Tuesday Papers: FSB turns spotlight on mortgage markets - other news

Financial Times

* Financial Stability Board is launching a worldwide review of residential mortgage underwriting and origination standards, in an effort to address one of the main causes of the 2007-8 financial crisis.

* The longest US recession since the Great Depression officially ended in June 2009, the National Bureau of Economic Research said; NBER noted that the recession lasted 18 months, longer than the 1973-75 and 1981-82 recessions.

* HP and Oracle have resolved their differences in the dispute over the right of Mark Hurd to take up a post as co-president at Oracle.

* UniCredit, Italy’s largest bank by assets, has called an extraordinary board meeting at which its chief executive Alessandro Profumo is expected to resign.

* Deutsche Bank is set to raise a higher than expected €10.2bn in its largest rights issue.

* AIA has set October 29 for its planned $15bn-plus share sale on the Hong Kong Stock Exchange, according to people familiar with the company.

* Eric Daniels has announced his retirement as Lloyds Banking Group’s chief executive.

* Tesco is preparing to launch online shopping in China, the Czech Republic and Poland as part of an expansion plan under its incoming chief executive.

* Nestlé is bringing in some of the special sales and packaging techniques pioneered in emerging markets to boost sales in stressed economies of Europe.

* Microsoft is to join Sony and Apple in offering a “three-screen” music and movie service, bringing together its games console, PCs and mobile phones.

* Technis International, an acquisitive business development company now quoted on Plus Markets, is planning to take a standard listing on the London Stock Exchange.