What the other papers say this morning

FINANCIAL TIMES

KCELL SET TO PURSUE LONDON LISTING
Investor appetite in London for companies from the former Soviet Union will be tested with plans for the second mobile operator flotation to be announced in the space of a month. Kcell, the largest mobile operator in Kazakhstan, plans to list about a quarter of its equity for up to £500m. Credit Suisse and UBS are acting as advisers.

MANY MORTGAGES STILL INTEREST-ONLY
More than half of outstanding mortgages on homes in London, the southeast and southwest of England are so-called interest only mortgages, a form of lending considered risky enough for regulators to set restrictions on new sales of this product. Moody’s Investors Service looked at the loans associated with mortgage-backed securities to assess the effect tougher mortgage rules would have on outstanding loans.

BOFA MOVES CLOSER TO PAYOUT
Bank of America has moved closer to returning capital to shareholders after last week unexpectedly reaching new international capital standards. Brian Moynihan, chief executive, has long promised the company will reap a “peace dividend” once BofA finishes dealing with the after-effects of the mortgage crisis.

THE TIMES

FRAUD TRIAL BEGINS BUT ABLYAZOV MISSING
The latest in a series of big-money trials involving rich Eastern Europeans will begin in the High Court this week with one key figure missing — the main defendant. Mukhtar Ablyazov, 49, is accused of one of the world’s biggest banking frauds.

BRITAIN URGED TO CUT CARBON EMISSIONS
The nuclear and renewable energy industries have joined forces to warn that Britain risks losing jobs and investment if the government fails to commit itself to a new carbon-cutting target.

The Daily Telegraph

'MAFIOSI' STAND TO GAIN MOST FROM EU BAIL-OUT OF CYPRU
Russian oligarchs and "mafiosi" who have parked their illegal earnings inside the country stand to benefit most from an EU bail-out of Cyprus, according to a report by Germany's intelligence agency.

£1,230 BILL TO PLUG PUBLIC SECTOR PENSION BLACK HOLE
Households face an annual bill of £1,230 by 2017 to plug the “unsustainable” black hole in public sector pensions as Coalition reforms still leave the taxpayer paying for £4 in every £5 of the pensions, a thinktank has warned.

THE WALL STREET JOURNAL
EUROPE

NORTHERN IRON DEAL BITES THE DUST
Yet another takeover of an Australia-listed miner has collapsed, the third in a week. Northern Iron’s today announced the end of a Goldman Sachs-led strategic review, which saw two indicative offers — from India’s Aditya Birla Group and Russia-backed Prominvest — fall into oblivion.

KABUL THREATENS TO EXPEL FOREIGN CRITICS
The Afghan government said it is considering expelling the staff of an influential global conflict-resolution think tank over a recent critical report, fueling concerns about Kabul's tolerance of dissent.