What the other papers say this morning

FINANCIAL TIMES

Brussels fights US data privacy push
Europe’s most senior justice official, Viviane Reding, is adamant she will fight US attempts to water down a proposed EU data protection and privacy law that would force global technology companies to obey European standards across the world.

Smaller banks say rules hit lending
Homeowners and small businesses are being denied a wide choice of lending providers because of safety rules that are hampering the ability of small UK banks to expand lending, say senior banking executives. Small banks have rounded on UK, EU and Basel III regulations they say have imposed a “glass ceiling”.

Radical rescue proposed for Cyprus
A radical new option for the financial rescue of Cyprus would force losses on uninsured depositors in Cypriot banks, as well as investors in the country’s sovereign bonds, according to a confidential memorandum prepared ahead of today’s meeting of Eurozone finance ministers.

THE TIMES

Democrats plan to close tax loophole
It may be time for payback in Washington as politicians look to close the loophole that has allowed Mitt Romney and other private equity financiers to pay a tax rate of less than 15 per cent.

Move from Brixton to Wye
The former deputy chief executive of Brixton is back in the property market with a new business. Steve Owen has joined forces with Christopher Jonas and Steve Lee to create Wye Valley Partners.

The Daily Telegraph

Consumers would pay for Big Six crash
Householders could be forced to provide up to £4bn to meet the cost of any of the six leading energy suppliers going out of business, under revised plans drawn up by the Government to avoid market chaos.

Diageo invests in gin after sales surge
Drinks giant Diageo is pouring fresh investment into its gin brands, Gordon’s and Tanqueray, to take advantage of a surprise surge in sales of the spirit in hard-hit economies such as Spain and the UK.

THE WALL STREET JOURNAL
EUROPE

Identity Thief tops US box office
Identity Thief with Melissa McCarthy and Jason Bateman took the top slot at the US weekend box office, taking $36.6m according to estimates from Hollywood.com.

Australia’s ASX keeps clearing role
Australia’s biggest bourse operator ASX will retain its monopoly on the clearing and settlement of cash equities for at least two years after the government deferred a decision on allowing competitors into the market.