Tuesday Papers: Hayward to be offered BP Russia job - other news

Financial Times

* Tony Hayward, the departing chief executive of BP, is expected to be offered a directorship at TNK-BP, the group’s Russian joint venture.

* Anshu Jain has made his first significant moves to integrate Deutsche Bank’s investment banking units since taking sole charge of the businesses.

* Financial stability will be given greater weight than consumer protection where the two conflict, it emerged on Monday as the government unveiled a blueprint for UK regulatory reform.

* China’s banks are facing serious default risks on more than one-fifth of the Rmb7,700bn  they have lent to local governments across the country, according to senior Chinese officials.

* The Federation of German Industry has forecast that the country's gross domestic product would grow 2% this year, but warned that risks were posed by the prospect of stronger financial regulation, high commodity prices and uncertainty about public finances.

* European Union foreign ministers have formally given a green light for negotiations to begin over Iceland’s bid for membership of the 27-country bloc; Cameron backs Turkey joining the EU.

* IBM faces Europe antitrust investigations as EU officials launched a formal probe into its behaviour in the multibillion-dollar market for mainframe computers.

* The FTSE All-World index is up 1.2 per cent, while Wall Street has risen steadily and closed up 1.1 per cent; the FTSE 100 index added 0.6 per cent, and the broader Eurofirst 300 index was up 0.4 per cent; the Nikkei closed up 0.8 per cent and the Hang Seng composite added 0.1 per cent.

* Members of the Basel Committee on Banking Supervision have reached a breakthrough agreement to tighten capital requirements and impose new worldwide liquidity and leverage standards.

* European Union foreign ministers on Monday imposed an “unprecedented” package of economic sanctions on Iran.

The Daily Telegraph