Friday newspaper round-up: House prices, BP, Marks&Spencer

Surging house prices pose the single biggest threat to UK financial stability, the deputy Governor of the Bank of England has warned. Jon Cunliffe said that policy-makers must decide quickly whether to take action to cool the market and, in the starkest warning yet that rapid price rises could derail Britain's recovery, argued that it would be "dangerous to ignore the momentum that has built up in the UK housing market". - The Daily TelegraphBP is being drawn ever deeper into its costly Russian venture with oil giant Rosneft, quietly extending a five-year loan to help the company lower debt costs despite escalating US sanctions against Russia. The move leaves BP increasingly exposed as the crisis spins further out of control in eastern Ukraine. Eleven cities are in the hands of pro-Russian paramilitary forces. The Ukrainian government openly admits that it has no means of regaining the region. - The Daily TelegraphMarks&Spencer launched an on-line drive yesterday aimed at the 19m customers who shop in its stores every year but don't visit its website. The clothing and food group, which has 34m store and on-line customers a year, said accelerating the marketing of the new website it launched in February as well as online-only promotions would help ramp up on-line profits and sales. "We do believe the 19m consumers that do not consume at M&S.com today is a real opportunity for us," said marketing director Patrick Bousquet-Chavanne. - The Daily ExpressUK house prices could quadruple to an average of over £900,000 in twenty years' time and make home ownership impossible for millions if the Government does not take action to tackle the housing shortage, a leading charity has warned. Shelter called on the Government to make reforms aimed at increasing the amount of new homes being built to 250,000 a year by 2021 in order keep up with demand, as it said currently there was a shortage of 100,000 houses a year in the UK. - The Daily MailThe boss of the rogue trader who lost UBS $2.3bn has been permanently banned from working in the City because of "a lack of honesty". John Hughes, who was in charge of the jailed trader Kweku Adoboli, was banned by regulators after they reviewed a series of chat messages that he exchanged with Mr Abodoli referring to a slush fund that was kept off UBS's books that was meant to contain hidden profits. - The TimesPizzaExpress is being served up to potential suitors after being put on sale by Cinven with an estimated price tag of £1 billion. Gondola Group, which also owns the Ask Italian and Zizzi chains, has appointed Goldman Sachs to handle a sale of its biggest brand, although the backstop of an initial public offering has not been ruled out. Sources close to the process said that international private equity firms were hopeful of securing a deal within the next two to three months amid growing interest in the restaurant sector. - The TimesAB