WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

BARCLAYS WINS SUIT OVER SALE RISK LEVEL
Barclays has won a legal case brought against it by a small San Marino bank which alleged the UK bank sold it complex debt products which were “much riskier” than the triple A credit rating they had been given. Cassa di Risparmio della Repubblica di San Marino (CRSM) had claimed €92m (£79m) in losses and lost income, alleging fraudulent misrepresentation over the sale of ultra complex collateralised debt obligations (CDOs) during a long-running trial in the UK’s High Court. Barclays had strongly denied the claims.

OMNICOM IN DEALS TO TARGET ONLINE ADS
Omnicom, one of the world’s largest marketing services groups, has struck what it claims are industry-first partnerships with AOL, Yahoo and Microsoft, to gain direct access to the internet companies’ consumer data.

GERMANY’S NUCLEAR TAX EXPECTED TO ERODE EON’S 2011-12 PROFITS
Eon, Germany’s largest utility company, expects profits to dip this year and next as it grapples with a new German tax on nuclear power and tries to get out of supply contracts that force it to buy gas above current market rates. The Düsseldorf-based company said earnings before interest, tax, depreciation and amortisation, adjusted for one-off items, would hit €11.2bn-€11.9bn (£9.6bn-£10.2bn) this year and about €13bn the following year after coming in at €13.3bn in 2010.

DIVIDENDS TAKE OFF AGAIN AT LUFTHANSA
Lufthansa is to resume paying a dividend after swinging back into profit last year, in spite of costs incurred from strike action, a volcano in iceland and higher fuel prices.

THE TIMES

SEC IN HOT SEAT OVER MADOFF LINK
Mary Schapiro, chair of the SEC, will appear before a Congressional committee today to answer questions on the “multiple potential conflicts” of David Becker. America’s main financial regulator will come under intense scrutiny from lawmakers tomorrow for allowing its top lawyer to work on the case of Bernard Madoff, even though he inherited money tied to the convicted fraudster’s Ponzi scheme.

CHANGE AT TOP FOR DAVID LLOYD LEISURE
David Lloyd Leisure, Britain’s biggest chain of tennis-based health and fitness clubs, is set to part company with its managing director and deputy chief executive, The Times has learnt. Nick Backhouse is stepping down and his responsibilities will be assumed by Scott Lloyd.

The Daily Telegraph

Lucian Grainge to take on dual chief executive and chairman role at Universal Music
Lucian Grainge is to be promoted to the role of chief executive and chairman of Universal Music, the world’s largest music group. The British music executive, who has strong relationship with artists including U2, Abba, Take That and Amy Winehouse, is currently Universal’s chief executive.

EU PARALYSIS DRIVES FRESH BOND ROUT
Political paralysis in Brussels and monetary tightening by the European Central Bank has set off a fresh spasm of the eurozone bond crisis, pushing spreads on Portuguese, Irish and Greek bonds to post-EMU records. Portugal edged closer to the brink yesterday, having to pay almost 6pc to raise two-year debt.

THE WALL STREET JOURNAL

RENAULT SPY PROBE TURNS TO LETTER-WRITER
Renault is making plans to exonerate the three managers fired for alleged corporate espionage, people familiar with the matter said, in what would be a major stand-down that could presage a change in the French auto maker’s senior management.

HSBC PULLS BACK IN BID TO SERVE WEALTHY
HSBC Holdings will halt its push for new clients of HSBC Premier, its flagship banking service aimed at wealthy international clients, as it tackles company-wide cost overruns the bank flagged in its 2010 annual results last week. Putting the brakes on Premier, an account brand that provides “preferential” banking services to wealthy customers, is one of the changes to be made by new Chief Executive Officer Stuart Gulliver.