What the other papers say this morning


New hedge fund cuts fees
One of the UK’s fastest-growing hedge funds is slashing fees, hoping it will spark a rethink of the industry’s high charges. The Core Macro fund from Cambridge-based Cantab Capital will employ similar trading strategies as funds from Man Group, Winton Capital and BlueCrest, three of the world’s biggest hedge funds, but at half the cost to investors. While the industry standard is two per cent of all capital invested annually and 20 per cent of profits, Cantab’s new fund levies only 0.5 per cent and 10 per cent.

Public funds for London super sewer
The proposed £4bn “super sewer” under London could be built by the government rather than the private sector under a radical plan put forward by Oliver Letwin, David Cameron’s head of strategy.

Letwin to publish press regulation plan
Oliver Letwin is expected this week to publish his proposals for press regulation backed by a royal charter in an effort to flush out an agreement between the main political parties in the wake of the phone hacking scandal.


Wrong time for UK to quit Europe, says Sir Martin Sorrell
Britain may end up quitting the European Union just as its big continental trading partners are getting back into their economic stride, Martin Sorrell, the head of advertising giant WPP has warned.

Giants join China’s shale gas boom
China has mounted a huge investment drive to explore its reserves of shale gas in what it hopes could be a repeat of the energy revolution in North America.

The Daily Telegraph

Draghi: Darkest clouds have passed
The Eurozone can begin 2013 with more confidence than last year but it is up to governments to carry the bloc forward with reforms while the European Central Bank delivers stable prices, ECB President Mario Draghi said on Tuesday.

Government texts to part-timers
Part-time workers could receive regular text messages from the government telling them how much better off they would be if they worked extra hours.


Netanyahu seeks coalition
Israeli Prime Minister Benjamin Netanyahu’s Likud Party emerged as the largest faction in a close election, but a lacklustre performance by his party and surprising gains by a centrist newcomer raised the possibility of a coalition.

IBM’s profit up 6.3pc on software
IBM got back on track in the fourth quarter after disappointing investors the previous quarter, as its software business and sales in emerging markets grew.