<strong>FINANCIAL TIMES</strong><br /><br /><strong>RISING RISK PROVISIONS HIT COMMERZBANK</strong><br />Commerzbank yesterday raised its risk provisions as Germany&rsquo;s second largest bank was hit in the second quarter by problems in property markets and the economic crisis in central and eastern Europe. However, it reduced operating losses , and suggested overall risk provisions this year would be in line with 2008 levels.<br /><br /><strong>T-MOBILE UK CHIEF AIMS HIGH</strong><br />The new head of T-Mobile UK has vowed to turn round the struggling company and make it Britain&rsquo;s third-largest mobile operator with two to three years. Richard Moat, who became T-Mobile UK&rsquo;s managing director in June, also disclosed the mobile operator had been buying Apple i-Phones outside Britain and supplying them to customers who were threatening to leave.<br /><br /><strong>SUGAR PRICES SOAR TO 28-YEAR HIGH</strong><br />Sugar prices rocketed to a 28-year high yesterday as alarmed customers rushed into the market amid tight global supplies following disapointing crops in Brazil and India, the world&rsquo;s largest producers, and resilient demand. Mexico and Egypt, among the world&rsquo;s top 10 consumers, announced large purchases of sugar in the international physical markets and traders said that other countries are set to follow.<br /><br /><strong>ELAN LAUNCHES COURT FIGHT OVER DRUG ROW WITH BIOGEN</strong><br />Elan has launched legal action to prevent the &ldquo;irreparable injury&rdquo; that would be caused by the collapse of its partnership with Biogen Idec over its pivotal multiple sclerosis drug. The pharmaceuticals company is challenging a claim from Biogen, based in Boston, that Elan&rsquo;s recent $1.5bn (&pound;893m) deal with Johnson &amp; Johnson placed it in &ldquo;material breach&rdquo; of their profit-sharing agreement for Tysabri.<br /><br /><strong>THE TIMES</strong><br /><br /><strong>BRITISH DIRECTOR TIMOTHY SUMMERS TO LEAVE TNK-BP VENTURE</strong><br />The most senior British executive at TNK-BP, the British oil group&rsquo;s Russian joint venture, is set to leave this autumn for personal reasons, the company announced yesterday. Timothy Summers, TNK-BP&rsquo;s chief operating officer and a former employee of BP, will step down in mid-October. He will be replaced at the joint venture by Bill Schrader, president of BP Azerbaijan.<br /><br /><strong>GAGGIA UK FUTURE IN THE BALANCE</strong><br />Gaggia UK, the British distributor of the caffeine addict&rsquo;s coffee machine of choice, was last night teetering on the brink of administration. A recorded message on the company&rsquo;s telephone sales line said that Gaggia could not take any orders and would contact customers with details about repairs.<br /><br /><strong>The Daily Telegraph</strong><br /><br /><strong>AOL&rsquo;S NEW CHIEF TO UNVEIL TURNAROUND STRATEGY</strong><br />Tim Armstrong, the new chief executive of AOL, is expected to set out an ambitious plan to reverse the internet portal&rsquo;s ailing fortunes today. It has been almost a decade since the ill-advised &pound;99bn merger between AOL and Time Warner, which has seen AOL&rsquo;s value drop by 97per cent.<br /><br /><strong>ECB HOLDS INTEREST RATE AS DOWNTURN SLOWS</strong><br />The European Central Bank kept interest rates on hold at a record low yesterday and said the euro zone economy would remain weak over the rest of the year, although the rate of contraction is slowing down. ECB president Jean-Claude Trichet said rates remained appropriate at the current level, adding that a fall in consumer prices in the euro zone'&rsquo; recession-bound economy was temporary.<br /><br /><strong>WALL STREET JOURNAL</strong><br /><br /><strong>BUICK BETS ON A HYBRID TO BROADEN ITS APPEAL</strong><br />With a big hand from the government, General Motors, plans to launch a gas-electric hybrid Buick in 2011 that owners will be able to recharge by plugging into an electrical outlet. GM originally intended to release the hybrid technology in a Saturn model, but it is selling that brand. Its decision to make the hybrid a Buick illustrates the big challenge GM faces as it slims down after its exit from bankruptcy last month.<br /><br /><strong>DBS SUFFERS ON BAD-DEBT CHARGES</strong><br />BS Group Holdings today reported a 15 per cent drop in second-quarter net profit, as bad-debt charges continued to rise. DBS, Southeast Asia&rsquo;s largest bank by assets, posted a net profit of 552m Singapore dollars (&pound;229m) for the quarter, down from S$652m a year earlier.