What the other papers say this morning


Citi to pay $730m in subprime deal
Citigroup will pay $730m (£483.7m) to settle claims that it misled investors in its bonds and preferred stock over its exposure to subprime mortgages, in the second-biggest class-action payout related to the financial crisis.

Tech groups swell US cash pile
The swelling cash reserves of Apple and a handful of other technology companies have raised the overall liquidity of corporate America to record levels, new data revealed yesterday. About $6 out of every $10 added to the corporate sector’s cash mountain during the past three years has come from tech companies, Moody’s Investor Service, the US rating agency, said.

Osborne to squeeze public sector pay
George Osborne will use his Budget tomorrow to announce a further squeeze on public sector spending and pay to shore up government finances and provide money for pet projects such as childcare vouchers.


Boris admits wanting crack at PM job
Boris Johnson would like to “have a crack” at being Prime Minister, he admits in a new documentary about the London Mayor. His words come at a sensitive time for David Cameron who has been beset by rumours of leadership plots against him.

China now fifth largest arms exporter
The UK has been pushed into sixth place in the arms exporter league table, behind a growing Chinese industry that is selling weapons the UK has given up making.

The Daily Telegraph

New UK aerospace institute planned Britain is to open a new research centre to keep its aerospace industry world-class, backed by £2bn investment from business and government over the next seven years.

MPs warn on work experience
Ministers are to warn that criticism of work experience schemes helping the unemployed to find jobs is “misleading and downright insulting”. Campaigners have claimed that mandatory work experience schemes are “slave labour”.


Saudi Arabia to drill for shale gas Saudi Arabia signalled yesterday that it intends to remain a world energy powerhouse for the foreseeable future, partly by exploiting new technology which has unlocked vast quantities of oil and natural gas in North America.

BHP’s market dominance at risk
A slump in global commodities has pummelled BHP Billiton over the past year, with the miner yesterday briefly losing its status as the most valuable company on Australia’s stock exchange.