What the other papers say this morning

FINANCIAL TIMES

Citigroup targets European banks
Citigroup is launching a commodity trade finance business to capitalise on the pullback from the market by European lenders such as BNP Paribas. European banks including BNP and Crédit Agricole are scaling back their presence to limit their need for scarce dollars and comply with tougher regulatory capital requirements.

Ex-Porsche CFO denies credit fraud
Porsche’s former chief financial officer has denied committing credit fraud during the carmaker’s failed attempt to take over Volkswagen. On the first day of his trial in Stuttgart, Holger Härter told reporters that he rejected the accusations and would prove prosecutors wrong in court.

Goldman boosts loans to wealthy
The private bank of Goldman Sachs is quietly beefing up its lending to wealthy individuals with a host of new loan products and credit offerings.

Investment banks such as Goldman and Morgan Stanley have turned to private banking to boost revenues as new rules are expected to clamp down on their old profitmaking activities.

THE TIMES

UBS fears over rogue trader trial
The head of UBS has warned staff to toe the line as Switzerland’s biggest bank prepares for a barrage of negative publicity when the trial of an alleged rogue trader begins in London next week. UBS employees have been urged to avoid jeopardising the criminal proceedings by commenting publicly.

Ex-Clinton’s boss to head Costcutter
Costcutter has brought in Darcy Willson-Rymer, the former boss of the Clinton Card chain, as its new chief executive.

The Daily Telegraph

US judge dismisses RBSā€ˆinvestors
Royal Bank of Scotland shareholders who are threatening a £3.3bn lawsuit against the lender and its former directors have been dealt a blow after a US court dismissed similar allegations that the bank misled investors.

Four dead in France shooting
Three people were found shot dead inside a British-registered BMW following a gun massacre that left a young girl fighting for her life at a French alpine beauty spot near Chevaline, in the French Alps.

THE WALL STREET JOURNAL

Democrats restore Jerusalem
After coming under fire for omitting language describing Jerusalem as Israel’s capital, Democrats yesterday swiftly reinserted the language in an attempt to defuse controversy on the eve of President Barack Obama’s speech accepting his party’s nomination.
Party convention chairman Antonio Villaraigosa, the mayor of Los Angeles, called three separate voice votes on a resolution reinserting a passage referring to Jerusalem as the capital of the Jewish state.