WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

Greece cuts executive rewards
Greece’s coalition government has stripped the executives of loss-making state electricity producer of a monthly €3,500 allowance paid on top of their salaries, in a move signalling their intention to cut wasteful public sector spending.

Delancey bids to use park media centre as a data store
Delancey, the property company that teamed up with Qatari investors to buy the Olympic village for £557m, is funding a bid to convert the games’ media centre into a data storage facility.

Google revises Brussels offer
Google has submitted a revised package of concessions to address the concerns of Europe’s top competition authority, bringing the talks to settle the EU antitrust investigation to a critical juncture. Joaquín Almunia, the EU’s competition commissioner, recently spoke to Eric Schmidt, Google chairman, and requested the US group clarify its informal offer submitted two weeks ago. The initial google proposal came after Almunia delivered an ultimatum demanding a change in Google’s business practices.

THE TIMES

Coalition support plunges
Public confidence in the Conservatives to run a competent and united government has plunged since the Budget, a Populus poll reveals today after more dire economic news.

Third of BBC presenters paid off payroll
The BBC has revealed that it pays 148 out of its 467 regular presenters – almost one in three – as well as thousands of other staff, through limited companies that can be used to avoid tax.

The Daily Telegraph

Ryanair in bid to thwart UK probe into Aer Lingus stake
Ryanair has made an opportunistic move to quash the UK Competition Commission’s investigation into its 29.8 per cent stake in Aer Lingus. The low cost airline mounted a legal challenge against the investigation yesterday.

Banks bid for Cinven’s £1bn IPO
Private equity firm Cinven has held a selection process for investment banks to oversee the £1bn flotation of its pension company Partnership Assurance.

THE WALL STREET JOURNAL

Merkel calls for new Kyoto agreement
German Chancellor Angela Merkel yesterday urged international environment ministers to follow through on commitments made in the landmark Kyoto treaty to reduce greenhouse gases.

GM sees expanded European losses General Motors expects to report substantial losses in Europe for the rest of the year, damping hopes of a second-half recovery that the auto maker earlier had anticipated, according to sources.