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Wednesday Papers: Russian aid convoy sparks fears of Ukraine escalation

Wednesday Papers: Russian aid convoy sparks fears of Ukraine escalation

Top stories

  • Financial Times: Ukraine will refuse entry to a convoy of 280 Russian trucks carrying humanitarian aid to the east of the country amid fears in Kiev and Western capitals that Moscow’s mission is aimed at shoring up a separatist rebellion.
  • Daily Mail: The Bank of England will publish its latest quarterly outlook for the UK economy tomorrow, with homeowners and savers alike looking for any indication of when interest rates may begin to rise; November this year or February 2015 remain the best guesses of economists with Britain’s economic recovery to pre-recession levels after six years confirmed last month.
  • The Daily Telegraph: Portugal has crashed into deep deflation and Italy's inflation rate has fallen to zero, even Germany is flirting with possible recession; Germany's ZEW index of investor self-confidence plunged from 27.1 to 8.6 in July.
  • The Daily Telegraph: Russia has become vulnerable as oil prices hit nine-month low on 'glut' warnings; the stockpile has created extra layer of protection against any possible supply shock from Russia and Iraq.
  • The Guardian: Prudential has shrugged off the impact of George Osborne's pension reforms as it beat market expectations with a 17% increase in first-half profits.
  • Financial Times: Experimental and untested drugs can be used to help combat the spread of Ebola in west Africa, the World Health Organisation said on Tuesday, as the official death toll from the worst ever outbreak of the virus topped 1,000.
  • Financial Times: Ocwen Financial is to restate its financial accounts to reflect a change in the valuation of assets worth about $634 million, the latest setback for the biggest non-bank mortgage servicing company in the US.
  • Financial Times: Rupert Soames, chief executive of Serco, has recruited his former right-hand man at Aggreko to help turn round the outsourcing group following a 59% fall in first-half profits.

Business and economics

  • Financial Times: Shares in King Digital Entertainment fell more than 20% to a new low after it cut its sales outlook for the year, due to a further drop in players’ spending on Candy Crush Saga.
  • Financial Times: Voting to leave the UK next month could set Scotland on the road to “full employment”, the Scottish government has claimed as it unveiled a “10-point jobs plan” to boost the case for independence.
  • Financial Times: BAE Systems would be offered greater certainty over its business if Scotland stayed in the UK, the company said, after it won a £348 million contract to build Royal Navy ships at its Glasgow shipyards.
  • Financial Times: Royal Dutch Shell, the Anglo-Dutch oil major, says it will cut around 250 jobs in Aberdeen as part of a reorganisation of its North Sea operations.
  • Financial Times: The income gap between America’s richest and poorest metropolitan regions has reached its widest on record, shaping an uneven housing recovery that threatens to hold back the broader revival of the world’s largest economy.
  • Financial Times: Online retailing and business-to-business ordering are driving up traffic volumes for both UPS and FedEx but also making flows harder to predict.
  • Financial Times: Restructuring at Ladbrokes contributed to a 50% drop in first-half pre-tax profits – even after it enjoyed a bumper World Cup in Brazil.
  • Financial Times: Hungry Britons swapping takeaway menus for tablet computers helped pre-tax profits at Just Eat almost treble in the online takeaway group’s maiden half-year results.
  • Financial Times: JP Morgan Chase has hired Sir Win Bischoff as chairman of its main European holding company, underlining how UK regulators are pushing foreign banks to bolster the governance of their London-based operations.
  • Financial Times: Sir Philip Green’s Topshop and Miss Selfridge brands are to push into China with an agreement to launch on the ShangPin.com fashion retail website next month.
  • Financial Times: Pandora is to offer silver and gold charms of Mickey and Minnie Mouse after the Danish jeweller signed a partnership with Walt Disney.
  • Financial Times: Deutsche Bank is braced for its co-chief executive Jürgen Fitschen to be charged as part of an investigation into whether the lender’s bankers gave false statements in a civil trial involving a long-running dispute with media empire Kirch Group.
  • Financial Times: Shares in publisher Quarto fell more than 6% in early trading as the group reported a difficult first half with underlying profits more than halving.
  • Financial Times: China’s trust sector, the largest segment in the country’s expanding shadow-banking system, grew at its slowest pace in more than two years in the second quarter as trusts grew cautious about lending into a weak economy.
  • Financial Times: Asia Resource Minerals’ main operating subsidiary has reversed plans for a bond issue that would have helped refinance its debt, citing market turmoil.
  • Daily Mail: Households are ditching the Big Six energy giants in droves; over the past four years, more than 2 million homes have chosen a small energy supplier, according to new official figures.
  • Daily Mail: Glaxosmithkline has been hit with fresh claims it bribed doctors and other medical officials to boost sales of its medicines – this time in Syria; the drug maker, which is already under investigation for similar allegations in China, Poland and Jordan, is said to have been informed of the alleged misdeeds at its non-prescription drugs business.
  • Daily Mail: Billionaire US entrepreneur Donald Trump has announced plans to build his first Trump Tower in Mumbai in a joint venture with Indian property developer Lodha Group.
  • Daily Mail: Royal Bank of Scotland has handed out £3.5 million in controversial new fixed ‘allowances’ to its top directors in a bid to dodge the bonus cap imposed by Brussels.
  • The Guardian: Sales in physical retailers are forecast to rise by less than 2% this Christmas as shoppers buy an increasing number of presents online.
  • The Guardian: A surge in property sellers in the autumn is expected to cool house prices across the UK, as the London market experiences a sharp mismatch between supply and demand.
  • The Guardian: One in five calls made by Vodafone customers in rural areas are failing, according to official figures by the telecoms regulator that lay bare the poor service suffered by customers in some parts of the country.
  • The Independent: The battle between HP and Autonomy, which it took over disastrously in 2011, escalated into a war of insults on Tuesday as the former finance director of the UK company struck out in court.
  • The Daily Telegraph: A survey of Chinese travellers unveiled the importance of shopping as the Government is urged to continue relaxing tourism visas to make the UK a more attractive destination.
  • The Daily Telegraph: Legal & General is 'quitting Association of British Insurers'; Nigel Wilson, L&G’s chief executive, will also step down from the trade association’s board, according to reports.

Share tips, comment and bids

  • Financial Times: Italian construction group Salini Impregilo is hunting for acquisitions to further internationalise the group and may eventually follow carmaker Fiat by moving its headquarters out of recession-hit Italy, chief executive Pietro Salini told the Financial Times in an interview.
  • Financial Times: New Look has received an offer from an Asian trading company for its French business Mim, the retailer said, as UK sales jumped on demand for kimono jackets and printed trousers.
  • Financial Times: Dairy Farm International, the Asian retail arm of Jardine Matheson, has agreed to pay $925 million for a minority stake in a regional Chinese hypermarket chain, braving a sector that has proved difficult for foreign retailers.
  • Daily Mail: Shell has taken a major step towards announcing the multi-billion pound sale of four onshore oil blocks in Nigeria, after wrapping up key sales and purchase agreements.
  • Financial Times (Lex): Fox/ Time Warner: winning hand
  • Financial Times (Lex): Pandora: charmed
  • Financial Times (Lex): Private equity: second-hand business
  • Financial Times (Lex): Serco: talk the talk
  • Financial Times (Lex): Local advertising: target markets

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