What the other papers say this morning

FINANCIAL TIMES

BUSINESS JET TRAVEL REBOUNDS AS RICH SPLASH OUT FOR PRIVACY
Private jet travel, shunned in the recession as a sign of ostentation, is recovering in a further sign that the world’s richest people are spending more freely again. The number of business flights – which includes celebrity, state and business hire – grew 5.5 per cent last year, in both European and US airspace, according to figures from Eurocontrol, the air traffic management co-ordinator, and Argos International, an aviation market research company.

HEDGE FUND JOINS HIGH-RISK INSURANCE ARENA
A specialist hedge fun focused on insurance risks will this week launch a public fundraising for a closed-end version of its main fund in an attempt to bring in up to £200m in long-term capital and broaden its investor base, according to people with knowledge of its plans.

ENERGEES INVESTMENTS TAKES CONTROL OF REGAL PETROLEUM
Regal Petroleum, the Aim-quoted oil and gas company, has been taken over by one of Ukraine's largest business conglomerates. Energees Investments, a subsidiary of one of the biggest diversified holding companies in Ukraine, where Regal’s operations are focused, said it had taken control of 51.7 per cent of Regal’s equity after offering 38p a share.

GAZ ON THE CUSP OF VOLKSWAGEN DEAL
Gaz, the Russian carmaker owned by tycoon Oleg Deripaska, expects to sign a deal later this week with Germany’s Volkswagen to build Skoda and VW cars on contract, according to a company executive. The deal would need to be signed this week to meet a February deadline.

THE TIMES

A HELPING HAND FOR FIRST-TIME BUYERS FROM ACROSS THE POND
An American insurance group is to provide mortgage indemnity insurance against first-time buyer and high-risk mortgage defaults. Genworth Financial has been chosen as the mortgage indemnity insurance
provider for Mutual One, a joint venture owned by building societies including the Hanley Economic and Skipton. The partnership means that Mutual One can act as a representative for Genworth and arrange and administer mortgage indemnity.

ELITE FORCE WON’T HAVE TIME TO CHASE FRAUDSTERS, LAWYERS FEAR
The fight against financial crime is being lost in a territorial fight between government departments, and breaking up the Serious Fraud Office could make the situation worse, lawyers fear.

The Daily Telegraph

JAMES CAAN: CAAN-DO ATTITUDE LAUNCHES FORMER TV DRAGON INTO SUPER-PRIMEPROPERTY
James Caan, the entrepreneur who quit BBC2’s Dragons’ Den last month, has pitched his own idea for a £100m money-spinner to some of the biggest property developers in central London. Caan is looking to invest £100m in super-prime London proper
The former Dragon is teaming up with developers including Candy & Candy to launch a property scheme that will buy, develop and re-sell luxury houses in Mayfair and the West End.

FOX TO CRACK DOWN ON MILITARY OVERSPENDS
Liam Fox will launch a fierce attack on “ballooning” spending in his own department as figures show projects are running at least £8.8bn over budget.

THE WALL STREET JOURNAL
EUROPE

GROUPON GEARS UP TO EXPAND INTO CHINA
Deals website Groupon appears to be making preparations to start operations in China, a move that could shake up the market for group buying, even though challenges lie ahead for the young US company. Chicago-based Groupon, which opened in 2008 selling discounted products and services from local merchants such as restaurants and nail salons, faces a huge internet market that has confounded some of the world’s biggest players.

CANADA IS KEY FOR SAPPORO
Sapporo Holdings is mapping out strategies that could involve acquisitions or creating a new plant to meet rising demand for premium beer in North America. In Asia, meanwhile, the Japanese company is expanding its beer and soft-drink business.