WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

CURRENCY TRADING VOLUMES DROP
Volumes in the world’s multi-trillion dollar foreign exchange market have dropped to six-year lows as nervous investors have shied away from trading the euro and central banks have continued to maintain a tight grip on the value of their currencies.

SOCGEN TO FACE REGULATOR PROBE
Société Générale is to face a disciplinary probe, which could result in fines, by the Autorité de Contrôle Prudentiel, the French banking regulator. France’s second-largest bank said that the regulator’s inquiry focused on controls in its private bank over money-laundering and terrorism financing.

VODAFONE HEADS TOWARDS C&WW BID
Vodafone is edging towards making an indicative offer for Cable & Wireless Worldwide ahead of the Takeover Panel’s ‘put-up-or-shut-up’ deadline on Monday. The situation is still said to be “fluid” by those with knowledge of the company, however, and Vodafone could still withdraw, given continued deliberations over price.

RATING AGENCY BACKS ROTATION
DBRS, the upstart Canadian credit rating agency, broke ranks with its larger US-based competitors and told a UK parliamentary committee that forcing companies to change their rating agency regularly would increase competition and prevent “group think”. Representatives of the big three agencies oppose reform.

THE TIMES

CHINESE STEEL MANUFACTURER TURNS TO PIG FARMING
One of China’s biggest steel firms has become so exasperated with the state of the industry that it is investing £4bn in pig farming, chicken-rearing, drain clearance and kindergarten taxi services. The diversification of the Wuhan Iron and Steel Group was made after managers realised they could make more profit on a pork chop than they could on 1kg of steel.

TRAINS SHOULD OFFER NO-FRILLS SEATS
Trains should copy airlines and introduce premium economy seats to ease overcrowding, said Alok Sharma MP, calling on operators to introduce a no-frills version of first class.

The Daily Telegraph

BRITAIN LEADS WAY IN FINANCIAL CRISIS MANAGEMENT
The UK has excelled in crisis management over the five years of the global downturn, according to analysts. Deutsche Bank said “the UK authorities have done a good job to date” in limiting the effects of the crisis, benefiting from control over its currency and its own central bank.

LADBROKES BOSS TAKES £491,000 BONUS DESPITE PROFITS FALL
Ladbrokes’ chief executive Richard Glynn was handed a £491,000 bonus last year as part of his total £1.22m pay despite a fall in profits and another failed attempt to buy an online gambling company.

THE WALL STREET JOURNAL

COURT CHALLENGES EU ON BANK DOWNSIZINGS
A decision from the European Union Court of Justice has called into question the tough downsizings imposed on many of the region's banks as the price of approval for the giant government bailouts they received during the financial crisis.

BIG REWARDS FOR FORD DIRECTORS
Top company executives at Ford are getting big rewards for a turnaround that avoided government bailouts. The firm gave 17 of its top executives stock valued at $56.5m for shares granted in 2009, the year Ford rebounded to a $2.7bn profit after a record loss of $14.6bn the year before.