What the other papers say this morning

FINANCIAL TIMES

Austerity squeeze to last until 2018
George Osborne is set to be told this autumn by the Office for Budget Responsibility he will have to plug another large hole in the public finances, extending austerity until 2018 and throwing the coalition’s deficit reduction strategy into doubt.

Regulator warns on Big Four alumni
The vast alumni networks cultivated by the four leading accountancy firms could be contributing to a stifling of competition in the audit market, according to a UK regulator probing the dominance of PwC, Deloitte, KPMG and Ernst & Young. The Competition Commission thinks that past experience of working for one of the “Big Four” could influence those selecting auditors.

Economic recovery on the ropes
The world economic recovery is “on the ropes” with a significant threat of another slide into global recession, the latest Brookings Institution - Financial Times tracking index shows, despite the best efforts of the world’s central banks to boost demand.

THE TIMES

Admiral mulls future of 1,150 pubs
One of Britain’s biggest tenanted pub companies,Admiral Taverns, has appointed advisers from PwC to review strategic options ranging from a debt refinancing to an outright sale, The Times has learnt.

Hogan Lovells eyes glass ceiling
Hogan Lovells says it could take more than a decade for the biggest legal businesses to achieve a target of women making up 30 per cent of partnerships.

The Daily Telegraph

United chief attacks aviation taxes
Jeff Smisek, the head of the world’s largest airline has launched a scathing attack on Air Passenger Duty. The chief executive of United, also condemned the European Union for trying to force American carriers into its emissions trading scheme.

ECB board member bans Greek delay
Greece can not have more time to repay its debt to the ECB because it would be illegal and “illogical”, said Joerg Asmussen.

THE WALL STREET JOURNAL
EUROPE

Qatar Telecom ups stake in Kuwait
In one of the biggest deals in the Mideast this year, Qatar Telecom has spent the equivalent of $1.8bn (£1.1bn) to substantially raise its stake in Kuwaiti telecom company National Mobile Telecommunications, or Wataniya.

American Securities buys HHI Group
Private-equity firm American Securities is paying $750m (£465m) for HHI Group, once a money-losing collection of auto-parts suppliers, amid a resurgence in the US auto industry.