What the other papers say this morning

FINANCIAL TIMES

EU makes budget plans without UK
EU officials have begun work on a plan to create a long-term budget without the UK in a move that reflects mounting frustration that Britain’s demand for a spending freeze cannot be reconciled with the rest of the bloc. EU officials and national diplomats have been studying the legal and technical feasibility of devising such a budget, according to people familiar with the discussions.

Osborne to widen Reits tax incentives
George Osborne is poised to introduce a major change to the listed commercial property sector by allowing real estate investment trusts (Reits) to invest in each other on a more tax-efficient basis. The chancellor is set to change the current tax treatment so that investing in other Reits will enjoy the same tax freedom as investing in physical buildings.

Bond investor takes punt on Ireland
A prominent US bond investor has increased an already aggressive bet on Ireland’s recovery from the financial crisis. Franklin Templeton funds increased their holdings of Irish bonds by more than a third to at least €8.4bn in the third quarter.

THE TIMES

No further action on Connaught
Executives who presided over one of Britain’s biggest corporate collapses of recent years will not face action by the Financial Services Authority. The FSA has closed an investigation into whether Connaught bosses broke financial rules.

Rural areas set for Vodafone boost
Mobile phone reception in rural areas is set to improve after Vodafone acquired a licence to install powerful microwave transmitters on its masts in remote areas.

The Daily Telegraph

Investors warn bank profits distorted
Britain needs to urgently overhaul its accounting rules as they are dangerously distorting bank profits and leading to confusion over executive pay, some of the country’s biggest investors and pension funds have warned.

Business leaders call for simpler tax
Business leaders have overwhelmingly backed a call to merge National Insurance with income tax to help reduce costs, drive up wages and create jobs.

THE WALL STREET JOURNAL
EUROPE

Ad haul bodes well for China
Companies looking to advertise on China's biggest television network committed ¥15.9bn yuan (£1.6bn) to run ads in 2013, up 11 per cent from a year earlier, signalling confidence in China’s economy from marketers and increased competition for China’s 1.3bn consumers.

Call of Duty sets sales record
Activision Blizzard said sales of Call of Duty: Black Ops II, the latest of its war-simulation games, topped $500m in retail sales during its first day on the market.