What the other papers say this morning - 20 June 2014

FINANCIAL TIMES

Ministers blast shambolic IT overhaul
A Whitehall initiative to loosen the hold of big business on government contracts has come under fire from cabinet ministers, who have told the prime minister that “shambolic” IT provision by smaller firms has brought their departments to a virtual standstill in recent weeks. Vince Cable, business secretary, and Ed Davey at the energy department told David Cameron last week that their officials had been struggling since they started migrating to new computer systems in early May.

Cameron to face EU humiliation
David Cameron is on course for a humiliating defeat over his attempt to stop the appointment of Jean-Claude Juncker as president of the European Commission, according to Nigel Farage, leader of the UK Independence party. The prime minister had made the appointment a test of his virility in Europe and had failed, said Farage.

Oracle hit as growth rate disappoints
An acceleration in the shift towards cloud computing contributed to weaker than expected results at Oracle in the latest quarter, sending the US database software company’s shares down by more than six per cent in after-market trading. Executives tried to cast the results in a positive light as they put the shortfall down to accounting rules that prevented them from reporting the full benefit of cloud computing contracts.

THE TIMES

Trader sues over lower bonus
A former Goldman Sachs trader is fighting to be paid the almost $5m difference between his 2010 bonus and what he told his mother to expect. Deeb Salem has filed a lawsuit against his former employer in a New York court alleging that the bank paid him an unfairly low bonus by handing out only $8.25m to him for his work in 2010.

AA nearing management buy-in
Bob Mackenzie, the former boss of Green Flag, is close to completing the “management buy-in” and flotation of the roadside recovery services group after securing more than £1.385bn from a range of blue chip investors.

The Daily Telegraph

Gambling laws to be challenged
A group representing well known gambling companies, including bet365, 32Red and Victor Chandler, is taking legal action against the government over a new licensing regime expected to come into force later this year, alongside a 15 per cent tax on online bets.

UK offshore oil leaks up by a fifth
Leaks and spills in Britain’s offshore oil and gas industry rose by almost a fifth last year, with 115 reported incidents of hydrocarbons escaping from oil rigs and pipelines. Data from Oil & Gas UK revealed that in the 12 months to March, the number of releases occurring rose by 19pc.

THE WALL STREET JOURNAL

Google buys video ad firm mDialog
Google said it had acquired video advertising technology startup mDialog to help the internet company encourage big brand advertisers to buy more online video ads. mDialog helps large media companies deliver, measure and make money from their video content.

House Republicans choose McCarthy
House Republicans elected Kevin McCarthy of California as their new majority leader yesterday, to replace the departing Rep. Eric Cantor of Virginia, who lost his primary race for re-election on 10 June. He will officially assume his post when Cantor steps down at the end of July.