WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
REFORMS TO MAKE BANKING “SOCIALLY USEFUL”
David Davis, chair of the independent banking inquiry, has promised to give consumers a strong voice as he prepares a report intended to produce a “socially useful” financial sector. As chair of the Future of Banking Commission, the senior Conservative MP will lead what he claims will be a “bottom up” inquiry that will advise ministers on banking reforms designed to make the sector more useful to consumers and business customers.
HANDS DILEMMA AS CITI SEEKS EMI MOVE
Guy Hands may face a dilemma over his tax planning if Citigroup succeeds in moving its legal dispute with his private equity group Terra Firma from New York to London. The Terra Firma founder launched a legal fight with Citi late last year over EMI, alleging the US bank tricked him into buying the music group for £4bn in 2007 by wrongly claiming a rival bidder was still in the running. Mr Hands chose New York as the forum for the lawsuit, but Citi last month challenged this and asked the US judge to send the case to London. If the case is reassigned to London, it could leave Mr Hands facing a tough choice: to appear as a key witness in support of Terra Firma’s claims, or to protect his non-resident tax status by staying out of the country.
FSA STEPS UP CROSS-BORDER FRAUD PROBES
Investigations of overseas banks and companies were dramatically stepped up by the City watchdog last year as sthe financial crisis brought to light potentially improper behaviour that crossed international lines. The FSA’s enforcement division investigated 30 overseas businesses, a sixfold jump over the five it looked at in 2008.
THE TIMES
TORIES PLAN LEADERSHIP REVOLUTION AT THE BBC
The Chairman of the BBC will be the first casualty in a shake-up of the corporation if the Tories win the general election, The Times has learnt. An incoming Conservative government would scrap the BBC Trust, which is led by Sir Michael Lyons, and create a new body answerable to licence fee payers. But David Cameron faces an early battle, with sources saying the ruling body would fight the changes.
EVOLUTION GOES INTO REVERSE AMID TALK OF CHIEF’S EXIT
Evolution Group was under pressure yesterday amid rumours that Andrew Umbers, who runs its securities division, had abruptly parted company with the investment bank. The report [that he was selling down his personal stake] is thought to be wide of the mark.
The Daily Telegraph
THREAT TO CITY OF LONDON AS EU
parliament seeks to whittle away power to veto
Key members of the European Parliament are drawing up plans to whittle away Britain’s power to veto decisions by the EU’s new apparatus of financial super regulators, a move that may leave the City of London without defence against threatening proposals. veto altogether.
INCIDENTS OF IDENTITY THEFT UP BY 32PC
The recession has led to a surge in financial fraud with identity theft up by almost a third, latest industry figures have revealed. A worrying trend is emerging where criminals take over the running of your bank account and transfer funds into an account they have set up to accept these bogus payments, according to CIFAS, the UK’s fraud prevention service.
WALL STREET JOURNAL
VW AIMS FOR TOYOTA’S SALES CROWN
Volkswagen set plans to unseat Toyota as the world’s largest auto maker, unveiling an ambitious expansion to boost annual vehicle sales of its brands to eight million in the midterm and to exceed 10 million by 2018.
EMERGING-MARKET SOVEREIGN DEBT HITS RECORD HIGH
International investors bought a record amount of sovereign debt from emerging markets in January, despite the destabilising impact of the debt crisis in Greece on sovereign-bond markets. The value of sovereign debt emerging markets sold to international investors hit $15.9bn between the start of the year and January 29, according to Dealogic. That’s more than double the $7.2bn issued a year earlier and up 29 per cent from the previous 2004 high.