Monday Papers: Top bankers discuss €20bn European Recovery Fund - other news

Financial Times

* Europe’s top bankers are discussing a proposal for a €20bn private sector European Recovery Fund, which could bail out failed banks in the event of another financial crisis.

* The amount of the UK stock market owned by overseas investors could be less than half the level suggested by official government figures,  according to a study by Junction RDS, a shareholder analysis group.

* EU to propose an increase in the guaranteed individual compensation level in cases of investment group fraud from €20,000 to €50,000.

* Bank issuance in the EU surged fourfould to €18.4bn last week, according to Dealogic; Barclays, BNP Paribas, HSBC and UBS took advantage of improving investor sentiment to lock in long-term funds.

* Office rents in the City of London have risen by almost 12 per cent over the past three months, according to NB Real Estate.

* US small businesses are having to pay more to borrow relative to the Federal Reserve’s benchmark rate, according to official data from the central bank.

* China’s state-controlled union has targeted some of the world’s largest investment banks in a recruitment drive that will see the multinationals have to pay a 2 per cent payroll tax to fund labour activities.

* Commerzbank has settled a legal dispute over use of the Kleinwort name.

The Daily Telegraph

* Paul Kemsley, the failed property tycoon and former sidekick to Lord Sugar on The Apprentice, is planning to revive the New York Cosmos.

* The nuclear industry will urge Chris Huhne, the Energy Secretary, to push on with plans to build a new generation of nuclear power stations across the country.