What the other papers say this morning

FINANCIAL TIMES

Herbalife hits back at ‘myths’
Herbalife, the nutritional supplement company accused of being a pyramid scheme by short seller Bill Ackman, yesterday lashed out at his Pershing Square hedge fund. Mr Ackman, whose hedge fund has sold short almost a fifth of Herbalife’s stock, in December claimed that the company was operating with the primary aim of recruiting distributors into its network – a key characteristic of a pyramid scheme – rather than selling products to consumers.

Hostile takeovers slump to low
Hostile takeovers have fallen to a decade low, highlighting how lack of confidence among corporate leaders is reining in dealmaking. Global hostile dealmaking volume reached $100.6bn in 2012, the lowest volume since 2003.

Yum apologises for food scare
Yum Brands, owner of the KFC fast-food chain, has issued a belated apology to consumers in China for the way it handled a recent food scare, underlining the struggles that the US company faces in the increasingly competitive Chinese market.

THE TIMES

Tchenguiz investigation costs £1.3m
The Serious Fraud Office has spent an estimated £1.3 million on its disastrous investigation of Kaupthing Bank, aside from the legal costs and damages it will have to pay to the Tchenguiz brothers, it has emerged.

PPI flood forces workforce to double
The Financial Ombudsman Service will almost double its workforce over two years to cope with the flood of complaints about personal payment insurance.

The Daily Telegraph

Clegg: OAP benefits in play
The next general election will be a “scarcity election” that will spell the end of universal pensioner benefits like the winter fuel payment, Nick Clegg has predicted.

MPs call for £20,000 pay rise
MPs have made fresh demands for a £20,000 pay rise, with more than two thirds of members believing they are not paid enough, a Westminster watchdog said.

THE WALL STREET JOURNAL

FDA says insomnia drug doses cut
The Food and Drug Administration is requiring the makers of certain sleep-inducing drugs, including Ambien, to lower doses of the medicines because they have been shown to impair activities—such as driving—the morning after the drugs have been taken.

Rare sight in California: A surplus
California is predicting a surplus for its next fiscal year, in a turnaround from the steep deficits of recent times.