Tuesday Papers: CBI chief warns banks over 'toxic' bonuses - other news

Financial Times

* Hungary seized control of  MAL Rt, the Hungarian aluminium production and trade company, that owns the toxic sludge reservoir that collapsed last week, as the death toll rose to eight.

* Regulators should use fixed rules to set limits on banks in response to a credit boom rather than relying solely on the discretion of policymakers, Janet Yellen has said in her first speech as vice-chairman of the Federal Reserve.

* The US Federal Deposit Insurance Corporation will on Tuesday propose a mechanism to wind down a failing banking group without market damage or cost to taxpayers.

* Google is using its vast database of web shopping data to construct the ‘Google Price Index’ – a daily measure of inflation that could one day provide an alternative to official statistics.

* Microsoft unveils its Windows Phone 7.

* Incoming Hewlett-Packard chairman Ray Lane has claimed that Mark Hurd “repeatedly lied” to the company’s board during the investigation that led to his ousting.

* Gap, the global clothing chain, has abandoned a bid to change its well known blue and white logo just seven days after unveiling a new version.

* JSW, India’s third-biggest private sector steelmaker, said it was reverting to an India-centred steel strategy, after an ill-fated move into the US in buying a steel plant that it was now trying to sell.

* Corn prices surged for a second day on Monday as expectations of a drastic shortfall in crop production raised fears of a repeat of the global food crisis of 2007-2008.

* Mark Thompson, director general, will announce on Tuesday that Mark Byford, his deputy and a BBC employee for 32 years, is to lose his job and will not be replaced.

* The London Stock Exchange on Monday said it was using the quickest share trading system in the world to drive one of its share dealing platforms.