WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

Non US banks hope for reprieve on swaps
US regulators are exploring ways to give large foreign banks and overseas subsidiaries of US lenders a reprieve from stringent new derivatives rules, potentially alleviating one of the biggest concerns facing global finance institutions.

Chesapeake discloses chief’s $661m payments for wells
Aubrey McClendon, the chief executive of Chesapeake Energy who has come under pressure over the scale of his personal borrowings, has had to commit $661m over the past three years to fund a controversial remuneration programme.

Oil traders face heat over better disclosure
Oil trading is likely to come under new disclosure rules as the industry-backed Extractive Industries Transparency Initiative discusses how to include deals between national oil companies and traders. The discussions could have significant implications for the publicity-shy Swiss-based commodities trading industry, including companies Vitol, Glencore, Trafigura, Mercuria and Gunvor.

THE TIMES

Developer plans to restore the faded glory of a flawed icon
Centre Point is set for a new lease of life if plans to convert the 34-storey building in Central London into flats are approved. Almacantar believes it can restore the faded Sixties tower.

You want a piece of the Empire State?
Ageing investors are trying to block plans by Malkin Holdings, the manager of the Empire State Building, to create a real estate investment trust that would be floated on the New York Stock Exchange.

The Daily Telegraph

Luciano Benetton hands over fashion empire to his son
Luciano Benetton, founder of the Italian fashion empire that bears his name, has announced he is handing control of the business he helped start 47 years ago to his eldest son Alessandro.

Kingfisher plants trees and hopes for a forest of sales
B&Q owner Kingfisher plans to grow sales by planting more trees - and with timber prices up 30 per cent in two years its not just about looking after the environment.

THE WALL STREET JOURNAL
EUROPE

Current and former BofA directors agree to settlement
Current and former Bank of America directors and ex-Chief Executive Officer Kenneth Lewis have agreed to a $20m settlement in one lawsuit alleging shareholders were wronged during the takeover of Merrill Lynch.

Disney studios chief steps down
The chairman of Walt Disney’s movie studio, Rich Ross, stepped down after less than three years on the job, in the wake of one of Disney’s biggest flops, John Carter.