Monday Papers: G20 backs drive for crackdown on banks - other news

Financial Times

* Leaders of the world’s largest economies insisted on Sunday on implementing tough capital rules to force banks to hold sufficient buffers to guard against a future crisis.

* Large US banks such as Citigroup could face a more draconian overhaul than they expect, according to  sources.

* The number of European banks subjected to stress tests is likely to rise, with sources suggesting that as many as 100 institutions will be involved in a broader exercise to shore up market confidence.

* The French government on Sunday ordered a full investigation into the tax affairs of Liliane Bettencourt, France’s richest women, as it sought to defuse a political furore that has engulfed a prominent minister.

* Greece set to return to finance market as it plans to raise about €4bn in its first borrowing attempt since last month’s bail-out by the European Union and International Monetary Fund.

* Crushed by the recession and falling tax revenues, southern California city of Maywood is disbanding its police force and firing all public sector employees.

* Singapore is pushing to become an Asian hub for derivatives clearing and to poach business from Europe and the US as regulation reshapes markets.

* Emerging market corporate and sovereign bonds have been issued at a record pace so far this year in a sign of growing investor interest in opportunities outside the developed world following the financial crisis.

* Total has become the latest big oil company to halt petrol sales to Iran.

* The US said on Sunday it will seek to complete a long-stalled trade deal with South Korea.

The Times