Thursday Papers: Greece rules out possibility of default - other news

Financial Times

* Greece’s Finance Minister, George Papaconstantinou, has strongly rejected the idea that Athens will be forced to restructure its debts, saying that a default would break the eurozone.

* Tough rules to clamp down on the use of privately-traded derivatives and speculation in shares have been unveiled by the European Commission; separately, the Commission has proposed an increase in the disclosure of short selling.

* As Petrobras prepares for the $75bn share issue concerns are increasing about both the offer process and the huge oil project it is set to fund.

* Public borrowing is “clearly unsustainable” and any government must have a “clear and credible” deficit reduction plan, Mervyn King, Bank of England governor, told trade unionists.

* The Office of Fair Trading this week raided the UK offices of Daimler’s Mercedes-Benz and has requested information from Scania of Sweden and Germany’s MAN as part of a broad-ranging investigation into the pricing of trucks.

* CME Group may not have enough compliance staff to guard against wrongdoing in its markets, according to a report by the Commodity Futures Trading Commission, the US futures industry watchdog.

The Daily Telegraph

* Santander could be set to launch a £20bn stock market listing of its UK business as the Spanish bank looks to raise new money after a spate of acquisitions.

* Japan has launched a huge intervention in the foreign exchange market for the first time since 2004 to stem the rise of the yen and head off a deflation spiral.

The Guardian

* BP falls out of index of top 100 brands after Deepwater Horizon oil spill.