What the other papers say this morning - 24 October 2013


Brevan Howard moving out of UK
Brevan Howard, the world’s third-largest hedge fund, has moved most of its operations out of the UK, shifting dozens of jobs to the Channel Islands, Switzerland, Asia and the US to escape EU regulation and grow internationally. Three years after opening a satellite office in Geneva, Brevan – which has $41bn (£25.35bn) under management – now only has a “handful” of traders left at its London office and has moved out many of its senior operational jobs, people familiar with the company told the Financial Times. The publicity-shy hedge fund specialises in placing bets on movements in interest rates and bonds, and employs more than 450 people.

Berlin says US targeted Merkel phone
Angela Merkel’s mobile phone may have been the target of US surveillance, the German government said on Wednesday. Merkel phoned Barack Obama to “make clear that she unequivocally condemns such practices” if the information proves to be correct, government spokesman Steffen Seibert said.

UK and France tangle on regulation
Britain and France clashed on Wednesday over Brussels’ efforts to cut back on excessive regulations, with Paris warning on the eve of an EU summit that the push risked going too far in dismantling European social protections.

David Cameron is urging more aggressive action and is travelling to Brussels to lobby European leaders on the need to curb EU legislation.


National Trust boss open to fracking
The National Trust is prepared to consider fracking on its land but has all but ruled out wind farms, according to the head of the charity. Dame Helen Ghosh, the trust’s director-general, said it was keeping an open mind on drilling for gas and was waiting to see what evidence emerged.

Delhi tries to ditch AgustaWestland
India has launched legal proceedings to cancel a $748m (£426.56m) contract to buy 12 UK-made helicopters from AgustaWestland. The defence ministry in Delhi said that it had issued a legal order to the company, which has been accused by national authorities of paying bribe worth $68m to leading Indian defence officials.

The Daily Telegraph

Retail hires EY for rates review
The retail industry’s trade body has appointed EY, one of the "big four" accountancy firms, to find an alternative to the controversial business rates system. EY, formerly called Ernst & Young, will conduct a review for the British Retail Consortium into the system and the alternatives that the government could introduce.

EDF reveals unprecedented sales
EDF Energy has seen a 600 per cent increase in sales of its fixed price gas and electricity deals in the past fortnight after three of its rivals hit their customers with inflation-busting price hikes. The supplier tonight told The Daily Telegraph that demand had been “unprecedented”.


Berlusconi to stand trial for bribery
An Italian court yesterday ordered conservative leader Silvio Berlusconi to stand trial on corruption charges for having allegedly bribed a senator to switch political parties, a move that contributed to the fall of a center-left government in 2008.

Japan’s banks cut bond holdings
Japanese banks in the second quarter sharply cut exposure to potentially higher interest rates that could come with a return of inflation, but they still risk losing trillions of yen if rates rise. The Bank of Japan's financial system report, released yesterday, underlined the delicate balancing act the banks are trying to achieve.