What the other papers say this morning

FINANCIAL TIMES

Panmure hires team from Matrix
Panmure Gordon has returned to the investment fund business by hiring a team from Matrix Corporate Capital, as the broker seeks to build on its return to profitability without inflating its cost base. Most of Matrix’s existing investment funds team, which includes market makers, specialist analysts and sales people, will join Panmure next week. Phillip Wale, Panmure’s chief executive, said he would continue to focus on “fixing broken parts of the business”.

Qualcomm vies with Intel
Intel, the chipmaker that was once a stock market champion for the technology sector, was overtaken briefly in market value by rival Qualcomm in a sign of the rapidly changing fortunes of the smartphone and personal computer industries.

Ghana selling triggers cocoa slide
Cocoa prices fell to their lowest level in three-and-a-half months as unexpected selling by a west African producer prompted selling by investment funds. Traders said Ghana was seen locking in profits for the new season’s crop.

THE TIMES

Pension promises sinks AEA
An unmanageable pension fund deficit and disastrous overseas foray have finished off the ailing privatised arm of the UK Atomic Energy Agency. AEA Technology went into a “pre-pack” administration yesterday.

Adoboli ‘fabricated defence’
The UBS “rogue trader” falsely claimed that colleagues knew what he was doing in an attempt to save himself, a court was told.

The Daily Telegraph

Comet firesale disappoints
Comet has launched its widely anticipated firesale as administrators move to wind down the failed retailer ahead of store closures as early as next week.

IAG makes €113m Vueling offer
International Airlines Group, owner of British Airways and Iberia, has mounted a €113m (£90m) offer to take full control of Spanish low-cost carrier, Vueling, as it looks to restructure its loss-making business in Spain.

THE WALL STREET JOURNAL

Money Funds’ Plan Falls Flat
A proposal by money funds to safeguard their industry during times of financial stress—and head off substantial new regulations—is receiving a chilly reception from federal regulators.

Orient-Express Rejects Offer
Orient-Express Hotels yesterday rejected a takeover offer from a rival chain owned by Tata Group, calling the $1.2 billion offer “deeply unattractive.”