Murdoch fighting to rescue BSkyB deal – papers

Rupert Murdoch closes the News of the World in an attempt to salvage the merger of News Corporation and BSkyB, the political deadlock over US deficit reduction plans continues and Buffett digs deep for good causes…we bring you the day’s top stories.

Rupert Murdoch fought to rescue the merger of News Corporation and BSkyB by announcing the closure of the News of the World after a deluge of 11th-hour complaints to the Government appeared to delay the deal for months.

Shares in BSkyB fell 1.8pc, closing at 812p on fears that the deal would be delayed. The announcement that News Corp would shut the News of the World was made after the market closed.

In New York, News Corp shares edged up 0.5pc in afternoon trading to $17.55. MORE...

The army of advisers working on News Corporation's approach for BSkyB are in for a nervous summer after it emerged the Government was likely to delay its approval, as a multi-million pound payday is at stake if the deal is derailed. MORE...

The fraught negotiations on a US deficit reduction plan gained new impetus yesterday, as President Barack Obama proposed a far larger package of spending cuts and tax increases, including changes in long-sacrosanct government retirement and health care programmes, that would save up to $4trn (£2.5trn) over the next decade. MORE...

Britain's economy saw little to no growth in the second quarter of this year, analysts warned, as industrial production data raised concerns. MORE...

Billionaire US investor Warren Buffett has donated another $1.78bn (£1.1bn) to several charities, with most going to the Bill and Melinda Gates Foundation. MORE...

The nation's favourite savings product - Premium Bonds - enjoyed another bumper year, despite the fact that the amount of money invested with National Savings & Investments fell by £2.6bn over this period. MORE...

Metro Bank, the tiny US bank attempting to challenge the British banking establishment, lost more than £20m in its first 16 months of operation in the UK. MORE...

Tory MPs should not appear triumphalist over the eurozone crisis, Nick Clegg will warn today. MORE...

Banks were accused yesterday of ‘betraying' their customers by failing to pass on the benefits of the lowest base rate in history. MORE...

Santander has said it is bringing all of its call centres back to the UK from India following complaints. MORE...