What the other papers say this morning


Ex-GLG pair to launch EM fund
Two emerging markets traders formerly from Man Group have begun raising money for a new venture, APQ Partners, in what is likely to be one of the largest European hedge fund launches of 2013.

Bart Turtelboom and Karim Abdel-Motaal left Man division GLG, where they were co-heads of emerging markets, at the end of January. The pair had run the group’s highly regarded $1.5bn emerging markets fund since 2008, when they took over from Greg Coffey.

Italian police seize €46m assets
Italian police have seized €46m worth of Bulgari assets, including the jeweller’s flagship Roman store, in a tax evasion probe. Police said their investigations focused on Paolo and Nicola Bulgari, grandsons of the founder of the jeweller, which is now owned by LVMH

Carlyle property heads leave
The co-heads of Carlyle’s European real estate funds are leaving the private equity group in a move that has angered investors in one of its three property funds nursing deep losses.


Cruise giant back in troubled waters
A month after its Carnival Triumph was disabled by a fire in the Gulf of Mexico, engine trouble marooned the Carnival Dream at port in St Maarten in the Caribbean.

China buys gas foothold
China’s biggest oil producer has paid $4.2 billion (£2.8 billion) to give itself a foothold in Mozambique’s burgeoning natural gas fields.

The Daily Telegraph

FastJet takeover dispute
The $7m (£4.7m) bust-up at African airline FastJet has taken a farcical twist, with the two warring protagonists flying in opposite directions just as they were supposed to be holding peace talks.

Nestle opens £35m water plant
Nestlé has opened a £35m water bottling plant in Buxton as part of its pledge to invest £500m in the UK over three years.


VW to increase output in China
Volkswagen said it would boost its production in China by more than 70% by 2018 and develop a budget car for that market, part of a push to limit its exposure to crisis-stricken Europe.

Boeing customers brace for fixes
Boeing, which will soon begin testing a redesigned battery system for its 787 Dreamliner, faces the challenge of manufacturing and installing fixes that are more extensive than many industry officials expected.