WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

PRIVATE EQUITY PLANS €10BN OF PASS-THE-PARCEL DEALS
Private equity groups are working on bids for European companies owned by rival buy-out firms worth more than €10bn ($14bn) in total as the industry looks set to keep churning assets through “pass-the-parcel” deals.

MIZUHO EXECUTIVE ARRESTED IN FSA PROBE
A Mizuho International executive has been arrested in London in connection with the Financial Services Authority’s crackdown on insider dealing.

CITIGROUP TOWER PRICED AT £1BN
The 45-storey Citigroup tower in Canary Wharf will come to market with a price tag of more than £1bn ($1.6bn) in order to pay back debt used by entrepreneurs Glenn Maud and Derek Quinlan to buy the building.

CROWN ESTATE TO SELL STAKE IN REGENTS STREET
The Crown Estate has confirmed plans to sell a quarter of Regent Street for £448m.

THE TIMES

LLOYDS CHIEF ANTÓNIO HORTA-OSÓRIO GETS £8M PAY DEAL
George Osborne approved an £8.3 million pay package for the new head of Lloyds Banking Group, which is 41 per cent owned by the taxpayer, the Treasury said yesterday.

BUSINESS BIG SHOT — NICOLA MARRIN
In a year of botched and cancelled flotations, the former owners of Supergroup have reason to be thankful for Nicola Marrin. The Seymour Pierce corporate financier was responsible for the most successful London IPO of the year.

MIDDLE-RANK CITY LAW FIRMS FEEL THE SQUEEZE
The City’s biggest law firms have extended their lead over the rest of the legal market this year, leaving mid-tier rivals fighting among themselves for a diminishing pool of work.

BONUS CHAOS LOOMS AS RULES ARE DELAYED
The imminent £7bn bonus round for City bankers and brokers was thrown into disarray yesterday.

The Daily Telegraph

MIDDLE CLASS PAY SIX TIMES MORE FOR DEGREES
Graduates who go on to earn more than £45,000 will pay six times as much a year for the cost of university than those who are less successful, government figures showed.

TERRA FIRMA AND CITI LAWYERS CLOSE ARGUMENTS IN EMI CASE
The jurors who will decide the fate of music company EMI were implored to use “common sense” by Terra Firma and Citigroup, as their lawyers made their final arguments of a bruising legal battle.

SIEMENS LAUNCHES FIRST WIND TURBINE APPRENTICESHIP IN UK
Siemens has joined forces with REpower and Weir Group to launch the UK’s first wind turbine apprenticeship scheme to tackle the engineering skills shortage in the energy sector.

BANK OF AMERICA MERRILL LYNCH TO SELL HALF ITS BLACKROCK STAKE
BlackRock’s two biggest investors are dumping almost half their stock in the world's biggest money manager.

THE WALL STREET JOURNAL

MORGAN STANLEY MAY WAIT ON SMITH BARNEY
Morgan Stanley CEO James Gorman told investors that the company could delay plans to purchase part of the 49 per cent stake in brokerage firm Morgan Stanley Smith Barney that it doesn't already own.

TREASURY TO REFUND $72 BILLION
The US Treasury Department plans to hold auction sizes fairly steady as it sells $72bn in debt next week to refund maturing securities. The Treasury has in recent months been trimming auctions.

OIL RALLIES, HITTING 6-MONTH HIGH
Oil prices held on to early gains as the Federal Reserve's widely anticipated decision to stimulate the economy followed a bigger-than-expected decline in US fuel inventories.

SEC BANS NAKED ACCESS
The Securities and Exchange Commission voted to bar broker-dealers from granting traders unfiltered access to an exchange or trading venue, an arrangement known as “naked access”.