PRESS DIGEST- Financial Times - July 3

Reuters
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July 3 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

Telefonica's 8.6 bln euro takeover of E-Plus approved

(http://on.ft.com/1qRwzgn)

Rivals assess benefit of clearing BNP Paribas's dollar transactions

(http://on.ft.com/1jKO8cR)

China to try GSK couple 'in secret'

(http://on.ft.com/1m9BNmo)

Yellen holds firm on rate rises

(http://on.ft.com/1qnj3Si)

Facebook to stop toying with our emotions

(http://on.ft.com/1iYuXRN)

Silicon Valley billionaire wins U.S. bitcoin auction

(http://on.ft.com/1qRDTJ0)

Overview

Telefonica SA 8.6 billion euro takeover of KPN's German mobile unit E-plus won conditional approval from Brussels, after Spain's largest telecom operator promised to rent out part of the merged company's network capacity and divest some radio wave spectrum to smaller rivals.

Rival banks will have to consider the benefits of clearing the French lender's dollar transactions, following BNP Paribas's $8.9 billion settlement with U.S. authorities for violating sanctions against Sudan, Cuba and Iran that forced the behind-the-scenes role of correspondent banking into the open.

Chinese authorities have informed U.S. consular officials that "on grounds of privacy" they will not be able to attend the trial of British investigator and his American wife and business partner who have been detained in China because of their work for drugmaker GlaxoSmithKline, sources said.

Federal Reserve Chair Janet Yellen has mounted a forceful defence to keep monetary policy loose signs of a rise in asset prices, and has argued that the central bank did not need to raise interest rates to tackle financial instability as it had other tools at its disposal.

With another regulator saying that will quiz Facebook on its psychological experiment, the social networking site's chief operating officer, Sheryl Sandberg, told NDTV in an interview that the company will not try to control its users' emotions.

Venture Capitalist Tim Draper, a billionaire who is campaigning to split California into six states, has emerged as the sole winning bidder of bitcoins worth about $18 million auctioned by the United States Marshals Service.

(Compiled by Esha Vaish in Bangalore; Editing by Lisa Shumaker)

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