WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

BANKS FACE €350BN BASEL III SHORTFALL
European banks will have to raise nearly €200bn ($260bn) in new capital or cut their balance sheets by nearly 20 per cent, to achieve the tougher new Basel III banking reform rules that start taking effect in 2013, a new study has found. The study by the Boston Consulting Group looked at the efforts of 145 large banks worldwide to comply with that ratio and found they need to raise €354bn in capital on top of what they had at the end of 2010 or cut their risk-weighted assets by €5tn or 17 per cent.

LSE IN TRADE REPOSITORY TALKS
London Stock Exchange is in talks with UK regulators on the possibility of establishing a trade repository, or electronic data storage warehouse, that would handle over-the-counter (OTC) derivatives. The move is another sign that Xavier Rolet, chief executive, is diversifying the businesses beyond share trading.

CAMERON RULES OUT PUTTING EXTRA €30BN INTO IMF
David Cameron has dashed hopes in the eurozone that Britain could commit at least €30bn in extra resources to the International Monetary Fund to help countries stricken by the financial crisis, including those in the Eurozone. Downing Street said it did not expect Britain to commit more than an additional £10bn

METAL THEFTS SPARK SEARCH FOR ALTERNATIVES
The “unprecedented levels” of metal theft that have knocked out railways, power supplies and telephone lines with ever increasing frequency has left councils and businesses searching for alternative materials that cannot be stolen and sold for a profit.

THE TIMES

KAZAKHSTAN DRIVES HARD BARGAIN OVER HUGE OILFIELD
A consortium led by BG Group has resolved a two-year dispute with the Government of Kazakhstan over the ownership of a huge, largely untapped, oil and gasfield in the Central Asian country. The $3 billion deal means that the next phase of investment in the $18 billion Karachaganak field will go ahead.

WINTER SETS IN AND SALES HEAT UP AT ZARA
The onset of wintry bad weather may be cursed by many, but it has been welcomed by the owner of Zara and Massimo Dutti.The combination of a warm autumn and cash-strapped customers held back sales growth at Inditex, which recorded a 9.5 per cent rise in the third quarter, noticably slower than the 12 per cent in the first half.

The Daily Telegraph

EXPENSES CHEATS TO BE BANNED FROM LORDS
Senior peers have drawn up plans that could stop members like Baroness Uddin and Lord Hanningfield resuming their seats in the upper house until they repay. Under current rules, there is nothing that can prevent peers sitting, speaking and voting in the House of Lords after they have served their punishment for breaking expenses rules.

PETS GIVEN HUMAN MEDICINES AS OWNERS LOOK TO CUT COSTS
Financial pressure during the economic downturn coupled with rising vet fees are driving pet owners to purchase cheap over-the-counter human medications to give their cats and dogs, according to research from Sainsbury's Pet Insurance. Vets' fees are increasing at twice the rate of inflation.

THE WALL STREET JOURNAL

PRESSURE MOUNTS ON RIM
Research In Motion Ltd's nose-diving share price is ratcheting up pressure on the BlackBerry maker's directors to overhaul the company's peculiar management structure, which has long allowed the company's two chief executives to also serve as co-chairmen.

JAPAN EMBARKS ON SHOPPING SPREE
Propelled by a strong yen and corporate enthusiasm for growth outside the saturated home market, Japan has leapfrogged rivals like China to become the third-biggest cross-border acquirer behind the US and the UK this year by value of deals. With international rivals weakened by the European crisis, Japanese firms, which have abundant cash on hand, are seeking investments around the globe, spurred by experience in successfully closing purchases.