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Saturday Papers: Espirito Santo International files for creditor protection

Saturday Papers: Espirito Santo International files for creditor protection

Top stories

  • The Daily Telegraph: Espirito Santo International files for creditor protection; holding company of Portugal's second-largest bank says it can't meet its obligations.
  • The Independent: Revenues at Google’s British operation surged 22% to $1.62 billion (£948m) in the three months to June, in a positive sign for the wider UK economy.
  • Financial Times: Rupert Murdoch has lined up what would be one of the largest takeover loans ever written as the media mogul pushes forward with his $73 billion bid to bring together his own 21st Century Fox with rival television and entertainment group Time Warner.
  • Financial Times: Alibaba Group, the Chinese ecommerce company hoping to raise $20 billion in an imminent stock market listing, claimed on Friday that it had faced “an organised attempt at blackmail” by unnamed authors of a research report.
  • Financial Times: European capitals which have urged tougher EU action against Russia are pushing for quicker and broader sanctions to be imposed on Moscow following the suspected shooting down of a civilian airliner over Ukraine, EU diplomats said on Friday.

Business and economics

  • Daily Express: Business leaders have welcomed the prospect of a full-scale competition inquiry into Britain’s biggest banks.
  • Daily Express: Luxury goods firm Hermes reported a slowdown in sales yesterday as Japanese and American shoppers saved their pennies.
  • Daily Express: Bestway Group, one of Britain’s largest family-owned business empires, got bigger yesterday with the £620 million purchase of the Co-operative Group’s chain of chemists.
  • The Guardian: Tesco is to build 4,000 new homes in an attempt to make use of its vast undeveloped landbank with a £1 billion construction programme.
  • The Independent: The chief executive of Royal Bank of Scotland has warned that the international investigation into foreign exchange trading could turn into a worse scandal than either the Libor interest-rate fixing or payment protection insurance (PPI) mis-selling cases.
  • Financial Times: Apple may face legal action in Europe over claims that it has not done enough to stop children making “in app” purchases through mobile apps, in the latest sign that the continent’s authorities intend to put Silicon Valley companies under greater scrutiny.
  • The Daily Telegraph: Salmond's oil strategy in tatters; five-fold increase in costs slashes North Sea drilling in a further blow to Alex Salmond's Scottish independence campaign.
  • Financial Times: Ana Botín, the chief executive of Santander UK, has welcomed the competition inquiry into the banking market, styling the Spanish bank as a “scale challenger” that should benefit.
  • Financial Times: New restrictions on pension tax relief are being introduced to close a loophole created by recent reforms.

Share tips, comment and bids

  • Daily Express: Private hospital group Spire Healthcare was valued at £842 million as it made its stock market debut yesterday.
  • Daily Express: US drugs giant AbbVie has finally won over FTSE-100 takeover target Shire - at the fifth attempt - in a £32 billion deal.
  • Daily Express (Comment): To engineer a radical shake-up of the banking industry, the competition watchdog may not have to break up the big banks.
  • The Independent (Comment): Wall Street needs Alibaba to works its magic on floats.
  • Financial Times (Lex): UK banks: the new regulator wants to launch a probe into personal current accounts and small business banking. But is the focus right?

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