WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

HARMAN COOL ON PLAN TO HALVE DEFICIT
Harriet Harman has suggested that Labour should scrap its pre-election plan to halve the deficit by the end of this parliament, becoming the latest senior figure to intervene in the debate over economic direction. Labour’s interim leader said the UK was now in a “new situation” and the plan – set out by Alistair Daling, former chancellor – was a manifesto pledge rather than a template that should be kept in opposition.

GOOGLE-STYLE COMPLEX PLANNED AFTER LONDON OLYMPICS
International companies are being invited to form a Google-style digital and creative business complex in the Olympic Park after the London 2012 games. Olympic chiefs are seeking expressions of interest for the use of the huge broadcast and press centre being built in the games zone at Stratford, east London.

INDUSTRY LOOKS TO INDIA AS FAVOURITE SUPPLIER
British manufacturers seeking lower cost suppliers are targeting India over China, according to new research. Despite recent worries about manufacturing capacity going offshore, 55 per cent of British manufacturers have their sourcing relationship with a domestic supplier, says KPMG. However, its global manufacturing outlook warned that 36 per cent of businesses intend to reduce their sourcing from local suppliers in two years primarily on grounds of cost.

EUROPEAN NATIONS PRESSED TO SURRENDER IMF BOARD SEATS
European countries must give up seats on the board of the International Monetary Fund (IMF) if the institution is to remain credible, the Brazilian representative at the IMF has warned.

THE TIMES

HMRC ON DEFENSIVE OVER £1.5BN WRITE OFF
HM Revenue & Customs (HMRC) has rushed to quash reports that it is preparing to write off £1.5bn of tax owed by millions of people who received incorrect tax demands. The claim emerged after an unnamed HMRC staff member reportedly told the BBC that the Revenue is likely to write off the tax underpayments dating back to 2005/06.

BIG FOUR GRIP COULD PUSH UP AUDIT FEES
The stranglehold of the Big Four accountants over the audit market has led to big companies paying higher fees to have their accounts scrutinised, a leading mid-tier accountant has told a House of Lords inquiry. So entrenched is their dominance it has become almost impossible for smaller firms to challenge them, said BDO.

The Daily Telegraph

4.4M BARRELS LEAKED INTO GULF OF MEXICO BY BP OIL SPILL
The first independent study of the BP Gulf of Mexico spill has calculated that 4.4m barrels of oil were spilled before the well was capped. Research in US journal Science concluded that the quantity of oil which spilled was enough to fill 700,000 cubic metres. They said that about 58,000 barrels of oil escaped per day until a temporary cap was effectively put in place.

LIB DEM DONOR URGES CABLE TO STOP BANK BASHING AND DEFEND CITY
Paul Marshall, the hedge fund manager and high profile Liberal Democrat, has urged Vince Cable to stop bank bashing and focus instead on defending the City against onerous and damaging regulations. He said Cable was behaving like a "minister who wants to make his mark” rather than doing what was "important for the country".

WALL STREET JOURNAL

STANDARD CHARTERED CEO SEES UNCERTAINTY IN US
Standard Chartered’s chief executive said Thursday that global bankers view the US as an arena of "uncertainty"—not knowing what the impact of the November midterm Congressional elections will be, nor "how long the US expansionary fiscal stance is going to be sustainable" amid still-unresolved issues from the US mortgage crisis.

'SECOND LOOK': FIRST AID FOR BORROWERS
Many of the biggest US banks, criticised since the financial crisis erupted for making fewer loans and toughening borrowing standards, have launched what industry officials call "second look" programs to review rejected loan applications. Banks are also reviewing those they rejected for small-business loans.