WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

Co-op nears cut-price Lloyds deal
The Co-operative Group is close to agreeing final terms with Lloyds Banking Group to buy 630 of its branches in a deal expected to be struck at a steep discount to the previously mooted £1.5bn price tag. But Lloyds, 40 per cent owned by the government, would be in line for additional payments from the mutual if the business performed well, sources say.

Honeywell warns on debt gridlock
A prominent US chief executive has urged business leaders to press politicians to agree on a solution to the country’s debt problems as concern rises that gridlock in Washington is damaging the economy. David Cote, Honeywell chief executive, warns that the lack of political will to tackle the issue is creating uncertainty for companies facing investment and hiring decisions, and could lead to years of low growth or even another financial crisis.

Activist stake in P&G approved
Bill Ackman, the activist investor, has received clearance to take a stake in Procter & Gamble in a sign that he could become a new source of pressure on the company, which has lost the faith of some investors.

THE TIMES

A Big Mac and fries and my prescription, please
Will pharmacists be offering to supersize their customers’ orders? Analyst are asking this question after reports that the former boss of the world’s largest fast-food chain Macdonalds, James Skinner, is likely to become the next head of Boots.

Beeb chooses a buyer for TV Centre
The BBC is to sell its sprawling Television Centre complex in West London to the developer Stanhope for £200m.

The Daily Telegraph

Emerging market oil demand to surpass OECD, IEA forecasts
Demand for oil from emerging markets will overtake that of the developed world for the first time next year, the International Energy Agency has forecast.

Euro tumbles as Asian funds shun EU chaos
The euro has plunged to multi-year lows against a range of currencies on fears of a deepening slump in Italy and Spain, and ugly disputes between Eurozone leaders.

THE WALL STREET JOURNAL

GM Europe president steps aside
General Motors ousted the head of its struggling Opel/Vauxhaull division Karl-Friedrich Stracke amid growing frustration with the pace of the turnaround of the European business, people close to GM said.

France’s Sanofi Mulls Job Cuts
Sanofi is considering cutting several thousand jobs in France after the French pharmaceutical giant lost patent protection in the US on some of its blockbuster drugs earlier this year.