WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES
CLEGG WARNING TO BANKS ON BONUSES
Nick Clegg has warned Britain’s banks that the government would not stand on the sidelines if they paid out lavish bonuses and failed to increase lending, increasing pressure on David Cameron to toughen his stance on the City. “They don’t operate in a social vacuum,” he told the Financial Times.

US DOUBLES ESTIMATES FOR GAS RESERVES
US recoverable reserves of natural gas are much larger than previously estimated, the government’s Energy Information Administration has said, suggesting higher production can be sustained at lower prices than it expected a year ago. The estimate would be enough to cover the entire gas consumption of the US for 36 years.

BOSCH WARNS MATERIAL PRICES COULD HIT GROWTH
A sharp increase in raw material prices will slow down Europe’s economic growth next year and could put smaller supplier companies in financial trouble, the head of Bosch has warned. Franz Fehrenbach, chief executive of the world’s largest car parts supplier by sales, told the Financial Times the rebound in commodity prices would put intense strain on European industrial companies.

BORSE DUBAI IN NASDAQ OMX SELL-OFF
Borse Dubai has sold about half of its stake in Nasdaq OMX, raising $672m towards the refinancing of a $2.45bn loan maturing in February. The emirates exchange holding company is understood to have taken a significant loss. Observers said the sale was concluded at $22 a share compared with Dubai’s original purchase price of about $42 in 2008.

THE TIMES
MOUSE GETS HOTTER AS WEATHER GETS COLDER
The number of shoppers clicking their mouse rather than leaving the house to do their shopping surged last month, driving the proportion of internet sales to a record high, official statistics showed yesterday. But there was also some good news for the high street as the figures showed a renaissance for specialist food stores including butchers, grocers and cake shops at the expense of supermarkets.

0800 NUMBERS TO BE FREE FOR ALL AS OFCOM DEMANDS PRICING CLARITY
Dialling an 0800 number will be free from any phone from next year after Ofcom moved to resolve confusion surrounding the cost of calling non-geographic and premium-rate numbers.

The Daily Telegraph
JPMORGAN TOPPLED AS BIGGEST US BANK BY STOCK MARKET VALUE
JPMorgan Chase has been toppled as the biggest US bank by stock market value by Wells Fargo. Wells’ market capitalisation rose to $157.6bn at Thursday's close of New York trading, surpassing JPMorgan’s $156.4bn. John Stumpf, Wells chief executive, has turned to acquisitions to fuel the bank's growth.

LONDON 2012 OLYMPICS: ROYAL MINT WINS CONTRACT TO MAKE MEDALS
One of the most prestigious Olympic business contracts has been awarded by London 2012 organisers – the right to manufacture the athletes’ medals. The Royal Mint will produce 4,700 medals in gold, silver and bronze. Adam Lawrence, chief operating officer at the Royal Mint, said: “This is great news for the country, the 800 people we employ and our suppliers.”

THE WALL STREET JOURNAL
WALL STREET HEADCOUNT FALLS
The number of professionals working in investment banking and securities dealing in New York City fell 17 per cent in November from a year earlier, and fell 21.5 per cent in New York state, according to the New York State Department of Labor. Total Wall Street employment, which includes investment banking and securities dealing, climbed a slight 0.2 per cent to 162,200 from 161,900 a year earlier.

BLACKSTONE REWORKS $7 BILLION IN DEBT
Blackstone Group LP has reached an agreement to restructure about $7 billion of the remaining debt tied to its epic 2007 purchase of Sam Zell's Equity Office Properties Trust, the largest leveraged buyout ever, according to people familiar with the matter. The deal marks its second major restructuring this year.