Morning papers: Banks face new set of capital rules

Banks face being hit with a new set of international capital rules aimed at forcing bondholders rather than taxpayers to bail out failing institutions, reports the Financial Times.

Global regulators are seeking support from world leaders to draw up proposals to force banks to hold a minimum amount of debt that can be “bailed in” if a bank collapses.

Vodafone pulls off one of the biggest deals in corporate history with $130bn sale

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British mobile phone group Vodafone pulled off one of the biggest deals in corporate history on Monday − selling its stake in America’s biggest mobile phone business for $130bn (£84bn), reports the Guardian.

More than £54bn of the proceeds will be returned to Vodafone’s shareholders − with £22bn going to UK investors. Vodafone will also pour cash into its existing business to accelerate the rollout of superfast 4G broadband services across Europe.

Microsoft buys Nokia devices and patents in £4.6bn deal

Microsoft announced last night that it was buying Nokia’s devices and services business in a multi-billion pound deal to increase its share of the smartphone market, reports The Times.

The software giant said that it was paying €5.44bn (£4.6bn) in a deal that will give it access to the Finnish mobile phone maker’s patents.

Chinese police accuse GSK of systemic bribery

Chinese authorities have ramped up pressure on British drug maker GlaxoSmithKline by challenging the company’s defence that bribery took place outside its systems and controls, reports the Telegraph.

State news agency Xinhua has reported that the police investigation into GSK revealed that managers higher-up in the company were complicit with the alleged bribery operations.

Peugeot’s French new car registrations drop in August

Registrations of new cars in France made by PSA Peugeot-Citroën fell sharply in August, with the French auto maker losing market share to crosstown rival Renault SA as their home market contracted after showing signs of stabilising in July, reports The Wall Street Journal.

August is traditionally a quiet month for car sales across Europe, particularly in France, where many dealerships close for summer vacation. But the latest auto data underline the sluggishness of the French economy, with unemployment rising and consumers preparing for tax increases this fall.