What the other papers say this morning - 30 September 2013

FINANCIAL TIMES

CLO issuance hits pre-crisis level
Sales of sliced-and-diced corporate loans have reached a fresh post-crisis record as investors clamour for higher returns from the structured financial products. A spurt in sales last week has helped push US issuance of so-called “collateralised loan obligations” so far this year to at least $55.41bn, according to S&P Capital IQ LCD – the highest since the $88.94bn sold in 2007, just before the financial crisis.

Axa to spin out private equity arm
Axa Private Equity, the $32bn fund management business headed by industry veteran Dominique Senequier, will announce early this week that it has spun out of the French insurer in a management-led buyout that creates a standalone European heavyweight. Axa plans to reduce its stake its former wholly-owned division to 21 per cent, with employees taking 46 per cent and the rest going to other investors, Senequier told the Financial Times.

Banks watchdog backs away from rules
The supervisory body that sets the financial safety rules for the world’s banks has signalled a retreat from stringent new capital requirements on the kind of financial products that helped spread crisis around the globe five years ago. Stefan Ingves,head of the Basel Committee on Banking Supervision, told the FT that tough capital ­­rules on securitisations, introduced four years ago, could well be softened as part of a second look at the instruments.

THE TIMES

Health insurers ‘restricting choice’
Top doctors have accused medical insurers of “unacceptable” interference in clinical decisions in a bust-up over efforts by Bupa and its rivals to restrict patients’ choice of hospital consultants. In a letter to The Times, leaders of 16 professional bodies representing doctors have urged the Competition Commission to crack down on “open referrals” introduced by Bupa, AXA PPP, Aviva and PruHealth.

Regus does deal with Roadchef
Regus has secured a deal to open its “Express” business centres at Roadchef motorway service stations across the UK as demand from mobile workers continues to grow.

The Daily Telegraph

Google UK paid £12m corporation tax
Google paid only £11.6m in corporation tax in the UK in 2012, despite revenues of £506m, it can be disclosed. The British arm of the global internet giant declared a profit of £36.8m, up from a loss of £24.1m on a turnover in 2011 of £395m.

BP faces possible Gulf spill fine
BP is to face the second round of its legal trial over the Gulf of Mexico oil spill this week which could leave it with an $18bn (£12bn) fine. Last spring, BP faced a seven-week legal battle over how the blame for the spill should be divided between the oil company, and its US contractors Transocean and Haliburton.

THE WALL STREET JOURNAL
EUROPE

Orbital sends ship to space station
Orbital Sciences yesterday became the second commercial entity to send a spacecraft to the international space station, as its unmanned cargo vehicle executed a series of slow-motion manoeuvres and linked up with the orbiting laboratory.

Siemens aiming for 15,000 jobs cuts
Siemens AG, the German industrial giant, said yesterday it will have cut a total of about 15,000 jobs world-wide by the end of the next business year, defining for the first time the scope of the reductions it plans under a two-year programme.