What the other papers say this morning

FINANCIAL TIMES

Pilot plots longer Heathrow runways
A contentious plan to solve the UK’s hub capacity crunch by doubling the number of flights at London’s Heathrow airport has been devised by Concorde’s longest-serving pilot. Captain William ‘Jock’ Lowe is proposing to extend Heathrow’s existing northern and southern runways, from 3,900m and 3,700m to 7,500m, moving part of the M25 in the process.

Europe’s repo market shrinks 12pc
Europe’s repo market, the main source of short-term funding for banks, shrunk last year, suggesting that risk-averse banks are relying on cheap loans supplied by central banks rather than lending to each other.

Buyout firms’ cash payouts hit record
Private equity firms are highlighting the record levels of cash they have returned to their investors even though the value of their portfolios has risen faster, swollen by trillions of assets that they are struggling to sell. Fund managers distributed $318bn (£213bn) to their limited partners as of June last year, and $330bn in 2011, according to data compiled by pension fund adviser Hamilton Lane.

THE TIMES

Sovereign funds to get wealthier
Sovereign wealth funds are predicted to grow by $1bn (£671m) a day this year to bring their total assets to $5.6 trillion, according to a new report from TheCityUK.

Race is on to find sheds
The amount of available distribution warehouse space has reached historically low levels after speculative construction was turned off after the crisis, according to research from property advisers in the logistics industry.

The Daily Telegraph

American Golf enjoys sales surge
Britain’s biggest specialist golf retailer American Golf plans to create 250 jobs after the success of Rory McIlroy, Luke Donald and the European Ryder Cup drove the company to record sales.

UK more vulnerable to oil disruption
Petrol station closures and cutbacks in storage capacity have made Britain more vulnerable to oil supply disruptions, according to a report from Deloitte prepared for the government.

THE WALL STREET JOURNAL
EUROPE

China plans overhaul of railways
China will shake up its massive but troubled railway system and invite greater input from private investors including foreigners, according to the head of the country’s powerful Ministry of Railways.

Companies challenge labour rulings
Dozens of companies are seeking to void or block rulings by the National Labor Relations Board in the wake of a court decision that found President Barack Obama’s board appointments unconstitutional.