What the other papers say this morning


London skyscraper faces downgrade
The Pinnacle – the partly built skyscraper that was planned as the tallest in the City of London – could be knocked down and built from scratch. With work started on just seven of the planned 63 storeys and progress stalled for more than a year, the developers are considering a cheaper scheme at the site in Broadgate.

Citigroup hires seniors amid cuts
Citigroup has hired one of Europe’s best-known dealmakers as the US group seeks to add a string of top investment bankers even as it is sharply reducing junior staff.
Luigi de Vecchi, a former Credit Suisse and Goldman Sachs banker, has been appointed as chairman for corporate and investment banking in continental Europe, the US bank will announce today.

European bank bonuses face cut
European investment banks are set to cut their bonus pools in the coming weeks by 20 per cent in a move that will exacerbate the pay gap with their US rivals. Bankers and consultants estimate banks will cut overall group bonus levels for 2012 by up to 15 per cent.


Merlin floats idea of New York debut
Europe’s biggest theme park and attractions operator could opt for New York over London as it plots a possible £3bn-plus stock market flotation, The Times has learnt.

Wind farm factory jobs at risk
One of Britain’s biggest renewable energy developers has warned that the wind farm market is grinding to a halt, risking thousands of factory jobs. SSE blamed uncertainty over government plans.

The Daily Telegraph

Parlophone boycotts Google Play
Parlophone, one of Britain’s most prestigious record labels which counts Coldplay and Kylie among its artists, has launched a boycott of Google’s new music service, Google Play.

Concerns over Store Twenty One jobs
Concerns are rising about the future of 1,000 jobs at discount retailer Store Twenty One after bailiffs were called to a collection of shops to claim stock. It is understood that debt collectors have been called by at least two landlords about unpaid rent.


Boeing stays course on stretch 787
Boeing is expected to begin piecing together the next version of its Dreamliner jet in the coming weeks, even without a fix for what has bedeviled the plane’s electrical system.

Spain’s leader aims to stop scandal
Prime Minister Mariano Rajoy moved to contain a scandal over alleged secret cash payments to him and other leaders of his party by promising to disclose his tax returns and financial assets this week.