WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
BSkyB begins board overhaul
Two key independent directors at BSkyB are set to leave as the pay-TV company embarks on an overhaul of its board that could weaken its unanimous backing of James Murdoch as chairman. Dame Gail Rebuck, chief executive of Random House, the publisher, and Lord Wilson of Dinton, former cabinet secretary, are expected to step down within months.
AIG to rebuild mortgage activity
AIG, the insurance group bailed out by the US government after disastrous bets on the mortgage market, is exploring a way of ramping up its activity in the sector once again by buying home loans.
Banks prepare to pay LTRO loans
A clutch of Europe’s biggest banks are preparing to return a chunk of the cheap three-year funding they recently took from the European Central Bank as early as this year. Senior bankers said Italy’s UniCredit, France’s BNP Paribas and Société Générale, and La Caixa in Spain are preparing to pay back up to a third of the money they borrowed – estimated at €80bn-€100bn in total – within the next 12 months.
THE TIMES
Ministers dash Sarkozy’s dream of a tax on transactions
Plans for a financial transaction tax across Europe were left in tatters by a divisive meeting of European ministers at the weekend in an embarrassing setback for President Sarkozy.
Night deliveries to be allowed during Games
Businesses in London will be permitted to make and receive deliveries of goods throughout the night during the Games.
The Daily Telegraph
GCHQ recruits eight universities to counter cyber attacks
Intelligence agency GCHQ has selected eight universities as collaboration partners to improve cyber security. The Treasury has admitted it has been under sustained attack by foreign intelligence agencies.
RBS to pay £400m dividend on prefs
Royal Bank of Scotland is expected to re-instate dividends on its preference shares in May, which could lead to a £400m capital raising.
THE WALL STREET JOURNAL
EUROPE
Total strives to stem leak in North Sea
Total’s efforts to stem a natural-gas leak on a North Sea platform gathered pace yesterday after an onboard flare that had hampered relief plans finally went out, but the French company still faces weeks of expensive work to end the crisis.
Groupon forced to revise results
Groupon is revising financial results it reported in its first quarter as a public company, after discovering executives failed to set aside enough money for customer refunds. Auditor Ernst & Young called the error a “material weakness in its internal controls.”