WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
CRH to build on stake in China
CRH blamed bad weather in Europe in the first quarter and volatility caused by the Eurozone debt crisis for reduced earnings in the first four months of the year in spite of a stronger recovery in the US market than expected. The Irish building materials group said yesterday it planned to increase its 26 per cent stake in the Yatai cement business in north-west China as part of a wider push into emerging markets. CRH is preparing to exercise an option, which opens up next January, to raise its stake to 49 per cent.
MetroPCS tie-up eyed for T-Mobile US
Deutsche Telekom is considering a deal that would combine its T-Mobile USA business with MetroPCS Communications, a US wireless provider. The deal, which is not final according to two people familiar with the matter, could see it pursue a stock-swap transaction that would give it control of the new entity.
Centro and PwC near record payout
Centro Properties and its former auditor PwC are close to agreeing a record A$200m (£124.6m) payout to disgruntled shareholders over the near collapse of the shopping mall owner.
THE TIMES
Wonga defies critics
Errol Damelin, CEO of Wonga.com, said small companies with cashflow problems were flocking to his business as the mainstream banks withdrew or reduced overdraft limits or insisted on time-consuming processes and paperwork.
Rank closes in on £200m Gala
Rank Group is poised to agree the acquisition of Gala Casinos for about £200m — only six weeks after previous talks fell apart with each side blaming the other.
The Daily Telegraph
Fed allows Chinese-controlled banks to take stakes in US banks
The Fed has approved applications by three big Chinese state-controlled banks to set up branches and take stakes in US banks after deciding they were adequately regulated in their home market.
Active fund management shunned
Investors favoured low-cost tracker funds in the first quarter of this year – shunning active fund management to the tune of £661m.
THE WALL STREET JOURNAL
Obama supports same-sex marriage
President Barack Obama said yesterday he supports gay marriage, reversing his position on a controversial social issue just six months before the November election and adopting a stance fraught with political implications.
KCG loses shareholder vote on pay
Knight Capital Group shareholders yesterday voted against the executive pay structure at the US brokerage and trading company’s annual shareholder meeting by a margin of about two to one.