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Friday Papers: Comcast walks away from Fox battle

Friday Papers: Comcast walks away from Fox battle

Top stories

  • Financial Times: Comcast walked away from the $71 billion battle to buy most of Rupert Mudroch's 21st Century Fox media empire after conceding defeat to rival Walt Disney.
  • The Daily Telegraph: Royal Mail’s 70% shareholders voted against its pay packets for senior executives after it emerged that incoming chief executive Rico Back would be paid 16.8% more than previous boss Moya Greene.
  • The Times: President Trump has suggesting that the Federal Reserve could derail America’s booming economy if it continues to raise interest rates, in an unusual step of commenting on the central bank’s policy.
  • Financial Times: The Bank of England has looked into the strength of KPMG's business following high-profile corporate scandals that damaged the reputation of the 'big four' accounting firm.
  • Financial Times: Pound slumped below $1.30 for the first time since September 2017 after an unexpected drop in retail sales volumes in June was reported.

Business and economics

  • The Daily Telegraph: The Financial Conduct Authority has joined Brussels in warning that plans for a no-deal Brexit must be stepped up amid concerns that firms won't be prepared next March.
  • The Times: Microsoft’s fourth-quarter profit rose to $8.9 billion as the company's cloud business grew by 89% in the three months to June compared with the same period in 2017 while sales of Office 365 software rose by 38%.
  • The Times: The mining group Anglo American has registered a 6% rise in output in the second quarter.
  • Daily Mail: All of budget retailer Poundworld’s 355 stores are set to be shut by 10 August, putting thousands at the risk of job losses.
  • The Guardian: The British fashion label Burberry destroyed more than £28 million worth of its fashion and cosmetic products over the past year to guard against counterfeiting.
  • Financial Times: Shares in the world’s third largest advertising group by revenues Publicis slid by 9% after it reported an unexpected drop in sales in the second quarter.
  • The Guardian: Sports Direct took an £85 million hit on its investment in Debenhams, the struggling department store chain, bringing down it profits by nearly three-quarters.
  • Daily Mail: The energy giant SSE is expecting its first quarter profits to come in around £80 million lower than forecast due to ongoing heatwave and sky-high wholesale gas prices mean.
  • Financial Times: Philip Morris International sharply lowered full-year earnings guidance as efforts to win customers for its smokeless devices struggled to gain traction.
  • The Guardian: Billionaire James Packer has signalled his almost full retreat from public business life as he has stepped down from 22 Australian company directorships in the past few weeks and no longer holds any board seats in his home country.
  • Financial Times: Virgin Media will stop offering channels run by UKTV, a joint venture owned by the BBC, after talks over new deal broke down.
  • The Times: A London-based trader at Royal Bank of Canada, John Banerjee, has won a rare victory, with an employment tribunal agreeing he was unfairly dismissed after raising concerns about compliance.
  • The Times: Two former City traders have been convicted of attempting to manipulate the European Union’s equivalent of Libor in an effort to boost their profits.

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