Wednesday newspaper round-up: IMF warning, 21st Century Fox, EDF

The head of the International Monetary Fund has warned of “darker clouds looming” for the global economy amid simmering trade tensions between the US and China, urging governments around the world to steer clear of protectionism or face negative consequences. Christine Lagarde said the current system for world trade was “in danger of being torn apart”, with the potential to upset the present global economic upswing and make consumers poorer. – Guardian

The offices of Rupert Murdoch’s 21st Century Fox have been raided by officials from the European commission investigating a potential abuse of its dominant position in the broadcasting of major sports events. Following reports that the competition regulator had gained access to the company’s offices in Hammersmith, west London, a spokesman for the commission confirmed that a series of “unannounced inspections” had taken place at the offices of unnamed companies in several EU countries. – Guardian

Competition watchdogs should investigate Google and Facebook’s dominance of the “dysfunctional and opaque” digital advertising market, according to a House of Lords ­investigation. The Lords communications committee called on the Competition and Markets Authority to launch a study of the sector after hearing complaints that a lack of transparency from digital firms and diminished choice make it hard for advertisers to gauge value for money. – Telegraph

Greg Barker is facing pressure to resign as chair of the Russian aluminium giant owned by sanction-hit billionaire Oleg Deripaska. Two members of the EN+ board have already resigned in the wake of the sweeping sanctions against Russian companies, leaving only one other non-Russian board member aside from Lord Barker. – Telegraph

A senior American official has warned that British banks will face “consequences” if they flout new sanctions against some of Russia’s wealthiest businessmen and biggest companies. In words that are likely to cause concern in the boardrooms of financial services groups, Sigal Mandelker, under-secretary of the Treasury for terrorism and financial intelligence, said that US authorities would be on the lookout for any breaches of their Russian sanctions. – The Times

Plans by EDF to build new nuclear reactors in Britain came under fresh scrutiny yesterday after it admitted finding serious quality control failings that could affect the safety of a prototype project in France. The French state-controlled energy group, which is leading construction of the Hinkley Point C plant in Somerset, said that defects in the welding in pipework of the European pressurised reactor it is building at Flamanville in Normandy threatened to further delay the project and to increase its costs. – The Times