<strong>THE SUNDAYS<br />The Sunday Telegraph<br />FOCUS DIY CHAIN FACES TOUGH CREDIT REVIEW</strong><br />A review of Focus DIY’s financial position will be delivered by Ernst & Young (E&Y) to the group’s lenders this Friday to help them to decide whether to continue backing the DIY retailer. Although the lenders, GMAC and HBOS, have agreed in principle to renew a two-year credit facility which expires in December, they have called in E&Y to prepare a independent business review.<br /><br /><strong>DE BEERS WINS TIME OVER DEBT<br /></strong>De Beers, the world’s largest diamond miner, has won a temporary covenant waiver on its £1.8bn debt pile and has drafted in advisers to help with a major restructuring. It secured a delay on the tests from the end of June until September.<br />BBC LOOKS TO SPIN OFF STAKE IN WORLDWIDE<br /><strong><br />THE SUNDAY TIMES</strong><br /><strong>OPERATION<br /></strong>BBC Worldwide will report a fall in profits this week as the corporation begins to look again at the ownership of its moneymaking arm. The BBC is expected to examine whether it can spin off a stake in Worldwide, possibly through a stock market flotation, after the idea was promoted in Lord Carter’s recent Digital Britain report. Worldwide has retained Goldman Sachs for advice.<br /><br /><strong>CIA HIRES WALL STREET TALENT<br /></strong>The CIA is taking advantage of the financial meltdown to recruit a new generation of financially literate spies with a series of job ads targeting Wall Street workers. Economics has always been an area of interest for the CIA, and former agent David Gordon said financial knowledge had come to the fore during the global crisis.<br /><strong><br />TODAY<br />FINANCIAL TIMES</strong><br /><strong>CHINA AND RUSSIA LEAD OIL DEALS<br /></strong>Oil companies from emerging economies are responsible for more than half the sector’s biggest mergers and acquisitions by value this year as state-controlled companies have exploited western groups’ relative weakness to secure control of resources. Emerging economy buyers, led by Chinese and Russian companies, paid for $24.2bn (£15bn) of the total $48bn value of the 50 largest oil and gas deals agreed in the second quarter, according to PwC, the professional services firm.Japan’s NTT DoCoMo will launch its next-generation 4G mobile phone network in 2010 even if rivals around the world wait, its president has told the Financial Times.<br /><strong><br />The Daily Telegraph</strong><br /><strong>CBI CALLS FOR RISE IN UK'S NUCLEAR ENERGY SPENDING<br /></strong>Britain needs to reduce its emphasis on renewables and increase its investment in nuclear energy or risk a system “not fit for purpose” by 2030, according to the Confederation of British Industry. A new report by consultants McKinsey, says failure to act could result in electricity prices for both industry and consumers rising 30 per cent by 2030.<br /><br /><strong>ROONEY AT CENTRE OF COURT BATTLE<br /></strong>Wayne Rooney’s business manager Paul Stretford has served a High Court claim on his former colleague Neil Rodford, chief executive of Aim-listed Formation Group. The legal dispute dates back to 2002 when Rooney was signed from Pro-Form Sports Management by Proactive Sports Management, which later became part of Formation Group<strong>.</strong> <br /><br /><strong>THE TIMES<br />MORTGAGE LENDERS REPORT FRAUD ON THE RISE<br /></strong>A rush for cut-price property by bargain-hunting buyers has led to an increase in fraudulent mortgage applications, with the number of inflated salary claims soaring. The Council of Mortgage Lenders told The Times that its members had reported the increase in the face of scarce loans and stricter lending rules.<br /><br /><strong>NUMBER OF WIND TURBINES TO QUADRUPLE<br /></strong>The number of wind turbines is set to quadruple over the next decade under government plans to force through wind farm planning applications. Ministers have put wind power at the heart of a Renewable Energy Strategy, which is due to be released on Wednesday. It will outline how Britain is to meet its target of a 34 per cent cut in CO2 emissions by 2020.