Friday newspaper round-up: Iraq, Tesco, RBS...

Barack Obama has authorised targeted air strikes against Islamic militants in Iraq, as the US military began an airborne operation to bring relief to thousands of minority Iraqis driven to a grim, mountain-top refuge. Describing the threats against stranded Yezidi refugees as holding the potential for "genocide", the president said he had authorised limited air strikes to help Iraqi forces, to assist in the fight to break the siege and protect the civilians trapped there. - The GuardianTesco's credit has been downgraded by one of the world's leading rating agencies, sending shares in Britain's biggest retailer slumping to a ten-year low. Standard & Poor's said it had cut Tesco's rating from BBB+ to BBB and warned the struggling supermarket that it had a "negative outlook" on its business, given the level of competition it faced in Britain from low-cost rivals. - The TimesSir Philip Hampton, chairman of Royal Bank of Scotland, is thought to be preparing his exit from the bailed-out bank amid mounting expectations he will move to the same role at GlaxoSmithKline. The switch by Hampton to the top role at Britain's biggest pharmaceutical company is expected to be confirmed next month. - The GuardianGerman bonds yields plunged to a historic low and two-year rates briefly fell below zero on Thursday on fears of widening recession in the eurozone, and a flight to safety as Russian troops massed on the Ukrainian border. [...] Commerzbank warned that the German economy may have contracted by 0.2pc in the second quarter and is far too weak to pull southern Europe out of the doldrums. - The TelegraphMalaysia Airlines is to be taken off the Kuala Lumpur stock exchange and made fully state-owned as the double disaster-hit carrier is prepared for a "complete overhaul" by the country's sovereign wealth fund, Khazanah Nasional. The announcement, which was preceded by a suspension of the shares on Friday morning, has intensified market speculation over the likely fate of an airline that many believe cannot survive under a brand now blighted by tragedy, accident and mystery. - The TimesBT has been foiled in a bid to force BSkyB to wholesale the Sky Sports channels before the start of the new Premier League season by top judges heading off on holiday. The telecoms giant took its arch rival to court last month, seeking a quick decision that could have given its television service a big boost by allowing customers to watch all live Premier League matches. [...] With the opening weekend of the season just over a week away, BT will now have to wait until at least September for a decision. - The TelegraphMillions of customers have been flocking to Aldi to slash their weekly grocery budget. But if you really want to save money, it seems shopping around is the best option. Research reveals that the budget chain does not always come out top for bargains when compared with other supermarkets. In fact, no one grocer can claim to be the overall cheapest. - The Daily MailBC