Financial times

Local staff hired as G4S fails
G4S has been replaced as the security contractor for Olympic football matches in Newcastle after games organisers realised that the company could not provide enough staff to safeguard the venue.

Farmers agree milk price deal
Dairy farmers have struck a deal “in principle” with processing companies and supermarkets over milk prices but will not necessarily stop protests if retailers go ahead with a price cut in August. The agreement, brokered yesterday by the farming minister, comes after a dispute that has seen thousands of farmers blockading processors.

Alibaba shake-up gives Ma control
Alibaba, China’s largest ecommerce company by revenue, announced an internal restructuring yesterday as the group seeks to refocus management control in the hands of founder Jack Ma. Its two online marketplaces for trade between businesses – one Chinese and one international – have been transformed into two business groups that will report directly to Mr. Ma.


Chinese mega-rich not quite so rich
China’s richest 3,000 families are thought to have sustained £59bn in combined financial losses after a dismal, year-long slide on the Shanghai and Shenzhen stock markets.

Deficit count ignores billions in bank
The government’s budget deficits are being overstated because they exclude billions of pounds of profits from quantitative easing, claimed Toby Nangle at Threadneedle Investments.

The Daily Telegraph

Peter Rice is the new Fox boss
Rupert Murdoch’s News Corp has promoted Peter Rice to chairman and chief executive of its Fox Networks Group in the first step of an expected executive shake-up ahead of the news-entertainment split.

US attacks Apple over e-books
The US government has blasted Apple’s objections to a legal settlement that could reshape electronic book publishing as “self-serving” and against the public interest.


Prem Watsa bolsters RIM stake
One of Research in Motion’s biggest shareholders has nearly doubled his stake in the struggling BlackBerry maker, providing a modest boost of confidence as the company works to claw back its rapidly dwindling market share.

New risks in Kodak patent auctions
Bids for patents being auctioned by Eastman Kodak could become less generous now that the company has lost a key intellectual-property case.