WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

EX-CLINTON AIDE TO ADVISE NEWS CORP ON EDUCATION
Joel Klein, the chancellor of New York City’s schools and former deputy White House counsel to Bill Clinton, is joining News Corp as a senior adviser to Rupert Murdoch, as the company looks to make investments in educational start-ups.

ASIAN EQUITY HEDGE FUNDS
OUTPERFORM
Asian equity hedge fund managers are enjoying some of their biggest returns so far this year, trouncing their peers in European and US markets on the back of rebounding Asian equities and strong performance from businesses. Janchor Partners – the equity long-short fund launched in January by John Ho, the former Asian chief of activist The Childrens’ Investment Fund – returned eight per cent in October. Its year-to-date returns are 32 per cent, making it one of the industry’s top performers worldwide.

LABOUR ALLIES RALLY BEHIND WOOLAS
Labour will not pick a candidate to replace Phil Woolas until the disgraced former MP has exhausted legal attempts to clear his name, it emerged yesterday, as colleagues rallied behind him.

FOOD PRICE FEARS AS US WARNS ON CROP YIELDS
The spectre of inflation loomed over agricultural markets after the US slashed key crop forecasts and warned of shortfalls in grains. The agriculture department yesterday cut estimates of US corn yields for a third successive month, forecast record soyabean exports to China and warned of the slimmest cotton stocks since 1925. The production shortfalls mean a much tighter supply picture than a few months ago, the agency said.

THE TIMES

BIG BROTHER IS HAILED AS THE WAY TO SAVE
The president of the AA said that premiums were becoming “unsustainable” for consumers, with younger drivers facing costs of £2,000 to £3,000 a year — often more than the value of their cars. Edmund King said that better education would help to bring down costs and that the AA was sponsoring a BTEC in driving behaviour, with a related insurance product scheduled for launch next year.
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OVERCROWDED TRAINS COULD FORCE SWITCH TO AIRLINE-STYLE
RESERVATIONS
Overcrowded trains could force switch to airline-style reservations
Passengers will be unable to travel on trains at peak times without reserving a seat in advance, under plans being considered by Virgin Trains.
The Daily Telegraph

EC MARKETS HEAD MICHEL BARNIER REFUSES LONDON CLASH WITH MPS
When it comes to imposing regulations on the City, Michel Barnier is fond of promising: “We will go further.” But not as far as actually coming to London, it seems. Mr Barnier has declined to appear before MPs, offering a senior official to answer questions in his place. The European Commission’s head of Internal Markets - the man in charge of the machinery of financial regulation - has refused a request to explain his reforms to the Treasury Select Committee.

EU THREATENS TO BLOCK CHINESE BIDS FOR PUBLIC CONTRACTS
The European Union will block access for Chinese companies bidding for publicly funded contracts unless businesses from Europe get the same access in China, under new proposals.

THE WALL STREET JOURNAL

ROLLS DRAWS FLAK FOR QUIET ON ENGINE FIRE
Rolls-Royce PLC is drawing flak for its scant public response to the failure of one of its engines on an Airbus A380 superjumbo jet, but aviation experts said that quickly finding a solution will minimize any serious damage to the turbine maker's reputation.
The fiery blowout of a Rolls-Royce Trent 900 engine on a Qantas Airways Ltd. superjumbo last Thursday has drawn global attention because the A380 is the world's biggest passenger plane and Qantas quickly grounded its fleet of six double-deck airliners

HERMÈS CLAN PLAYS DEFENCE
The family behind French fashion house Hermès is considering funneling its shares into an unlisted holding company, as a way to defend Hermès from its big, new and unwanted shareholder, LVMH.