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WHAT THE OTHER PAPERS SAY THIS MORNING

<strong>FINANCIAL TIMES<br /><br />VODAFONE TO REJIG MOBILE INTERNET STRATEGY</strong><br />Vodafone will set out a significant revamp of its services strategy for mobile phones tomorrow as it tries to bridge the gap with global rivals. Vittorio Colao, chief executive, will outline new services that are intended to capitalise on the rising popularity of surfing the internet on mobiles.<br />Some analysts warn that Vodafone faces a race against time to succeed with its strategy.<br /><br /><strong>INVESTORS SET TO CHECK IN AT DISTRESSED HOTELS</strong><br />A team of investors is pooling up to &euro;500m to buy distressed European hotels in the belief that the market for hospitality industry assets is near the bottom. Avingstone Financial, put together by hotel real estate deal-makers David Mongeau and Piers Tallala, says it intends to buy four or five hotels at the four star plus and luxury end of the European hotel market in the next two years.<br /><br /><strong>GETTING THE PRICE RIGHT FOR BALL IS PROVING TOUGH</strong><br />Finding the right person to lead ITV&rsquo;s turnround has been tough enough. Agreeing his package of incentives seems even tougher. Last night Tony Ball&rsquo;s representatives were still seeking a deal from the broadcaster&rsquo;s board that would see the former chief executive of British Sky Broadcasting make about &pound;20m in pay and shares if he hits performance targets.<br /><br /><strong>BNP AIMS TO START REPAYING GOVERNMENT FUNDS EARLY</strong><br />BNP Parabis, France&rsquo;s biggest bank, is set to launch an early repayment of government bail-out money within months. Baudouin Prot, chief executive told the Financial Times that he was keen to begin paying off &euro;5.1bn of hybrid capital issued to the government over the past 12 months.<br /><br /><strong>THE TIMES<br /><br />HILTON EXECUTIVE IN CORPORATE 'ESPIONAGE' CASE EXITS</strong><br />Hilton Hotels Corporation, the American hotel behemoth, has replaced Ross Klein as global head of luxury and lifestyle brands after a lawsuit brought by Starwood Hotels, his former employer, accused him of looting confidential information. Sources close to the company confirmed today that Mr Klein, who had been placed on paid administrative leave in April after the launch of the legal action, has now left Hilton.<br /><br /><strong>TANKER DRIVERS THREATEN TO STRIKE OVER BP OUTSOURCING</strong><br />BP was on a collision course last night with hundreds of angry fuel tanker drivers after the oil company threatened to start outsourcing its petrol deliveries in the UK to other companies. Unit is set to meet in London today to discuss industrial action.<br /><br /><strong>The Daily Telegraph<br /><br />TRIDENT FLEET TO BE CUT GORDON BROWN TO ANNOUNCE</strong><br />Britain&rsquo;s Trident fleet should be cut from four submarines capable of firing nuclear weapons to just three, Gordon Brown will announce today. The surprise move will inevitably be seen as an opening salvo in the battle to find Whitehall savings to help pay off the record deficit built up by Labour. However, the Prime Minister will claim the move is part of a nuclear non-proliferation deal that Mr Brown hopes to engineer on his four day trip to America. <br /><br /><strong>CHINA PROMISES &lsquo;NOTABLE&rsquo; REDUCTION IN GROWTH OF CO2 GASES</strong><br />China&rsquo;s president President Hu Jintao sought to demonstrate his commitment to fighting climate change yesterday, promising a &ldquo;notable&rdquo; reduction in the growth of carbon dioxide emissions.<br /><br /><strong>WALL STREET JOURNAL<br /><br />WTO BID STILL FACES OBSTACLES, RUSSIA SAYS</strong><br />Russian first deputy Prime Minister Igor Shuvalov said Russia aims to finish negotiating its entry into the World Trade organization next year, although various stumbling blocks remain. Among the complications is that Russia is negotiating not only for itself. It wants to join the WTO at the same time as two partners in a customs union, Kazakhstan and Belarus, even though the two countries are far less developed economically.<br /><br /><strong>FREDDIE MAC NAMES KARI AS CFO</strong><br />Freddie Mac named veteran finance executive Ross Kari as its chief financial officer, completing recently appointed chief executive Charles Haldeman&rsquo;s efforts to remake the government-backed mortgage company&rsquo;s board. Bruce Witherell was last month made chief operating officer.