WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
Transparency on banks’ treasury units urged
International banks must improve disclosure of often obscure treasury unit investments following the recent $2bn trading loss at JPMorgan’s chief investment office, rating agencies and bank analysts have urged.
Malaysia fund nears £375m Battersea deal
A Malaysian pension fund is poised to seal a £375m deal to acquire Battersea power station, potentially drawing to a close the UK property industry’s longest running development saga. Employees Provident Fund is expected to join forces with SP Setia, Malaysia’s largest publicly listed property developer by revenue, and RREEF, Deutsche Bank’s real estate arm, to build a £1.4bn scheme of housing, offices and shops.
Mars moves to cut cocoa deficit
Mars is aiming to help one million cocoa farmers double their production as the world’s biggest confectionery company ramps up efforts to eliminate a projected “cocoa deficit” in 2020.
THE TIMES
Hotel wrecked by IRA bombers is poised to be sold – but only when it looks better than ever
The Brighton hotel bombed by the IRA during the 1984 Conservative Party conference is to be put up for sale by De Vere Group.
Tabbouleh and quinoa: grocer sets out a new southern stall
WM Morrison is to accelerate its march on the South of England.
The Daily Telegraph
Olympus plans 2,500 job cuts
Olympus, the Japanese electronics giant hit by a $1.7bn accounting fraud, is said to be planning to cut 2,500 jobs as parts of its attempts to turn around its fortunes.
Kayak to delay IPO
Kayak, the online travel service, is said to be delaying its stock market flotation in America following Facebook’s disastrous initial public offering. The US business was seeking to raise $150m in a June IPO but analysts say it is unlikely to go ahead as planned.
THE WALL STREET JOURNAL
Stein sworn in as Fed Governor
Jeremy C Stein was sworn in to the Federal Reserve’s Board of Governors yesterday, filling the seven-member panel for the first time since April 2006.
US sets tariffs on Chinese wind-turbine towers
The US Commerce Department slapped tariffs on Chinese wind-turbine towers, marking the latest chapter in a clean-energy trade battle between Washington and Beijing.