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WHAT THE OTHER PAPERS SAY THIS MORNING

<strong>FINANCIAL TIMES </strong><br /><br /><strong>OBAMA&rsquo;S SPENDING DRIVE TO FOCUS ON JOBS</strong><br />Barack Obama yesterday stepped up the pace of Washington&rsquo;s stimulus spending with plans to create or save 600,000 jobs over the next 100 days &ndash; four times the rate achieved in the $787bn package&rsquo;s first 100 days. The announcement, which follows last week&rsquo;s news that 345,000 jobs had been lost in May, a significant decelration, accompanies signs of growing public concern about the US president&rsquo;s spending plans.<br /><br /><strong>US TRANSPORT SECRETARY RULES OUT FUELD TAX INCREASE</strong><br />The US government will encourage private-sector investment in new ports, railways, airports and bridges but will not raise federal rates of fuel tax or restructure financing for existing roads, according to the transport secretary.<br /><br /><strong>MAJOR ECONOMIES ARE &lsquo;CLOSE TO LOW POINT&rsquo;</strong><br />Most of the world&rsquo;s big economies are close to emerging from recession, according to data published on Monday by the Organisation for Economic Co-operation and Development that pointed to a possible recovery by the end of the year.<br /><br />The Paris-based organisation reported that a &ldquo;possible trough&rdquo; had been reached in April in more developed countries that make up almost three quarters of the world&rsquo;s gross domestic product.<br /><br /><strong>JAPANESE BANKRUPTCIES DECLINE</strong><br />Bankruptcies in Japan fell last month for the first time in a year, raising hopes that the government&rsquo;s emergency stimulus measures are helping to ease the impact of the global crisis. The number of corporate failures in May declined 6.7 per cent year-on-year to 1,203, the lowest level in a year, according to Tokyo Shoko Research.<br /><br /><strong>THE TIMES</strong><br /><br /><strong>FEARS OF STRIKE ACTION AS BA TELLS CABIN CREW 2,000 JOBS MUST GO</strong><br />Holidaymakers and business travellers could face a summer of disruption after British Airways told its cabin crew that it wants to cut 2,000 jobs, leading to fears that the airline could be hit by a series of strikes. It is understood that BA&rsquo;s management has already begun working on contingency plans to deal with industrial action during the holiday period.<br /><br /><strong>CHRYSLER SALE TO FIAT HELD UP BY RANKING OF CREDITORS CASE</strong><br />The US Supreme Court&nbsp; yesterday put Chrysler&rsquo;s sale to Fiat on hold, upsetting Obama&rsquo;s plan to save the carmaker. Richard Mourdock, the Indiana Treasurer, objected to the division of Chrysler&rsquo;s assets because the union, an unsecured creditor, would receive a better settlement than the secured creditors.<br /><br /><strong>THE DAILY TELEGRAPH</strong><br /><br /><strong>IMF TELLS EUROPE TO COME CLEAN ON BANK LOSSES</strong><br />The International Monetary Fund has called on eurozone governmentsProxy-Connection:keep-aliveCache-Control:max-age=0o take urgent steps to clean up the banking system as losses mount, and advised the European Central Bank to prepare &ldquo;all unconventional options&rdquo; in case the crisis deepens. &ldquo;To restore confidence, you need total disclosure of possible losses,&rdquo; said Dominique Strauss-Kahn, the IMF&rsquo;s managing director.<br /><br /><strong>SMALL COMPANIES TOLD TO BE MORE ADVENTUROUS IN ASIA</strong><br />Lord Mandelson has urged businesses to take advantage of Britain&rsquo;s historical reputation as a trading nation to find new customers in Asian markets The Business Secretary said that small and medium-sized companies in particular should be more &ldquo;adventurous&rdquo; in countries like China and India.<br /><br /><strong>WALL STREET JOURNAL</strong><br /><strong><br />PROCTER &amp; GAMBLE TO NAME MCDONALD AS NEW CEO</strong><br />Procter &amp; Gamble is replacing longtime chief executive AG Lafley with a former army ranger and 29-year company veteran, just as the tough economy and new rivals are forcing it to revamp the way it does business. On Tuesday, the board of the consumer-products giant is expected to approve the appointment of 55-year-old Robert McDonald, currently chief operating officer, as its next CEO.<br /><br /><strong>US TO PRESS EUROPE FOR TOUGHER BANK STRESS TESTS</strong><br />The Obama administration wants the EU to put banks through more rigorous public stress tests to ensure they survive if the economy slips from bad to worse. Treasury secretary Tim Geithner will discuss the issue in Italy later this week during closed-door meetings with G8 finance ministers.