What the other papers say this Morning

FINANCIAL TIMES

Fed begins bank stress tests
The US Federal Reserve is carrying out its first ever system-wide stress test of bank liquidity in a move that could force banks to change their funding sources.

Known internally as “C-Lar” – the liquidity version of the Fed’s annual “comprehensive capital analysis and review” – the examination only began recently. According to people familiar with the matter, it covers some of the 19 banks subject to the capital tests as well as some of the largest foreign banks with US operations.

Man Group faces GLG write-off
Man Group is weighing up significant accounting write-offs next year relating to its 2010 acquisition of GLG Partners, a move that will raise eyebrows after the announcement on Monday that former GLG boss Emmanuel Roman is to be the new chief executive of the company.

Spain freezes Mubarak assets
Spain has frozen €28m of assets owned by former Egyptian leader Hosni Mubarak, his family and associates, including luxury beachside properties and luxury cars.

THE TIMES

Shepshed end after 133 years
The tiny Shepshed Building Society threw in the towel yesterday and announced plans to be subsumed into the neighbouring Nottingham.

Foyles trade down the Tube
The development of Tottenham Court Road Tube station has been blamed for a drop in trade at Foyles bookshop on London’s Charing Cross Road.
The independent chain reported a 26 per cent fall in pre-tax profits.

The Daily Telegraph

Ofgem chief executive to leave
Alistair Buchanan is to step down as chief executive of Ofgem after 10 years, raising questions about the future of the energy regulator at a crucial time for the industry.

App users waste £173m on data
Consumers are wasting a staggering £173m annually in the UK on unsuitable monthly tariffs and data-draining smartphone apps, according to Carphone Warehouse and its technical adviser Geek Squad.

THE WALL STREET JOURNAL

Pimco to boost Treasury holdings
The world's biggest bond fund plans to increase its holdings of five-year Treasury notes now that the Federal Reserve will be including them in its asset-purchase programme and has made fresh commitments to keep interest rates low for a long period.

Pfizer IPO for unit in early 2013
Pfizer is considering a January or February launch of a roughly $4bn US initial public offering for animal-health unit Zoetis.