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Saturday Papers: RBS brings curtain down on restructuring unit

Saturday Papers: RBS brings curtain down on restructuring unit

Top stories

  • The Independent: Royal Bank of Scotland is closing its hugely controversial Global Restructuring Group, with its boss leaving less than three weeks after he was accused of being “wilfully obtuse” in evidence to a parliamentary committee.
  • Daily Mail: British exports have plunged to the lowest level for nearly four years in a bruising setback to hopes of creating a more balanced economy, figures showed yesterday.
  • Daily Express: Thomson and First Choice holidays group TUI Travel has seen profits leap thanks to a resurgence in tourists visiting the Greek islands and the popularity of new long-haul destinations such as Mexico and Jamaica.
  • Daily Mail: Hollywood has come to London as Lionsgate, the production company that makes Mad Men, relocates its international sales operations in the UK.

Business and economics

  • Daily Express: Oil explorer Afren’s troubles mounted yesterday as it suspended output at its Barda Rash oilfield in Iraqi Kurdistan with Islamist militants advancing on the region.
  • Financial Times: The central bank will use a traffic light system to check the results from banks in stress tests, with a red light forcing banks to redo their work.
  • Daily Express: Co-operative Group is overhauling the way it is run as it hopes to avoid a repeat of the calamity that left it with a £2.5 billion loss.
  • The Daily Telegraph: Ghana officially requests financial help from IMF; the organization to send team to African country in September to begin talks on aid programme.
  • The Daily Telegraph: Apple and Google's $300 million settlement over poaching staff rejected by judge; US judge tells tech giants to raise their offer after workers claimed firms conspired not to poach one another's employees in order to avert a salary war.
  • Financial Times: Sotheby’s attributed a 15% slide in profit to increased expenses and a higher tax rate, triggering a second-quarter earnings miss despite higher sales revenue and rising global demand for art works.
  • Financial Times: Walgreen’s decision to keep its domicile in the US will not deter other US healthcare companies from striking transatlantic deals to cut their American tax bills, according to corporate advisers.
  • Financial Times: Net income at CBS dropped 7% in the second quarter as the US broadcaster’s advertising revenues were hit by the loss of the NCAA college basketball semifinals.
  • Financial Times: Bank customers in the UK will be able to send payments to India via mobile phones through the launch of a new service from Barclays.
  • Financial Times: The City watchdog this week warned mortgage lenders over the risks that tighter rules on home loans would tempt borrowers into fraudulent applications for buy-to-let loans as an alternative to a residential mortgage.

Share tips, comment and bids

  • Daily Express (Market Report): Gold companies shone ¬yesterday as investors chased safe haven assets amid rising tensions in the Middle East and fallout from Russian sanctions against the West.
  • Daily Mail (Comment): Several retailers have come to grief trying to conquer American market... Will Boots succeed where so many others failed?
  • Daily Mail (Comment): The Co-op's laboured reforms... New proposals call for sweeping changes at troubled group.
  • The Guardian (Comment): When the big institutional investor BlackRock made headlines with a leaked letter to bankers this week, it was not just a matter for City insiders.

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