What the other papers say this morning - 3 October 2013

FINANCIAL TIMES

FBI raid $1bn Silk Road black market
US authorities have seized more than $3m worth of Bitcoins after closing down Silk Road, the online marketplace that allegedly allowed more than a billion dollars of illegal drugs and illicit services to be bought using the virtual currency. As part of the raid, the Federal Bureau of Investigation arrested Silk Road’s alleged proprietor, the 29-year-old Ross William Ulbricht who goes by the name “Dread Pirate Roberts”.

Investors wary of Gates in CEO search
Some of Microsoft’s biggest shareholders have expressed concern about the impact that Bill Gates’ outsized influence at the company will have on the search for a replacement to chief executive Steve Ballmer. The company needs to take particular care that Mr Gate’s unique role does not put off candidates or leave questions about who will have the final say over Mr Ballmer’s replacement, according to people familiar with the thinking of investors.

Goldman Sachs buys Dong Energy
Goldman Sachs and two Danish pension funds are investing DKr11bn ($2bn) in Dong Energy, ending the utility’s search for fresh equity. Goldman will buy new shares worth DKr8bn, giving it a 19 per cent stake in the Danish group. The Danish government’s stake will fall from 81 to 60 per cent as part of the deal.

THE TIMES

Portugal Telecom merges with Oi
Yesterday Brazil’s fourth largest telecoms company agreed to merge with Portugal Telecom as emerging markets took another chunk out of Europe’s communications industry. The combination with Brazil’s Oi will hand Portugal Telecom a smaller stake in the merged business, which will have $19 billion in revenues.

Vertu launches £4,100 phone
The new Constellation will be priced from €4,900 (£4,100) when it hits the shelves this month. The cost is hardly modest but is a long way off the £167,567 cost of the Vertu Signature Cobra, designed b luxury French jeweller Boucheron.

The Daily Telegraph

Ofcom announces UK white space trial
The UK will be among the first countries in the world to road-test ‘white space’ technology, which could support the next wave of wireless innovation, Ofcom has announced. Over the next six months, 20 public and private organisations will be participating in Ofcom’s pilot.

Economy has not improved says IMF
Threats to the global economy from the financial crisis have been defused but not completely eradicated, while the real economy continues to suffer despite a broad improvement in markets, the head of the International Monetary Fund has said in a report yesterday.

THE WALL STREET JOURNAL

Jury clears Jackson concert promoter
After an emotional five-month trial and about five days of deliberation, jurors found entertainment giant Anschutz Entertainment Group not liable in the wrongful-death suit, sparing the concert promoter a massive judgment and clearing its reputation.

US overtake Russia in oil production
The US is overtaking Russia as the world’s largest producer of oil and natural gas, a startling shift that is reshaping markets and eroding the clout of traditional energy-rich nations.