WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

DEUTSCHE BÖRSE-NYSE DEAL TO SAVE EXTRA $1BN FOR CUSTOMERS
Deutsche Börse and NYSE Euronext, the exchange operators planning to create the world’s largest bourse, have significantly raised their estimate of savings by banks from the deal, saying customers would save about $1bn more than previously estimated.

VICKERS MEMBER CALLS FOR REPEAL OF BANK LEVY
An influential member of the Vickers commission on banking reform has urged the government to offset the potential £7bn-a-year hit to the industry from implementing the report’s recommendations, by axing the annual £2.5bn balance sheet levy. Bill Winters said any concerns that the Vickers recommendations would make British banks uncompetitive against foreign-owned rivals could be softened by tax cuts.

BARCAP NEARS £1BN DEAL FOR STUDENT HOMES STAKE
Barclays Capital is close to selling its majority stake in University Partnerships Programme, the UK’s largest developer of university campuses, in a deal that could be worth close to £1bn. PGGM, the Dutch pension fund, has entered exclusive negotiations with UPP and is likely to sign a deal early next month to buy the bulk of the 80 per cent stake controlled by BarCap’s infrastructure fund.

HAPAG-LLOYD IPO BLOCKED BY SPLIT AMONG SHAREHOLDERS
The general manager of the consortium that owns a majority of Hapag-Lloyd, one of the world’s largest container shipping lines, has ruled out a €3bn ($4.1bn) initial public offering in the next 12-15 months. Karl Gernandt, chief executive of Kuehne Holding, a member of the Albert Ballin consortium that controls 62 per cent of Hapag-Lloyd, said the IPO had been held up by differences of opinion.

THE TIMES

MCLAREN’S FORMULA ADDED TO LUCOZADE, DRUGS AND EDUCATION
McLaren’s expertise in building Formula One cars is to be put to use in the manufacture of antibiotics, vaccines and Lucozade in an unlikely alliance between the motor racing team and GlaxoSmithKline. The two companies are to spend between £25m and £30m on a technical centre in Woking that will pool analytical tools.

PLYMOUTH MARINA CHIEF BOWS TO INVESTOR PRESSURE
The chief executive of Plymouth’s marina and airport stepped down yesterday in the aftermath of an investor revolt. Sutton Harbour Group, which also owns the dock that services Plymouth’s fishing fleet, said that Nigel Godefroy had resigned after 19 years at the company for “personal reasons”.

The Daily Telegraph

IMF: EUROPE NEEDS TO TAKE DECISIVE ACTION NOW ON BANKING CRISIS
The International Monetary Fund (IMF) has issued its starkest warning to date that Europe’s banking debacle is turning into a systemic threat to global finance and can no longer be allowed to fester. “This is the most urgent crisis facing the world today,” said Zhu Min, the IMF’s deputy managing director and China's voice at the institution.

IPPR: THE BLOATED SCOTTISH PUBLIC SECTOR WILL HAMPER RECOVERY
Economic recovery in Scotland will lag behind most of the UK because it has become so reliant on an unaffordable public sector, a think tank study has concluded. The Institute for Public Policy Research (IPPR) said the SNP administration must oversee a “marked turnaround” in the creation of private sector jobs.

THE WALL STREET JOURNAL

THAT IPO POP? MAJORITY OF 2011 US LISTINGS ARE UNDERWATER
More than half of the US-based companies making their domestic stock-market debuts this year are trading below their offer price, an ominous backdrop for any companies hoping to come public. For any investor who bought – and held – these so-called underwater stocks in their portfolios over the course of the year, it is a painful reminder that even deals that did well their first day in the spotlight can crater later.

GOP TIES HOUSE WINS TO PRESIDENT’S WOES
Decisive Republican wins Tuesday in two House races have Democrats increasingly worried they will face problems in the 2012 elections if the economy and President Barack Obama's job approval rating don't improve significantly.