Morning Papers: Pension reform to take centre stage... again

The US justice department is pushing for France’s biggest bank to plead guilty to the charges and “pay one of the biggest penalties ever imposed on a bank”, according to the Wall Street Journal.

A deal between the bank and the authorities is still weeks away and the final penalty could yet come in lower than $10bn, the Guardian said.

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Gilts to generate lowest return

UK Government bonds are expected to generate the “lowest return of any asset class over the next five years”, according to a survey of 300 fund managers conducted by the UK’s CFA Society.

The Telegraph reports that out of the 300 fund managers surveyed, 45 per cent believe gilts will generate the lowest return, “even lower than cash”, which 38 per cent of respondents think will be the lowest.

Instead, the CFA fund managers believe that equities will be the “most profitable in the next five years”.