What the other papers say this morning - 10 June 2013

FINANCIAL TIMES

Reforms spur BNP to merge US units
BNP Paribas is planning a full-blown merger of its US operations as it attempts to offset the impact of threatened US regulatory reforms for foreign banks, according to people familiar with the project.

Shares windfall reignites pay debate
The median total remuneration of FTSE 100 bosses rose by eight per cent to £3.7m last year as higher share prices gave chief executives a windfall from long-term incentive plans.

The rise, nearly six times the increase in average earnings across the economy, is likely to reignite debate over how well executive pay is linked to performance. The figures were revealed in an annual survey by Manifest, the proxy voting agency, and MM&K, a remuneration consultancy.

Cnooc in joint bid for Arctic oil
Cnooc has become the first Chinese oil company to make a play for oil in the Arctic after teaming up with an Icelandic business in a sign of the Asian country’s growing interest in the polar region. The state-owned group is partnering with Eykon Energy to bid for an exploration licence off the northeast coast of Iceland.

THE TIMES

Succession battle begins at Orange
A covert battle to replace Stéphane Richard, the chief executive of Orange, is under way amid rumours that he faces the sack over a spiralling financial scandal.

Property funding exchange launched
A former Thomson Reuters technology executive has launched a property investment exchange that aims to match developers with investors at a time when bank lending is scarce. Estates Investment Exchange aims to help plug the gap in lending to the construction and commercial property sectors.

The Daily Telegraph

Investors try to salvage Hibu returns
Shareholders in Hibu, the former Yellow Pages business, are attempting to drum up support to avoid being frozen out of a rescue deal that would leave them without return on investment.

Top women earn more than men
Women who make it to the top job earn more then their male counterparts, a study has found.

The few female chief executives at FTSE 350 companies are paid on average £1.8m, compared to £1.3m for men, according to a survey carried out by Southampton University.

THE WALL STREET JOURNAL
EUROPE

Deutsche Bank opens Singapore vault
Deutsche Bank is opening a vault in Singapore that can hold $9bn (£5.8bn) of gold, as it hopes to tap rising demand for the precious metal in Asia amid a push by the city-state to burnish its image as a bullion-trading hub.

Google near buying traffic app Waze
Google is on the cusp of paying more than $1bn for navigation and traffic application Waze, said a person familiar with the matter. The deal could be announced as soon as this week, the person said.