bru maker AG Barr yesterday forecast a 5.6% rise in half-year sales to around £135 million.
- Financial Times: Plans to levy capital gains tax on property owners who hold their homes through a company structure risk discouraging investment in the private rented sector, tax specialists and investors warn.
- Financial Times: Winton, the London-based hedge fund, has increased the assets in its low-cost equities fund to more than $1 billion for the first time in a sign that traditional stock managers may come under increasing pressure from computer-driven rivals.
- Financial Times: Tougher mobile competition in Spain led to a decline in revenues at Vodafone, which is in the middle of a £19 billion infrastructure upgrade programme.
Share tips, comment and bids
- The Daily Telegraph: SEC drops probe into Facebook over disastrous IPO; a disastrous first day of trading, hampered by technical glitches and confused investors, meant underwriters had to step in and buy Facebook's stock.
- Financial Times: Saudi Arabia is opening its equity market to overseas investors, putting the largest country in the Middle East on the radar of all international retail funds for the first time.
- Daily Mail (Comment): With RBS finally pulling out of its nose dive, the case for establishing a genuine market in RBS shares without the huge government overhang is overwhelming.
- Daily Mail (Comment): Top accountants, lawyers, private equity barons and hedge fund princelings are able to rake in their millions discreetly - far greater transparency is needed.
- Financial Times (Lex): LVMH: Analysts more resilient on stock, with only two issuing a recommendation to sell, than group’s first-half performance which was hit by the strong euro.
- Financial Times (Lex): BSkyB: Pay-TV operator is trying to focus on three screens at once; the burden of higher interest costs and equity dilution means its shareholders lose out.