Wednesday Papers: Cable admits lack of funds for regional bodies - other news

Financial Times

* Vince Cable, the business secretary, on Tuesday admitted that his new regional enterprise bodies - Local Enterprise Partnerships - will not receive any money to help them tap into the government’s £1.4 billion regional growth fund.

* Government plans to merge the UK Listing Authority into a beefed-up companies regulator could “sow the seeds for the next crisis”, Xavier Rolet, the chief executive of the London Stock Exchange, has warned.

* The pound advanced on Tuesday after UK growth figures showed gross domestic product rose 0.8% in the third quarter, double the consensus forecast for a rise of 0.4%.

* Vodafone Group outperformed a falling London market on Tuesday amid renewed speculation that the group could sell its US joint venture.

* Shares in Fidessa fell after the UK-based trading technology group warned that tough conditions for smaller brokers would inhibit higher growth rates for the rest of the year.

* Philip Hammond gave the go-ahead to 16 more road and bus improvements as he promised to spend £5.9 billion on “unglamorous but important” transport upgrades.

* National Audit Office has warned that more public money may have to be put into PFI projects, either directly or as a guarantee for their debt, highlighting difficulties the coalition government faces in finding the £40 billion-£50 billion a year needed for infrastructure in the wake of the credit crunch.

* Braemar Shipping Services, the London-listed international shipbroker, enjoyed higher first-half revenues and pre-tax profits despite choppy market conditions.

* Guy Hands’ closest adviser at Citigroup tells the private equity boss not to ‘play games’ on the price of his £4.2 billion offer because he was ‘furious’ Mr Hands misrepresented his advice in an earlier conversation with EMI, a court heard.

* Keith Ludeman, Go-Ahead chief executive, is to retire from the train and bus operator in July 2011 after five years at the helm.

* Sales at TNK-BP rose by more than 11% between June and September on the back of higher crude prices and increased production;  BP’s Russian joint venture said it was targeting production growth of 3% for the full year and between 1% and 3% in 2011.