WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

Siemens sets out €3bn share buyback
Siemens, the German industrial conglomerate, plans to buy back up to €3bn in shares by the end of the year as it tries to make best use of its capital structure.

Siemens said in a statement late on Thursday that the equity-for-debt swap would be used to reduce capital stock, to issue shares to employees and executives, as well as for convertible bonds and warrants.

Fast broadband timetable slips
A key target for the UK government’s rollout of superfast broadband will be missed this year, raising doubts about ambitions to build a national high-speed network by 2015.

Goldman creates US ‘social’ bond
Goldman Sachs has teamed up with New York City to create the first significant “social impact bond” in the US, providing a test case for the experimental financing method aimed at helping cash-strapped local governments. The transactions already have been used by cities in the UK.

THE TIMES

‘Come back’, Cameron urges visitors
David Cameron has urged tourists to return to London after retailers complained that constant warnings that non-Olympic visitors should stay away have turned the capital into a “ghost town”.

Olympic Westfield to block shoppers
A huge new shopping mall next to the Olympic Park in East London is to be closed to shoppers this weekend to avoid overcrowding.

The Daily Telegraph

David Cameron retreats on House of Lords reform
David Cameron is to abandon plans to reform the House of Lords after failing to win over Conservative rebels.

Hop Farm Festival owner needs extra funding after poor ticket sales
The company behind the Hop Farm Festival, which this year featured Bob Dylan, has warned it expects to make a loss in 2012 and needs extra funding.

THE WALL STREET JOURNAL

PBOC Calls Stability Of Growth Top Priority
China's central bank said yesterday it will make stabilizing economic growth a bigger priority, signaling rising concern over the slowdown in the world's second-largest economy.

Spain Arrests Three Men Allegedly Tied to al Qaeda
Spanish authorities yesterday said they had arrested three alleged members of al Qaeda in possession of explosives.