WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

Money managers reap US crop insurance rewards
Institutional money managers have emerged as unlikely beneficiaries of a subsidised safety net for US farmers set for expansion by Washington.

Basel III will damage developing countries
Tough global bank reforms will be disproportionately difficult to implement in developing economies and will damage their growth, a global taskforce of bankers and businessmen from emerging markets is set to warn. The so-called Basel III rules will impose capital and liquidity requirements that were designed for US and Europe institutions but would be difficult to implement in emerging economies, according to a report to be issued on Sunday by the B20 group of businesses.

AIB to cut top pay in drive on costs
Allied Irish Banks has announced plans to slash executive and management pay, freeze staff salaries and switch employees from its existing defined benefit pension scheme to cut costs.

THE TIMES

Caffè Nero brews battle in Poland
Caffè Nero is to do battle against Costa Coffee and Starbucks in Central Europe after taking a majority stake in a Polish coffee shop operator as part of an overseas expansion drive.

Broker says bank added Kerviel’s loss
A fellow banker stepped forward yesterday to defend Jérôme Kerviel, the “rogue trader” saying he was not solely to blame for the €4.9bn scandal that almost brought Société Générale to its knees.

The Daily Telegraph

Overhaul to make SFO top of its game
The new head of the Serious Fraud Office plans an overhaul to bring the agency back to the “the top of its game”, after it was widely criticised for failings in its investigation into the Tchenguiz brothers.

Fifth of international jobs don’t work out as executives return home
A fifth of executives who move overseas for a new role with their company give up and return home within two years leaving businesses out of pocket, a study revealed.

THE WALL STREET JOURNAL

RIM aims to bring private-equity investor on board
Research In Motion said yesterday it is nominating Timothy Dattels, an investor at TPG Capital and a former partner at Goldman Sachs Group to its board.

AOL Wins Proxy Contest
AOL yesterday won a proxy fight with activist investor Starboard Value, relieving some of the scrutiny of chief executive Tim Armstrong's investments in online content businesses like the Huffington Post.