WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

BREVAN HOWARD CAPITALISES ON TURMOIL
Brevan Howard, the world’s largest macro hedge fund, has made close to $1.5bn over the past three weeks on the back of turmoil in the global markets. In a month in which equity markets worldwide have seen declines of more than 10 per cent, the gain comes as a vindication for the $32bn London-based fund manager, which for more than a year – like many of its peers – has struggled to make headway in volatile conditions.

DELTA ORDERS $8.5BN-WORTH OF BOEING JETS
Delta Air Lines, the second-largest US carrier by revenues, on Thursday ordered 100 Boeing narrow-body jets worth more than $8.5bn at list prices, giving the US aerospace company a welcome boost after a series of setbacks.

PAULSON FUND EXTENDS AUGUST LOSSES
John Paulson, one of the world’s most successful hedge fund managers, has extended losses throughout August to leave his flagship fund down almost two-fifths for the year.

His Advantage Plus fund was down 38.7 per cent for the year as of Friday, according to a person familiar with the fund’s performance, having lost 22 per cent in the first 19 days of the month.

BLOOMBERG MAKES AGREED $990M BID FOR BNA
Bloomberg is planning the largest deal in the private company’s 30-year history, with a $990m agreed bid for BNA, an employee-owned legal, tax and regulatory information company founded in 1929 as the Bureau of National Affairs. The financial data group is paying a steep three times BNA’s $331m revenue for 2010, after a sale process that drew interest from other potential bidders.

THE TIMES

ALL AT SEA? BILLIONAIRE PAYPAL FOUNDER PUTS HIS MONEY ON DREAM OF A FLOATING UTOPIA
Peter Thiel, 43, co-founded PayPal, was one of Facebook’s earliest backers and made a killing predicting the US housing crash. Now he believes that artificial countries built in international waters on oilrig-type platforms could hold the key to humanity’s future.

JOBS ARE SAFE, STAFF TOLD AS CLYDE UNION IS SOLD TO US
The businessman and entrepreneur Jim McColl yesterday moved to reassure workers at Clyde Union Pumps that their jobs were safe after unexpectedly announcing that he was selling the business where he began work at the age of 16. The Glasgow-based company is being bought by a major American manufacturer, SPX, for £750m.

The Daily Telegraph

NOBEL GURUS WARN BRITAIN ON FISCAL OVERKILL AND FED ON MONETARY OVERKILL
A leading Nobel economist has backed Labour's warnings that the UK is slashing spending too fast and risks tipping a fragile economy into another downward leg. "Britain has jumped on the band-wagon of fiscal tightening in a big way," said Professor Edmund Phelps from New York's Columbia University.

MILLIONS MISS OUT ON SAVINGS DUE TO MOBILE PHONE PROVIDER LOYALTY
Consumers pay over the odds for their mobile phone bills due to misplaced provider loyalty. Britons are stuck in a rut when it comes to their mobile phone provider, with almost 20 million having never switched their service provider. Which? Mobile is warning that millions of people could be missing out on crucial savings.

THE WALL STREET JOURNAL

GROUPON EYES SWISS BASE FOR NON-U.S. OPERATIONS
Groupon Inc. is considering opening an international headquarters in Switzerland, people familiar with the matter said, in a move that could benefit the daily-deal company because of the country’s business-friendly tax policies. The potential Swiss headquarters would handle finances for Groupon’s non-American operations, one person familiar with the situation said.

NEWPAGE IN DISCUSSIONS ON FINANCING
NewPage, the struggling Ohio-based papermaker owned by Cerberus Capital Management LP, is in discussions for financing that would keep the company afloat during possible bankruptcy proceedings, said people familiar with the matter. NewPage is more than $3bn in debt.