WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

Big UK funds urge rethink on incentives
Some of the UK’s biggest fund managers are pushing banks and other blue-chip companies to adopt a dramatic change in pay practices, overhauling so-called long-term incentive plans to make them genuinely long term. Fidelity Worldwide Investment, Standard Life Investments and Hermes Equity Ownership Services are encouraging companies’ remuneration committees in Britain and globally to model LTIP structures on a new HSBC scheme.

Goldman nears hedge fund admin unit sale
Goldman Sachs is close to sealing a deal with State Street over the sale of its hedge fund administration business in a tie-up that would create the largest administration services provider to hedge funds worldwide.

Banks to win ground on Vickers plan
The UK’s biggest banks are expected to win a potentially crucial concession for their small business operations as the government unveils its long-awaited response to proposals set out by the Vickers commission.

THE TIMES

‘We’ll live to regret’ handing energy subsidy to the French
Families will be forced to pay higher energy bills to fund subsidies to the French for a radical overhaul of the power market, the boss of one of the country’s largest energy companies has warned.
Ian Marchant, the chief executive of SSE, said that subsidies demanded by the French state-owned EDF Energy to build new nuclear reactors in Britain would saddle consumers with higher bills for years to come.

The Daily Telegraph

Virgin Active plans expansion into Asia
Virgin Active is planning to open clubs in Asia for the first time as the health club business shifts its focus east in the face of the economic slowdown in Europe. The company is set to move into Singapore and other countries in south-east Asia.

Bank account fraud reaches new heights
Fraud involving current accounts soared to a new peak in the first quarter, says Experian. Some 44 in 10,000 applications for current accounts were found to be fraudulent, it said.

THE WALL STREET JOURNAL
EUROPE

GE weighs cuts to lending unit
General Electric is considering breaking off big chunks of its lending business, heeding the wishes of investors who are uncomfortable that the conglomerate owns what amounts to one of the country’s largest banks.

Telefónica to Sell China Unicom Stake
Telefónica agreed to sell a 4.56 per cent stake in China Unicom to its parent company China United Network Communications Group for about €1.13bn.