What the Sunday Papers said...

The Independent on Sunday: Mobile giant Vodafone acts fast on India tax demands

Vodafone is ready to take the Indian government to the UN over its attempts to force the telecoms giant to hand over more than $2bn in tax. The government has already failed twice over its demand for capital gains tax in relation to Vodafone's $10.7bn takeover of Hutchison Whampoa's Indian mobile phone unit in 2007.

The Sunday Times: Cookson plots £2bn break-up to spin-off electronics unit

The industrial company Cookson is working on a secret plan to break itself into two by spinning off its electronics business. It has appointed Rothschild to work on the proposal, which would see the division floated as a standalone company on the stock market.

The Mail on Sunday: UK draws up emergency plans over Spanish crisis

British financial authorities are drawing up emergency plans to cope with the fallout from the Spanish financial crisis as fears over Madrid's ability to curb its debts grow this weekend.

The Treasury, the Financial Services Authority and the Bank of England have been discussing the risks to public confidence here posed by the strong financial links between Spain and Britain. Senior City figures feel the UK's banks are able to handle a Spanish crisis.

The Sunday Telegraph: UK banks hit as Argentina sparks Falklands trade war

A group of British and American banks has been threatened with legal action by the Argentine government for advising and writing research reports about companies involved in the Falkland Islands' £1.6bn oil industry. The banks, which are understood to include Royal Bank of Scotland, Barclays Capital and Goldman Sachs, have been warned they face criminal and civil action in the Argentine courts.