What the other papers say this morning - 4 April 2013

FINANCIAL TIMES

Bundesbank in Deutsche probe

The Bundesbank has launched an investigation into claims that Deutsche Bank hid billions of dollars of losses on credit derivatives during the financial crisis, according to people familiar with the situation. Investigators from Germany’s central bank are scheduled to fly to New York next week as part of an inquiry into allegations that misvaluing credit derivatives allowed Deutsche to hide up to $12bn (£8bn) in losses, helping it avoid a government bailout. Deutsche denies the allegations.


RSA under pressure over audit fees

RSA is facing questions from some of its biggest shareholders after the insurer paid a high level of fees for non-audit work to the firm that scrutinises its accounts. The FTSE 100 firm paid £10m to Deloitte for management consulting as well as tax and other advice.

Hollande pledges to halt corruption

Fran├žois Hollande, facing the worst political crisis of his presidency, promised to root out ministerial corruption, as he battled to stem a tax fraud scandal engulfing his Socialist administration.

THE TIMES

Facebook to launch smartphone

Facebook is expected to launch a new smartphone that puts the social network front at its heart, as it looks for new ways to keep its billion users worldwide hooked on the service.

Firms must harness grey pound

A report by Capital Economics estimates that the spending power of over-65s will jump by £40bn in under two decades and warned firms that they could suffer if they fail to entice the growing grey market.


The Daily Telegraph

BA buys 18 more Dreamliners

International Airlines Group is to buy a further 18 Boeing 787 Dreamliners for British Airways in a boost for the problem hit aircraft. The $4bn (£2.6bn) deal is an attempt to upgrade BA’s fleet of planes.

Walt Disney to shut LucasArts

Walt Disney plans to shut the 30-year-old LucasArts videogame studio it inherited with the acquisition of George Lucas’ film company last year, and focus on licensing its Star Wars brand externally.

THE WALL STREET JOURNAL

Obama returns 5pc of salary

Barack Obama plans to return 5 per cent of his annual salary to the US Treasury Department, a gesture of solidarity with federal workers affected by the automatic spending cuts known as the sequester.

Lululemon’s product chief to exit

Lululemon that its top product executive will leave the company, just weeks after the apparel maker pulled some of its yoga pants from store shelves for being too see-through.