What the other papers say this morning - 07 May 2014

FINANCIAL TIMES

Italy bond yields fall to record low

Italy’s benchmark government borrowing costs fell to a record low yesterday as investors betting on bond-buying by the European Central Bank snapped up Eurozone debt. For the first time since the euro was introduced the yield on Italy’s 10 year bonds dropped below three per cent, in line with the wider rally in debt issued by Europe’s “periphery” countries. Better than expected business growth in the eurozone in recent months has supported investor belief Europe is recovering from its debt crisis, but bankers say the real source of appetite is a hunger for yield and speculation about possible action by the European Central Bank.

Delta shares lifted by capital plan

Delta Air Lines enhanced its status as one of the 10 best-performing stocks since the first-quarter US earnings season began last month, after the escalation of a capital return programme. The carrier expanded its share buyback plan and lifted its dividend on Tuesday, moves which it said would return another $2.75bn to investors by the end of 2016.

Switzerland to lift veil on tax secrecy

Switzerland has pledged automatically to hand the details of foreign bank accounts to other countries in one of the most significant breakthroughs in the global crackdown on evasion.

THE TIMES

ITV chief faces revolt over exec pay

Adam Crozier, the former Royal Mail chief executive who now runs ITV, is facing a shareholder rebellion after a prominent investment group said it planned to veto the broadcaster’s pay policy next week.

Boots makes move to Latin America

Boots is spending $638m on a Latin American retail pharmacy business as part of a long-awaited expansion in the region. Alliance Boots said that it was buying Farmacias Ahumada, which operates in Mexico and Chile. Its business comprises the third largest retail pharmacy in Mexico, operating 1,000 stores, while in Chile it is a top three chain.

The Daily Telegraph

Cameron: we’ve undersold ourselves

The government has been “underselling” its policies which are aimed at women. The Prime Minister told Conservative MPs at a private party meeting that “we have been underselling this ourselves” in terms of women policies. Nicky Morgan, the women’s minister, told the MPs that the number of women on FTSE100 boards had increased from 12.5 per cent to 20.7 per cent.

Fracking company donates £10,000

Cuadrilla has donated £10,000 to refurbish the bar at a theatre on Lancashire’s Fylde coast months before it will submit two fracking planning applications for the area.

THE WALL STREET JOURNAL

Telefonica to buy stake in Digital Plus

Spain’s Telefonica said yesterday it had presented a binding offer to buy a majority stake in one of Spain's largest subscription-based television sports broadcasters, Distribuidora de Television Digital, also known as Digital Plus.

Dirty US coal finds a home in Europe

America’s dirty and unwanted coal is being embraced in one of the cleanest energy markets: the European Union. The EU imported 47.2 million tons of U.S. coal last year, up from 13.6 million tons in 2003. Much of it is sulphur coal from under the plains of Illinois.