What the Sunday papers said

Sunday 14 October 2012 22:01
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Independent on Sunday: New watchdog aims to curb finance companies' profits

The incoming financial services regulator will punish insurers and banks that make "excessive" profits, according to a report due out this week detailing its powers and structure. The Financial Conduct Authority, one of the two watchdogs that will replace the Financial Services Authority next year, will have a powerful role ensuring that there is suitable competition and will "follow the money".

The Sunday Times: Watchdogs to lash Google over competion and privacy

Google faces legal action from American and European regulators over alleged breaches of competition and privacy laws. America's Federal Trade Commission is considering suing the Silicon Valley giant for stifling competition on the internet by manipulating search rankings to favour its own products. In Europe, a regulatory probe is said to have found that Google rode roughshod over privacy laws.

The Mail on Sunday: I'm backing UK factories, vows Arcadia boss Sir Philip Green

Sir Philip Green, billionaire owner of Topshop and BhS, is ramping up his use of British manufacturers, stoking hopes of a revival of the UK clothing industry. Green said he was giving more work to British suppliers and cutting his dependency on overseas manufacturing centres such as China, where costs are rising. Green's Arcadia has already increased the number of British factories it uses.

The Sunday Telegraph: Prudential drops plans to move its headquarters from London

Insurance giant Prudential looks set to keep its headquarters in London despite suggestions that it could move to Asia amid concerns about European capital requirements. The Pru is understood to be winding down work related to a domicile change after signals that the European Union's potentially damaging Solvency II legislation could be delayed until 2016.

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