WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
BHP CALLS FOR MARKETS TO SET IRON ORE PRICES
BHP Billiton, the world’s biggest miner, has made a plea for the “emotion and anxiety” to be taken out of the iron ore business with a shift to market-based pricing like oil or coal. The plea by Marius Kloppers, chief executive of BHP, came a day after China arrested four employees of Rio Tinto, the miner’s main competitor. It was the latest stage of a crisis that started over Rio’s talk to fix an annual price.
INVESTORS SHOW SIGNS OF FATIGUE WITH RIGHTS ISSUES.
Signs of investor “fatigue” with rights issues are emerging as markets brace for another wave of cash calls, with recent equity raisings by European companies underperforming deals from early in the year. Stock performances after April have lagged behind.
TRADITIONAL STRATEGIES SPUR HEDGE FUNDS’ BEST YEARLY START IN A DECADE
Hedge funds have made the best start to a year for a decade as markets recover and the industry moves back to traditional investment strategies. The average hedge fund has had its best first seven months since 1999, according to the HFN aggregate index of hedge funds, which has risen 12.1 per cent in the year to date.
EUROPEAN PUBLISHERS TARGET GOOGLE
Google is facing growing opposition in Europe to its landmark US legal settlement with book publishers and authors, raising a fresh challenge to an agreement that could help determine the future structure of the digital books business. While limited only to book rights in the US, the proposed settlement, which still needs court approval, has aroused consternation amongst European publishers, who fear they will lose their rights.
THE TIMES
RUSSIAN PRESIDENT ORDERS NAVY TO HUNT FOR MISSING 'PIRACY' SHIP ARCTIC SEA
President Dmitry Medvedev has ordered the Russian navy to join the hunt for a cargo ship which disappeared after passing through the English Channel. Warships and nuclear submarines have have been told to “take all necessary measures to find and free” the ship and its 15-man Russian crew amid fears that it has been seized by pirates.
SERCO SADDLES UP FOR LONDON CYCLE HIRE SCHEME
Serco Group, the service company that operates the Docklands Light Railway and Woolwich Ferry, has won a £140m contract to run the London bike hire scheme championed by Mayor Boris Johnson. Transport for London (TfL) said it had awarded Serco a six-year contract.
The Daily Telegraph
SIR RICHARD BRANSON'S PLEA TO BARACK OBAMA
Sir Richard Branson has written to President Barack Obama in his latest attempt to persuade the US administration to block British Airways’ proposed transatlantic tie-up with American Airlines. In his letter the Virgin founder tells the US President that “now, more than ever, consumers are counting on you to put their interest first”.
BP AND SHELL RUMOURED TO BE EYEING ARROW
The energy sector was awash with bid tales as the blue-chip index recovered most of Tuesday’s losses, rising almost 1per cent. Yesterday there was gossip emanating from Down Under that either BP, off 4.7 at 507.3p, or Royal Dutch Shell are lining up an A$3bn (£1.5bn) bid for Australian coal-seam gas producer Arrow Energy.
WALL STREET JOURNAL
WTO RULES IN FAVOR OF U.S. IN MEDIA DISPUTE WITH CHINA
The World Trade Organisations yesterday handed China its biggest defeat yet in a long-running battle over copyright protection for American books, music and movies in the world’s most populous country. The 460-page ruling could be a big boon for Hollywood filmmakers, videogame designers and rock stars from Bruce Springsteen to Madonna, allowing them to sell their creations at cheaper prices.
SUGAR ASSET TO BE SHED BY ANGLO AMERICAN
Anglo American said it is exiting its 50 per cent stake in South African sugar producer Tongaat Hulett, a further step to focus on its core mining operations. The move to concentrate on its base operations comes as it fends off a merger approach.