WHAT THE OTHER PAPERS SAY THIS MORNING

NCIA

NCIAL TIMES

Bostock poised to leave M&S
Kate Bostock, the head of all of Marks and Spencer’s non-food business, including clothing, is poised to leave the high street retailer. Ms Bostock’s departure could be announced at M&S’s annual meeting on July 10, or possibly sooner. The expected departure of Ms Bostock, who has been with M&S for eight years, is the latest blow to Marc Bolland, chief executive.

Dearth of deals weighs on bank fees
Global investment banks are bracing themselves for a dismal second half, with further cuts in costs and staff, after a sharp drop in dealmaking pushed down fees in the second quarter to their worst level in three years. The dearth of transactions drove down advisory fees from M&A as well as debt and equity issuance to $32bn in the first half, a fall of a quarter on the first six months of 2011.

Batista no longer Brazil’s richest
Brazilian billionaire Eike Batista is set to lose his title as Brazil’s richest man after shares in his flagship oil company plummeted 40 per cent in just two days.

OGX’s stock dropped 25 per cent on Wednesday and 19 per cent yesterday.

THE TIMES

Lawyer: Kerviel was made scapegoat
Société Générale spent millions in an attempt to sully the junior employee accused of dragging the bank into France’s biggest rogue-trading scandal, a court was told yesterday. Lawyers for Jérôme Kerviel — who lost €4.9bn (£3.9bn) — painted him as the scapegoat in a scandal caused by the bank itself.

Fiat targets US and China
Fiat is hoping to revive the glory of the 102-year-old Italian marque by returning to the United States and entering China, now the world’s biggest car market.

The Daily Telegraph

Glencore executive moves shares
Glencore’s finance director has moved shares worth £200m into trusts, at least one of which is based in Cayman Islands, as the commodity giant's merger with Xstrata stands on the verge of unravelling.

Shareholder spring hits Stobart
The shareholder spring claimed its latest scalp as a third of investors at Stobart failed to back the transport group’s pay report. Shareholders are angered by a plan that could see directors given shares worth 10 per cent of its market capitalisation.

THE WALL STREET JOURNAL

Beijing and EU tangle over telcoms
Beijing is pressing the EU not to start a trade investigation into China’s telecommunications-equipment makers that could spark a trade war. European officials are in China to discuss allegations that China gives subsidies to the firms that are forbidden by trade rules.

HSBC sells stake in Indian banks
A unit of HSBC has sold stakes in two Indian banks for around $425m. HSBC described these sales as the disposal of "non-core investments” and said India remains a “priority market”.