Tuesday Papers: Markets seek new direction after G20 - other news

Financial Times

* The FTSE All-World index was up 0.2 per cent, while the S&P 500 on Wall Street endured a volatile session and finished 0.2 per cent lower; the FTSE Asia-Pacific index rose 0.1 per cent in mixed regional trading as Tokyo fell 0.5 per cent as chartists cited technical reasons for the Nikkei 225’s drop to a two-week low; Shanghai lost 0.7 per cent, while Sydney was off 0.6 per cent.

* Jon Pain, head of supervision, plans to announce on Tuesday that he will leave early next year when the FSA divides up his division into two teams.

* Siemens plans to set up its own bank.

* Global efforts to strengthen banks by requiring them to hold more capital and liquid assets “will not undermine economic growth”, Jaime Caruana, general manager of the Bank for International Settlements, said on Monday.

* Nicolas Hayek, the colourful Swiss businessman hailed as one of the saviours of his country’s mechanical watch industry, died unexpectedly on Monday.

* Petr Necas, leader of the Czech Republic’s centre-right Civic Democrats, was sworn in as the new prime minister on Monday.

* The Federal Reserve would risk its credibility if it bought more assets to stimulate the economy, board member Kevin Warsh said in a speech on Monday.

* Illegal immigrants working on the Gulf Coast will not be able to claim for economic losses they suffer as a result of the BP oil spill, according to Kenneth Feinberg, the administrator of BP’s $20bn claims fund.

* British Airways has warned its cabin crew they face the risk of fresh legal action or even dismissal if they go ahead with a strike vote.

The Times

* A North Sea oil find believed to be as big as the largest discoveries of the seventies has sent shares in the project’s stakeholders soaring.