WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
Trafigura to move to Singapore
Singapore has enticed Trafigura, one of the world’s biggest commodities trading houses, to move its legal headquarters from Switzerland to the Asian city state, highlighting the attractions of its low-tax regime and proximity to China. Trafigura’s relocation is a big boost for Singapore as it challenges the supremacy of Switzerland as the world’s commodities trading hub and fends off competition from other financial centres, such as Shanghai, Hong Kong, and Dubai.Pierre Lorinet, chief financial officer, is to move to Singapore, joining 150 traders in the city. But the company will retain its larger team of traders in Geneva.
The Daily Telegraph
BAE wins submarine contract
BAE Systems and its submarine site in Barrow-in-Furness, have received a boost after the government confirmed the company has been awarded a £328m contract to design the UK’s next generation of submarines. The vessels are intended to replace the Vanguard class of submarines, which carry the Trident nuclear missiles. BAE employs more than 5,000 people in its submarine business, primarily at Barrow. Engineering firm Babcock was also awarded a £15m contract to design parts of the in-service support, while Rolls-Royce won a reactor contract worth £4m.
THE TIMES
Bosses say GCSEs are not up to job
GCSEs are unfit for the 21st century, business leaders say. They argue that so much emphasis is placed on “funnelling” teenagers into make-or-break exams at 16 that schools are failing to produce the confident, rounded young people that employers want. A CBI group is considering whether scrapping GCSEs would give greater freedom to provide a broader curriculum. Last week the owner of one exam board called for a cap on the number of GCSEs sat by each student.
THE WALL STREET JOURNAL
Private spacecraft lifts off
The first private spacecraft aiming to dock with the international space station blasted off from Florida early yesterday. NASA says private industry can develop unmanned cargo vehicles faster and at less cost than traditional programmes.