Wednesday newspaper round-up: Banking scandals, OneWeb, Alphabet, Archegos, IAG

A scheme set up to provide compensation to victims of banking scandals has cost more than £23 million to establish, but is yet to issue a penny in redress to small business owners. The Business Banking Resolution Service, formed in 2019 after calls for small business lending to be regulated were rejected, has run up an “eye watering” bill for staff and third-party advisers, adding to pressure on it to start delivering compensation. - The Times

Motorists could legally allow their cars to “self-drive” on British motorways later this year – but only slowly, the government has announced. Drivers could soon be allowed to read a newspaper or watch a film via the car’s built-in screen in periods of slow-moving traffic, using automated lane-keeping system (Alks) technology that makes the car stay in lane and a safe distance from other vehicles. - Guardian

A French state-backed satellite company has allied itself with Britain against Elon Musk’s SpaceX by taking a stake in the space internet company OneWeb. Eutelsat is paying $550m (£395m) for a 24pc stake in OneWeb, which was rescued by the UK last year in a joint venture with Indian telecoms giant Bharti. - Telegraph

Profits at Alphabet more than doubled after companies splashed out on digital advertising to reach people working and playing online during the pandemic. The owner of Google and YouTube said that it had been boosted by “elevated consumer activity online” as it again beat Wall Street’s expectations. - The Times

Bank losses linked to the collapse of Archegos Capital Management have topped $10bn, after Nomura and UBS became the latest global banks to reveal the true impact of the hedge fund’s failure on their finances. Some of the world’s largest investment banks have been left nursing billions of pounds worth of losses as a result of their exposure to Archegos, the personal hedge fund of the New York-based billionaire Bill Hwang. - Guardian

The owner of British Airways is considering legal action after Heathrow Airport was given permission to sting passengers for hundreds of millions of pounds to cover pandemic losses. Bosses at IAG, the FTSE 100 company that also owns Aer Lingus and Iberia, are furious that regulators are allowing Heathrow to raise an extra £300m through increased passenger charges. - Telegraph