What the other papers say this morning - 7 October 2013

FINANCIAL TIMES

Temasek bids for Repsol gas stake
Temasek and Sinopec have both approached Repsol over buying its €4.7bn stake in Gas Natural as the Spanish oil company seeks to raise cash to increase its investment in oil exploration.

Repsol, which is working with Deutsche Bank and Citigroup to find a buyer for the domestic gas distributor, has received separate expressions of interest from Temasek, Singapore’s sovereign wealth fund, and the Chinese state-controlled Sinopec after the summer, people close to the process said.

Osborne lays ground for RBS split
George Osborne has sought clearance from Brussels to split Royal Bank of Scotland, should he decide to give the green light to the creation of a good and bad bank. The pre-emptive step aims to avoid stricter EU conditions on state support to banks and a £471,000 cap on executive pay. The chancellor filed papers in July informing the European Commission of planned measures at RBS that might involve new state funding – days before more stringent EU rules came into force.

Ex-Madoff  lieutenants on trial
Top lieutenants of convicted Ponzi schemer Bernard Madoff will testify for the first time publicly about their involvement in one of the greatest investment scams in history as the trial of five former employees begins this week.

THE TIMES

Toshiba nears deal on reactor
Toshiba is in the final stage of negotiations to buy a stake in a major project to build a nuclear reactor at Sellafield. Reports yesterday suggested that Toshiba, which owns the energy industry heavyweight Westinghouse Electric, is in talks to acquire a majority stake in NuGen for £64m.

Gondola places order for Pizza Express
The company that owns Pizza Express is in talks with potential partners in Beijing as it seeks to step up the pace of its international expansion. Gondola Group is controlled by private equity group Cinven.

The Daily Telegraph

Banks tested over cyber security
Banks will next month launch the most extensive cyber threat exercise in two years as the authorities test the preparedness of the financial system to survive a sustained online attack. Operation Waking Shark 2 has been scheduled for mid-November.

Stella McCartney profits from Olympics
Profits at Stella McCartney increased 38 per cent last year as the fashion brand received “unrivalled” exposure from the designer’s work on Team GB’s kit for the London Olympics. Pre-tax profits at Stella McCartney Limited jumped £4.6m from £3.3m in 2011, accounts show.

THE WALL STREET JOURNAL
EUROPE

Macy’s rethinks web plans in China
Macy’s has shelved an online-expansion plan in China, the latest retailer to do so as economic growth slows in the world’s second-largest economy. The US company had planned to begin online sales in the spring, after buying a minority stake last year in Chinese retailer VIPStore.

Wal-Mart looks to gain ground in Asia
Wal-Mart Store’s top executive for Asia said the retailer has revamped its practices and legal compliance in the region and is considering acquisitions in China, as it faces headwinds in a cornerstone of its global expansion plans.