What the other papers say this morning


Banks to shed €20bn property loans
Europe’s banks are on track to dispose of €20bn worth of loans backed by offices, shops and hotels this year as lenders across the continent race to reduce exposure to the volatile real estate sector ahead of tough regulatory changes. Banks including Lloyds Banking Group, Santander and the Bundesbank have already sold €7.5bn during 2012.

Europe IT sector loses to Asia and US
European information technology companies generate less than 10 per cent of the industry’s global revenues, following decades of under-investment in the sector. Only 15 of the top 100 global IT companies are headquartered in Europe and none are market segment leaders, according to research by AT Kearney.

London regulation pushes deals away
Some large companies are looking to shift debt issuance programmes away from London to avoid a stricter interpretation of new European rules than elsewhere. Since July, UK regulators have stringently enforced EU laws requiring companies to give detailed information to buyers of their debt earlier.


Morrisons prefers own scheme
WM Morrison, is set to sidestep the government’s new flagship auto-enrolment pension regime by setting up a staff scheme that is exempt from the new rules – only days before they come into force.

Strike threat as pay freeze continues
Scotland could face an autumn of public sector industrial action.Senior trade unionists said that local government workers were close to saying “enough is enough” after successive wage freezes.

The Daily Telegraph

Volcker: ring-fencing not enough
Ring fencing Britain’s banks will not protect taxpayers in the event of another financial crisis, according to Paul Volcker, the former chairman of the Federal Reserve and the architect of the “Volcker Rule”.

Nuclear subsidies could add £70 to bills
Subsidies for new nuclear power could add £70 to annual household energy bills, Ian Marchant, the chief executive of SSE warns. Ministers should refuse to subsidise EDF Energy’s plans for reactors, he argues.


IPhone 5 costs stay in check
Some components used to build Apple’s iPhone 5 cost a little more than those of the phone’s predecessor, owing to an improved display and a more-advanced processor chip. Research firm IHS said the cost was $197, compared to $188 for the iPhone 4s.

Cost of leaving Greece rises for Crédit Agricole
Crédit Agricole will likely have to pour a further up to €700m into its flailing Greek unit before it will be able sell the subsidiary.