What the other papers say this Morning
Morgan Stanley sued over bias
Morgan Stanley has been sued by the American Civil Liberties Union for allegedly discriminating against black homeowners through its bundling of subprime mortgage loans.
RBS to exit Asset Protection Scheme
Royal Bank of Scotland will this week get the go-ahead from government and regulators to exit the state-backed insurance scheme covering its old “toxic assets”, in an early step towards reprivatisation. By the end of the week, RBS should be free of the long-running Asset Protection Scheme, for which it has already paid aggregate premiums of £2.5bn, according to people involved in discussions.
Investors impatient at State Street
At a bank such as State Street, which has a collection of good businesses, plenty of capital and a shareholder roster packed with names of asset managers that share its Boston heritage, dissent does not build quickly. However, the share price, at a little over $41, is in the same place that it started in 2009.
UBS trader’s losses led to job cuts
The Swiss bank UBS had to lay off staff and reduced the bonus pool for its investment bank by almost two thirds in the wake of unauthorised trading losses of $2.3bn (£1.43bn), a court heard yesterday.
New league tests fund managers
They can make or break chief executives and they can veto billion-pound deals — but the institutional investors that control Britain’s biggest blue chips are about to be scored and ranked by the companies they own.
The Daily Telegraph
Fracking to get green light in weeks
The government is preparing to give the green light for “fracking” for shale gas in the UK to resume within weeks. Despite independent reports recommending resuming fracking ministers have yet to give the go-ahead.
Red Bull space jump worth £100m
The energy drink company’s risk-taking marketing is paying off as industry insiders suggest its space jump could be worth £100m to the brand.
THE WALL STREET JOURNAL
Yahoo taps Google’s de Castro
Yahoo named Henrique de Castro, a Google ad executive, as its new chief operating officer, deepening Chief Executive Marissa Mayer’s stamp on the company.
Chocolate’s reputation is tested
Cocoa prices are being hit by concerns that Europe’s sweet-toothed but cash-strapped consumers are cutting back on the chocolate-making ingredient. But analysts say these fears look overdone.