<strong>FINANCIAL TIMES<br /><br />CARLYLE SUED OVER COLLAPSED FUND</strong><br />A prominent Kuwaiti conglomerate is suing the Carlyle Group in a local court, alleging that the US private equity firm misrepresented the safety of its affiliate, Carlyle Capital Corp (CCC), a public debt fund that collapsed in 2008. The firm, National?Industries Group, invested $50m in CCC, which was marketed to many investors in other Carlyle funds as a safe fund that would invest largely in triple A mortgage-backed securities.<br /><br /><strong>HEDGE FUND TO DEPART FROM MODEL</strong><br />Start-up hedge fund Northlight Capital aims to draw attention to its launch this week with a shake-up of the traditional operating model and about $100m (£61m) in commitments from clients. Half of Northlight’s annual performance fees will be reinvested into the fund alongside client money and will remain locked in.<br /><br /><strong>JOHNSTON JOINS WEB-CHARGING REVOLUTION</strong><br />A small revolution in online journalism began this week as three local newspapers started charging readers for access to their internet editions. The Johnston Press-owned Whitby Gazette, the Northumberland Gazette and the Southern Reporter based across the border in Selkirk, join the Financial Times and the Wall Street Journal as papers requiring customers to pay for the special interest news they supply.<br /><br /><strong>CHINA’S WISCO PAYS $400M FOR STAKE IN BRAZIL’S MMX</strong><br />Wuhan Iron and Steel Company, China’s third-largest steelmaker, yesterday agreed to pay $400m for 21.5 per cent of MMX, a Brazilian iron ore miner, in what Eike Batista, controller of MMX’s holding company, called a “historic transaction” that would “open a new highway between Brazil and China”. Wisco agreed to purchase at least 50 per cent of iron ore to be produced at MMX’s mines.<br /><br /><strong>THE TIMES<br /><br />EX-MORGAN CRUCIBLE CHIEF GOES TO TOP COURT IN US EXTRADITION FIGHT</strong><br />A retired company chief executive launched a last-ditch challenge against his extradition to the United States yesterday before a panel of Britain’s most senior judges. Jonathan Sumption, QC, told the Supreme Court that to remove Ian Norris, 66, to stand trial over events of ten years ago would be disproportionate and breach his human rights.<br /><br /><strong>PHONE CODES COULD CHANGE AGAIN</strong><br />The possibility of a further shake-up of telephone codes was raised by the regulator yesterday as it tries to overcome a drought in numbers. Faced with an increasing scarcity of numbers, Ofcom raised the prospect of introducing so-called “overlay” codes — a second code that would operate alongside the existing code — across large parts of the country.<br /><br /><strong>The Daily Telegraph<br /><br />GLAXOSMITHKLINE TO TARGET DRUG CHEATS AT LONDON 2012</strong><br />Any athlete who tests positive for drugs during the 2012 Olympics will have been caught using the resources of GlaxoSmithKline, following a £10m deal. The pharmaceutical company will focus on drug cheats as well as drug discovery for the next two-and-a-half years by providing facilities and equipment to allow King’s College London to run drug tests at the Games. <br /><br /><strong>TESCO FASTTRACKS 2010 DISCOUNTS</strong><br />Tesco, the UK's largest supermarket, has sent its 15.4m Clubcard holders their February 2010 money-off vouchers 10 weeks early in an attempt to lift sales and a customer loyalty drive before Christmas. In an unprecedented shift in strategy, the retailer on Monday posted out £67m worth of vouchers.<br /><br /><strong>WALL STREET JURNAL<br /><br />‘CYBER MONDAY’ SALES ARE STRONG</strong><br />ONLINE SHOPPING SITES OFFERED DEEPER DISCOUNTS AND PUSHED NEW TECHNOLOGY TO CONNECT WITH CONSUMERS ON CYBER MONDAY, IN WHAT’S SHAPING UP TO BE A STRONG POST-THANKSGIVING SALES PERIOD FOR ONLINE RETAILERS. GSI COMMERCE, WHICH RUNS ABOUT 100 WEB SITES FOR BRANDS INCLUDING AEROPOSTALE AND GNC, SAID THAT CONSUMERS BEGAN HITTING WEB SALES AGGRESSIVELY EARLY IN THE MORNING ON CYBER MONDAY, THANKS TO AGGRESSIVE PROMOTIONS ON SUNDAY.<br /><br /><strong>JAPAN OKS LOAN MORATORIUM</strong><br />Japan passed into law a conditional moratorium on loan repayments by small businesses and home owners, a move that opponents say may lead to an increase in bad loans on the books of the country's banks. The bill was passed by the upper house of Japan's parliament on Monday.