What the other papers say this morning – 20 June 2013

FINANCIAL TIMES

Iranian bank sanctions illegal
An Iranian bank will be removed from the UK Treasury’s sanctions list following a ruling from the UK’s highest court where judges have been critical of the government’s decision to include secret material in the case. Bank Mellat had asked the Supreme Court to overturn a ruling that bars UK financial institutions from engaging with the bank as part of efforts to press Iran into abandoning its nuclear programme. The Supreme Court has ruled in favour of Bank Mellat, which says it has lost $25m a year since the UK sanctions were imposed in 2009.

Labour hardens stance on rail
Labour is stepping up its resistance to the privatisation of the East Coast rail line as the party hardens its stance against private train operators running all of the main intercity routes. The government earlier this year set out plans to return the line back to the private sector.

UK governments backs GM food
Britain should embrace benefits of genetically modified crops and push other EU countries to do the same, the environment secretary will say in a speech on Thursday. Owen Paterson will step up British efforts to convert the rest of Europe to the merits of the controversial technology.

THE TIMES

50 per cent more complaints to Bupa
The number of grievances filed with the Financial Services Authority about Britain’s leading health insurance companies jumped by 38 per cent over two years to 20,316 last year, with a rise to 12,165 for Bupa alone.

Investor looks for a Sony to spin-off
Third Point, a $13 billion (£8.3 billion) hedge fund founded by the billionaire investor Daniel Loeb, proposed last month that the struggling electronics maker float its profitable music and film business.

The Daily Telegraph

Warning to Chinese shadow banks
China's central bank has sent a "warning signal" to the country's overextended lenders, as it rejected a plea to increase money supply, pushing short term borrowing costs to a six-year high.

IFRS is illegal, investors claim
A group of powerful investors has demanded an urgent review of Britain’s accounting rules after being given a legal opinion that they not only distort bank accounts but also fall foul of Company Law.

THE WALL STREET JOURNAL

Icahn Raises Dell Stake
Billionaire investor Carl Icahn has emerged as the last potential foil standing between Michael Dell and his deal to buy his company, after Mr. Icahn bought nearly $1 billion of shares from another dissident investor.

Obama Calls for Nuclear Reduction
At Berlin’s Brandenburg Gate, President Barack Obama called for new negotiations with Russia aimed at ending the two nations' Cold War military posturing and a substantial reduction of nuclear arms, an outreach that received a cool reception in Moscow.