What the other papers say this morning - 2 August 2013

FINANCIAL TIMES

Google unveils iPhone challenger
Google unveiled the Motorola Moto X smartphone yesterday, its latest attempt to leapfrog Apple’s iPhone – this time with a device packed full of sensors and processors that will allow the phone to anticipate its user’s intentions. The Moto X, which will cost $199 (£131.41), is the first smartphone designed and built by Motorola engineers since Google acquired the company. The Moto X will respond to voice commands without any need to touch the device, even if the phone is in sleep mode.

Brazil recalls IMF representative
Brazil reversed its hardline stance on Greece’s bailout yesterday, saying it had not authorised its representative to the International Monetary Fund to withhold support for the latest aid to Athens.

Royal Mail workers ballot on strike
Postal workers’ leaders have decided to hold a national strike ballot over jobs, pensions and other issues related to the government’s plan to privatise Royal Mail, despite the company’s attempts to reassure staff. Royal Mail responded that it was disappointed at the decision.

THE TIMES

PPI payouts eclipse Olympics cost
The cost to banks of compensating customers who were mis-sold payment protection insurance (PPI) is now more than double the amount spent on the Olympic Games. The industry has put aside £18.4bn to tackle the surge in complaints, eclipsing the £8.9bn cost of the Olympics.

Savers’ interest cut by £850m
Banks and building societies have taken the axe to their savings rates this year, slicing almost £850m off the annual interest paid to hard-pressed savers.

The Daily Telegraph

Top Fed economist slams ECB
In a rare breach of central bank etiquette, a paper by the Richmond Fed said the ECB is hamstrung by institutional problems and acts on the premise that excess debt is the cause of the Eurozone crisis when the real cause is the collapse of growth.

Investor Carl Icahn sues Dell
The suit filed in the state of Delaware by Mr Icahn and affiliates urges the court to lay out stumbling blocks to moves that would improve Michael Dell’s chances in his effort to take the company private.

THE WALL STREET JOURNAL

Kazakh banker may face deportation
A fugitive Kazakh financier, accused of embezzling billions of dollars, faces possible deportation to Ukraine after his arrest in France. Mukhtar Ablyazov fled London in 2012, when a UK judge ordered him to prison for contempt of court.

Barrick Gold posts $8.7bn loss
The world’s largest gold miner by production took $8.7bn of write-downs in the second quarter and slashed its dividend, in the fallout from gold’s precipitous price decline.