Wednesday newspaper round-up: BP, Yahoo!, Labour

BP chief executive Bob Dudley has quashed speculation that he is looking for a megamerger, according to the Financial Times, cooling rumours that Shell's BG Group takeover could trigger a wave of massive deals in the oil industry.

Profits at internet giant Yahoo! declined in the quarter ended 31 March with results missing analysts' forecasts as growth in online advertising was offset by higher payments to websites that send readers to the site, reports The Telegraph.

According to Goldman Sachs, a Labour-led government is likely to spark a sell-off on financial markets given the party's plans to freeze energy bills, raise taxes and curb zero-hour contracts, the Financial Times writes.

Navinder Singh Sarao, a London-based futures trader, was arrested on Tuesday and faces extradition to the US after being accused of helping to cause the 'flash crash' five years ago, reports The Guardian.

"Companies that pursue bumper merger and acquisitions in Britain will have to pay more to go formal with their offers under a new set of charges being pushed through by the Takeover Panel," The Times writes.

Pay-day lender Wonga is reportedly looking at a possible name change to overhaul its brand after a series of scandals and tougher regulation let to a £37m loss in 2014, according to The Guardian.

The Greek banking index dropped to a record low on Tuesday amid concerns that lenders could run out of emergency funding, "pushing Athens closer to the Eurozone exit", writes The Times.