What the other papers say this morning – 17 May 2013

FINANCIAL TIMES

Osborne budget black hole
George Osborne’s attempt to slash £11.5bn off public spending in election year has run into cabinet trouble, after ministers identified only £2.5bn in cuts to their budgets. Some ministers failed to provide Mr Osborne with the list of 10 per cent in proposed departmental cuts he ordered before last month’s deadline. One said the chancellor was “asking too much”. Those regarded as being awkward include two rightwing Tories – Philip Hammond at defence and Owen Paterson.

Blackstone courts bold trades
Blackstone is preparing to launch a “super” hedge fund to cherry-pick the best trades from the hundreds of third-party hedge funds it invests with, in an effort to try to recapture the outsize returns the $2tn industry was once known for.

BNP US trader left US after loss
One of BNP Paribas’ most senior US traders left the French bank last year after his department caused a multimillion-dollar trading loss. Lionel Crassier, then US head of equities, was abruptly called back from New York to Paris.

THE TIMES

Eurostar puts a high-flyer in cab
Britain’s first female airline boss has switched to the first-class carriage of the train industry. Clare Hollingsworth, 53, has been appointed chairwoman of Eurostar.

Rosbank chief faces charges
One of Russia’s top bankers faces seven years in jail for bribery after investigators released an apparently incriminating film of him standing behind a desk piled with cash. He denied committing the crime.

The Daily Telegraph

EU referendum row is a distraction
Political wrangling over an EU referendum is taking focus away from the UK’s “top priority” of jobs and growth, the CBI chief will warn today.

Facebook and Twitter launch apps
Facebook and Twitter have launched applications for Google Glass as developers rushed to learn more about tailoring software for the internet-linked eyewear yet to hit the market.

THE WALL STREET JOURNAL

J.C. Penney pledges stores for loan
J.C. Penney has a commitment for a $1.75bn loan being arranged by investment bank Goldman Sachs Group, people familiar with the matter said Friday.

Dish Raises $2.6bn for Sprint bid
Dish Network raised $2.6bn through a sale of junk bonds to back a $25.5bn takeover bid for Sprint Nextel a deal whose status is far from certain. Sprint is still considering Dish's $25.5bn bid