Thursday newspaper round-up: Bank of England, UK budget deficit, Saudi oil

14th May 2015 06:39

The US Department of Justice is probing what the Bank of England knew about the alleged manipulation of FX markets, questioning traders previously interviewed as part of the BoE's own investigation, writes the Financial Times. "US prosecutors are concerned over the thoroughness of the BoE's report and the way its inquiry was handled, according to people familiar with the situation," the paper said.Brussels has told the UK to take enough "effective action" to lower its budget deficit after it reached 5.2% of GDP in 2014, above the EU's 3% limit, reports The Telegraph.Saudi Arabia has said its strategy of putting pressure on high-cost rivals such as US shale producers is working, as the kingdom's output reached a new record high in April, the Financial Times said.France's SNCF has become the controlling shareholder of Eurostar after receiving the green light from the European Commission, The Times writes.The boss of AOL, Tim Armstrong, is set to net nearly $180m from the sale of the company to Verizon Communications, according to The Wall Street Journal. Armstrong is AOL's largest individual shareholder with a 6.7% stake.The Guardian said the number of homes coming on the market dropped to a lowest level is nearly six years last month, according to data from Rics.The US House of Representatives have approved measures to curb the NSA's ability the collect telephone records of millions of Americans, writes The Wall Street Journal.