WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

EU plan to rewrite budgets
The European Union would gain far-reaching powers to rewrite national budgets for Eurozone countries that breach debt and deficit rules under proposals likely to be discussed at a summit this week, according to a draft report seen by the Financial Times.

State-backed cyber attack cost UK company £800m, says MI5 chief
State-sponsored cyberattacks against the computer systems of a large, listed British company cost it £800m in potential revenues, the head of MI5, Britain’s domestic security service, said yesterday highlighting the threat that UK business faces from the internet-based espionage.

Qatar fund seeks go-ahead for $5bn China investment quota
Qatar’s sovereign welath fund is seeking approval to invest up to $5bn in Chinese stocks and bonds, which would make it the biggest foreign investor in China’s capital markets. Beijing keeps a tight grip on capital flows across its borders, and foreign institutions that are seeking to buy stocks or bonds must obtain a special quota.

THE TIMES

Laptop checked for espionage
Barclays is examining the laptop computer used by a Baker Tilly employee seconded to the bank, who is suspected of corporate espionage. The bank is carrying out a detailed analysis of e-mails and other information downloaded on to the computer as it seeks to find out what, if any, confidential information was passed back to the accounting firm. As The Times revealed on Saturday, Baker Tilly is being investigated by the Institute of Chartered Accountants in England and Wales over the allegations.

The Daily Telegraph

Peter Sands docs show warning to Cameron of euro danger to Britain
David Cameron has been warned by Peter Sands, the chief executive of Standard Chartered, that the biggest threat to the City is the possibility of Britain leaving the EU.

Ministers take over hospitals
One of Britain’s biggest hospital trusts is “on the brink of bankruptcy” and will be taken over by ministers in the coming weeks after being saddled with large debts from PFI deals.

THE WALL STREET JOURNAL
Chesapeake and Encana shares fall
Shares of Chesapeake Energy and Encana fell sharply yesterday, following a report that the two natural-gas powerhouses discussed cooperating to avoid driving up the cost of shale-gas lands up for auction.

EU confirms full Iran oil embargo to start Sunday
A full embargo of Iranian crude oil exports will enter into force Sunday as initially planned, the European Union confirmed Monday, as nuclear talks with Tehran remained stymied.