Wednesday newspaper round-up: BP, Anglo Irish, Ryanair...

BP is preparing a top-level reshuffle of its management ahead of Robert Dudley taking charge of the oil company this week.Mr Dudley, who will take over as chief executive of BP from Tony Hayward on Friday, is planning to remove several senior executives in company's exploration and production (E&P) division. Andy Inglis, chief executive of BP's E&P division will leave the company as part of the shake-up that is intended to begin the process of turning around the company in the wake of the Gulf of Mexico oil spill, the Telegraph reports.Ireland will on Thursday unveil a fresh taxpayer-funded recapitalisation of Anglo Irish Bank, the institution at the centre of the country's property meltdown, amid rising alarm in the markets over the country's financial health. Ireland's cost of borrowing on Tuesday hit record levels with yields on 10-year government bonds jumping 25 basis points to 6.72%. Irish bond yields for 10-year debt are at similar levels to Greece at the start of April - only a month before Athens was forced to turn to the international community for loans, the FT reports.Britain's best-paid quango chief is set to become the country's best-paid civil servant. Network Rail, the state-backed infrastructure company, said that it had poached David Higgins, the man overseeing the delivery of the London Olympics, to be its new chief executive, the Times reports.France will make a dramatic eleventh-hour attempt today to rewrite the European Union's proposed hedge fund directive that would make it difficult for groups from outside Europe to invest in EU countries. A paper from Christine Lagarde, the Finance Minister, will be presented at a European Council working group in Brussels in a move likely to delay further the introduction of a regulatory system, the Times reports.Ryanair has been placed under formal investigation by a French judge on suspicion of flouting France's costly and protective labour laws by employing staff at its base in Marseilles on Irish work contracts. The airline responded to the latest move in its dispute with the French authorities by reiterating a threat to close its Marseilles operation, with a loss of 120 jobs, if it is taken to court, the Times reports.Jeff Bewkes, the chairman and chief executive of Time Warner, has accepted that Time Warner's merger with AOL was "the biggest mistake in corporate history", but said it had helped the company focus on its strengths. Speaking to The Daily Telegraph after a speech at the Royal Television Society's International conference, Mr Bewkes said he had learned post-demerger that "the recipe for success" of any company is "you have to know what you are".The Bank of England should be "aggressive about promoting recovery" and pump more money into the economy over the coming months to avoid a Japan-style "Lost Decade" of low growth and high unemployment, said policymaker Adam Posen. "Policymakers should not settle for weak growth out of misplaced fear of inflation," he said in a speech to the Hull and Humber Chamber of Commerce, Industry and Shipping, the Telegraph reports.A stockbroker was fined more than £250,000 yesterday and banned from working in the City for paying kickbacks to a hedge fund trader who had sent him business. Fabio De Biase, 39, an equity broker at TFS Derivatives, was accused by the Financial Services Authority of paying £131,000 to Anjam Ahmad, an AKO Capital trader, in return for sending him work, in breach of City rules, the Times reports.JJB Sports yesterday revealed that increased "volatility" since the start of August had forced it to step up its promotions to boost sales, raising fresh concerns about the strength of the sports equipment retailer's recovery. Following its half-yearly results, analysts at Investec said JJB remains in a "precarious" position, adding it was likely the retailer may have to seek an additional fund raising, the Independent reports.