What the other papers say this morning


Trafigura earns $1bn twice in a row
Trafigura, the commodities trader, earned about $1bn for the second year running in 2012, indicating that the profitability of the world’s top houses that dominate raw materials has remained high in spite of slower economic growth in China. The privately held company, based in Geneva and Singapore, has told its lenders and bondholders it made profits of $991.9m in the year to September, down 11 per cent from last year’s record $1.11bn. The company does not release its accounts publicly.

Selfridges buys office for £130m
Selfridges has bought an office block neighbouring its flagship Oxford Street shop for about £130m, in a move that suggests that suggests the department store will expand its presence in the central London retail district.

Ex-banker charged in Olympus case
A former Taiwanese banker has been arrested and charged in the US for allegedly helping Olympus conceal a $1.7bn accounting fraud. Chan Ming Fon was arrested in Los Angeles yesterday.


Tesco loses appeal over collusion
Tesco won a partial victory against the Office of Fair Trading yesterday, but an appeal court ruled it had indirectly colluded with rivals over cheese prices.

Drug supplier sold after NHS case
The founder of an antibiotics supplier that settled accusations of defrauding the NHS in 2010 is to walk away with nearly £50 million after selling the business to an Irish competitor. Kent Pharmaceuticals has agreed a buyout by DCC Healthcare.

The Daily Telegraph

BP and Rosneft plan TNK integration
Bob Dudley, BP’s chief executive, is to join a steering committee to mastermind the integration of TNK-BP into Rosneft, the companies announced yesterday. BP is to take two seats on the Rosneft board of directors.

Dover privatisation plan blocked
A controversial scheme to privatise the Port of Dover has been blocked by the Government after a backlash from local residents and a revolt by ferry operators.


Monti drafting reform agenda
Italian Prime Minister Mario Monti will over the next few days unveil a policy road map that aims to pressure Italy's fractious political parties into continuing his overhaul of the economy.

Rival sales weigh on Nike
Nike’s fiscal second-quarter profit shrank 18 per cent as results were weighed down by $137m in losses tied to the sale of the Umbro and Cole Haan brands, masking strong demand for the athletic-goods giant's products.