What the other papers say this morning - 28 May 2013

FINANCIAL TIMES

No Trident alternative on horizon
Britain has to continue with the submarine-launched Trident weapons system, the long-awaited Whitehall review into the UK’s deterrent has concluded after officials rejected other options.

Hedge funds call for RHJI break-up
A group of hedge funds have called for the break-up of RHJI, the investment firm founded by Timothy Collins, in a move that would pave the way for a sale or possible relisting of one of the City of London’s oldest private banks, Kleinwort Benson. In a letter sent to the board of RHJI today, the hedge funds say RHJI’s management have presided over “very clear value destruction” through “poor investments” and “weak execution”.

Investors risk big sums on biotech
One of Wall Street’s riskiest equity bets is back. In a quest to find the next big medical breakthrough, investors have poured $725m into 10 biotechnology flotations that are attempting to create drugs for illnesses including multiple sclerosis and hepatitis C.

THE TIMES

Courts to be privatised in shake-up
Courts in England and Wales are facing wholesale privatisation under revolutionary plans that would end the system that has existed since Magna Carta.

India blocked for UK law firms
The international aspirations of Britain’s leading law firms are being stymied by protectionism in India, one of the biggest potential new legal markets, City lawyers have complained.

The Daily Telegraph

Councils pay millions for pensions
Councils are paying out hundreds of millions of pounds in fees to City fund managers to run gold plated pension funds for their staff. In all £347m was paid out by the council pension funds to investment managers last year.

Cut welfare to fund police and forces
Iain Duncan Smith has offered to cut Britain’s welfare Bill by up to another £3bn annually to protect spending on the Armed Forces and police, The Daily Telegraph can disclose.

THE WALL STREET JOURNAL
EUROPE

Shipping firms drop Iranian routes
International shipping firms are abandoning their Iranian voyage routes before new US sanctions are implemented in July, denting further the Islamic Republic’s ability to buy consumer items.

Champagne recognised in China
Chinese authorities have registered the Champagne name as an official label. The move limits the use of the name to sparkling wine made in the French Champagne region.