What the other papers say this morning for 8 August 2013


High-speed orbital rail for London
A new high-speed “rail bagel” encircling London will become a priority for the capital as its population soars to 10m over the next 20 years, Boris Johnson’s transport adviser has said.

Isabel Dedring, deputy mayor for transport at City Hall, said new light-rail and tram services – now under discussion for some areas – would be “only an intermediate measure” and the extra capacity would be soaked up by new arrivals. The orbital rail proposal is one of a number of radical schemes the city is having to consider to cope with the strains of a rising population.

Treasury to profit on Freddie Mac
Freddie Mac, the mortgage finance giant bailed out by the US taxpayer in 2008, is on track to pay more money to the Treasury by the end of this year than the $72.3bn (£46.6bn) it received in government aid. The company said on Wednesday that it would have completed $40.9bn in dividend payments to the government by the end of September.

Carmaker Tesla defies expectations
Tesla, the US electric carmaker, said profits grew to $26m (£17m) from a loss a year earlier, as sales jumped more than 18 fold from a year earlier to $405m. Analysts had expected the car maker to return to a loss in the second quarter.


Cameron urged to save Somali bank
Campaigners fighting to make banks such as Barclays keep money transfer services operating to developing countries such as Somalia yesterday delivered a petition to Downing Street signed by 25,500 people, including Mo Farah.

Beijing looks to Standard Bank
Industrial and Commercial Bank of China is in advanced talks to buy the London-based commodity business of Standard Bank, the South African lender, for up to $700m. A deal is expected within two months.

The Daily Telegraph

No clawback for wind farm windfalls
Ministers have abandoned plans to ensure that subsidies for wind farms can be cut if the developers gain excess profits after refinancing. The government said it had scrapped the idea amid fears foreign investors would take their money elsewhere.

£500m bailout to NHS for A&E
The NHS will today be given a £500m bailout to Accident & Emergency departments across England after warnings that the system is on the brink of collapse. The rescue package will be spread over two years.


Railway seeks protection after crash
Montreal, Maine & Atlantic Railway, the company that operated the Canadian train that last month derailed and exploded, killing 47 people and destroying part of a Quebec town, has sought bankruptcy protection in the U.S. and Canada.

Cable TV boosts Time Warner
Time Warner’s second-quarter net income jumped 87 per cent, fueled by strong revenue growth at the media conglomerate's cable TV networks. Meanwhile, the spinoff of Time, the publishing divison, will be delayed until next year at the earliest.