What the other papers say this morning - 20 May 2014


EU banks face debt sale clampdown
European regulators are seeking to clamp down on the sale of debt by banks to their own retail customers, amid fears savers do not realise the risks posed by such assets. The European Banking Authority is concerned about the sale of bank debt that could be bailed in if the bank’s capital got too low or it faced bankruptcy. Over the past few months, banks have rushed to sell larger amounts of debt that can be bailed in – converted into equity – as they attempt to strengthen their capital buffers. The EBA, a pan-EU watchdog, wants to ensure that lenders do not target investors without making them aware of the hazards of debt that is not protected by deposit guarantee schemes.

Google snaps up Divide start-up
Google has bought Divide, a New York-based start-up that lets users securely separate their work and personal data on smartphones and tablets, effectively turning one device into two.

Terms have not been disclosed.

PPI dominates as complaints peak
Consumers made a record number of complaints to the Financial Ombudsman Service last year, with nearly four-fifths of the total generated by complaints about payment protection insurance (PPI). The independent service that handles disputes said it had answered 2.3m inquiries in the year to April. Tony Boorman, chief ombudsman, said it had been “an unprecedented 12 months”.


HBOS report faces delay after years
The report into the collapse of HBOS has been delayed again, with officials now resigned to publication not taking place before next year, more than six years after the bank’s demise.

London’s skyline changing slowly
The London office construction industry is struggling to emerge from the devastation left by the financial crisis despite the capital’s growing economic recovery. The latest London office crane survey from Deloitte real estate showed there was 9.2m square feet of office space under construction across the capital over the six months to the end of March.

The Daily Telegraph

Unilever descendents sell stock rights
About 30 descendants of one of the founders of Unilever are to share a £715m windfall after selling stock rights to the consumer goods giant. The FTSE 100 group has agreed a deal to purchase rights to 70.9m shares from the family trusts of William Hesketh Lever, first Viscount Leverhulme.

Putin faces giving ground in gas deal
Russian President Vladimir Putin may have to accept unpalatable terms from China to clinch a massive gas pipeline deal this week. State gas giant Gazprom said it is “digits” away from an accord to supply north east China with 38bn cubic metres for 30 years by 2018.


Pursuit of Raging Bull claims backed
The US Supreme Court ruled a copyright holder for a 1963 screenplay can pursue infringement claims against the studio that continues to market the acclaimed 1980 movie allegedly derived from it, “Raging Bull.”

Camera upstart GoPro reveals float
GoPro, a maker of wearable cameras, has publicly revealed its paperwork for an initial public offering of stock. GoPro has carved out a niche in the competitive consumer-electronics business. GoPro’s first-quarter revenue dropped to $235.7m (£140.15m) from $255.1m a year earlier, despite a long-term growth trend.