WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

Sants: City’s status under threat
London’s position as a global financial centre is under threat because the UK financial sector is not rethinking its business models quickly enough in the face of a new political atmosphere and regulatory change, says Hector Sants, the departing chief executive of the FSA. Sants warned that banks, brokers and insurers all need “radical re-engineering” over the next five years because of changes in savings patterns, the shift of growth to the developing world and tougher regulation.

Morgan Stanley discusses penance with Irish nuns over bond lawsuit
A group of Irish nuns is close to reaching a settlement US bank in a dispute about losses they incurred from an investment in euro-denominated notes.

Aegon head admits life assurers market over-complex products
The head of one of the biggest life assurers, Aegon chief executive Alex Wynaendts, admits his industry suffers a credibility problem because it has sold over-complex products to savers.

THE TIMES

Times investigation: tax avoiders
Thousands of wealthy people in Britain pay as little as one per cent income tax using “below the radar” accounting methods, part of a tax avoidance industry that costs the country billions of pounds.

Hornby online and on track for sale or float
The former boss of Alliance Boots has dipped a toe back into the health market by joining the board of internet chemist Pharmacy2U.

The Daily Telegraph

LSE chief says regulation ‘killing the equity markets'
New regulations are “killing” the equity market, according to Xavier Rolet, chief executive of the London Stock Exchange.

Rolet said many of the rule changes brought in since the banking crisis had done more harm than good to financial markets.

Clarks and Ford workers start industrial action
Clarks Shoes has been hit by “work-to-rule” industrial action over pay.

THE WALL STREET JOURNAL

New Carrefour CEO sets stage for retrenchment
Days after announcing Carrefour's exit from Greece, chief executive George Plassat said he would look to further reduce the French retailer’s global footprint and improve efficiency.

Russia prepares for economic storms
With prices for oil, its main export, sliding, Russia is already gearing up for economic troubles, says First Deputy Prime Minister Igor Shuvalov.