WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

BANKS TO OVERHAUL GLOBAL PAY STRUCTURES
The world’s biggest investment banks are to overhaul their pay structures to differentiate between bankers based in Europe and those who work elsewhere, after European regulators’ clampdown on bonuses. Many US and Swiss banks are considering paying higher salaries and lower bonuses to top bankers based in the European Union, mostly in London, to ensure they comply with new instructions from the Committee of European Banking Supervisors (CEBS), the pan-EU regulator, limiting cash pay-outs.

CHINA AND BRAZIL WEAK LINKS IN BRIC EQUITY RETURNS
Lacklustre stock market performances from economic power houses China and Brazil have damped returns for the many investors who poured money at a record pace into emerging market funds. Overall gains from emerging markets have been strong but those funds tracking the so-called Bric countries would have collectively underperformed counterparts focused on western markets this year.

DEAL FOR HYUNDAI E&C FALLS THROUGH
Creditors of Hyundai Engineering & Construction have decided to scrap a deal to sell their controlling stake to Hyundai Group, citing uncertainty over the conglomerate’s financing plans for the $4.8bn deal. This is likely to open the door for Hyundai Motor, an alternative bidder, which has been determined to regain control of the construction group.

The battle for control of the company involves a dynastic power struggle pitting Chung Mong-koo, chairman of Hyundai Motor, against his sister-in-law, Hyun Jeong-eun, chairwoman of Hyundai Group. The tussle has drawn attention to South Korea.

THE TIMES

THREE BECOME ONE AS LONDON UNITES ITS AGENTS OF ATTRACTION
The bodies that attract students, investors and tourists to London have been merged into Britain’s first “super agency” by Boris Johnson. From April, Visit London, Think London and Study London will be brought together under a new umbrella organisation with the working title Promote London.

WALL STREET BONUS BRIGADE GO FROM HEROES TO ZEROES
As Wall Street’s bonus season approaches, certain traders, bankers and brokers face a chilling new reality: this year their bonus won’t just end in several zeroes — it may well start with one as well. Reforms to Wall Street pay this year have resulted in a big shift in the way in which some of the biggest companies are paying their staff.

The Daily Telegraph

PIMCO SAYS UNTENABLE POLICIES WILL LEAD TO EUROZONE BREAK-UP
Pimco, the world’s largest bond fund, has called on Greece, Ireland and Portugal to step outside the Eurozone temporarily and restructure their debts unless the currency bloc agrees to a radical change of course. Andrew Bosomworth, head of Pimco’s portfolio management in Europe, said current policies are untenable in the absence of fiscal union and will lead to a break-up of the euro.

ALLIED IRISH BANKS MOVES £7.9BN PROPERTY LOANS TO BAD BANK
Allied Irish Banks has handed over property loans worth €9.3bn (£7.9bn) to the country’s bad bank as the lender’s debt was downgraded along with that of many of Ireland's other major banks. Allied transferred the loans to NAMA at an average discount of about 60 per cent.

THE WALL STREET JOURNAL

TELENOR DOESN'T SUPPORT VIMPELCOM'S WEATHER DEAL
One of VimpelCom’s two major shareholders Telenor ASA said yesterday it opposed a $6.7bn merger with the telecom assets of Egyptian billionaire Naguib Sawiris, a setback that will almost certainly derail the deal to create the world's fifth-biggest mobile operator, according to people familiar with the negotiations.

ECB WARNS IRELAND ON NEW LAWS
The ECB warned Ireland that proposed legislation revamping the country’s financial system could threaten some of the ECB’s operations, and pressed Irish officials for assurances that the central bank's collateral rights will be protected. The ECB said it had serious concerns that the draft law is insufficiently legally certain on a number of issues.