Credit Suisse execs clashed on probe
The former head of Credit Suisse’s private bank for the Americas told government investigators he had clashed with superiors about the bank’s disclosures to a tax evasion probe, said people with direct knowledge of the situation. The claim suggests there was disagreement at senior levels of Credit Suisse over its handling of an investigation for which it has set aside almost $1bn (£592m) for legal provisions. The bank has not settled with investigators, and still faces the threat of criminal charges. This February, the Senate permanent subcommittee on investigations accused Credit Suisse of helping more than 22,000 US clients avoid US taxes.
Rio Tinto sues Vale and BSG
Rio Tinto is suing Vale and BSG Resources, alleging the rival mining groups were part of a conspiracy to steal its rights to a vast African iron ore deposit worth billions of dollars. Rio and Vale are two of the world’s most valuable mining companies. Murilo Ferreira, the company’s chief executive, said that a two-year inquiry in Guinea had cleared Vale of any wrongdoing.
Portugal goes for clean bailout exit
Portugal is to exit its three-year €78bn (£64.1bn) bailout without an emergency backstop, in a remarkable turnround for a country that only six months ago seemed destined for a second rescue programme. An announcement by Prime Minister Pedro Passos Coelho is expected on Monday.
Adams arrested over 1972 murder
Gerry Adams, the Sinn Fein president, was arrested last night in connection with one of the most notorious murders of Northern Ireland’s Troubles. Adams was questioned about the 1972 killing of Jean McConville, a widow and mother of ten who was targeted by the IRA, which alleged she was an army informant. The Irish MP has always denied any role in the killing and, speaking before his arrest, said that he was “innocent of any part” in the murder. Adams was held after voluntarily attending a meeting with officers from the Police Service of Northern Ireland (PSNI). He was taken to the PSNI’s serious crime suite at Antrim police station.
The Daily Telegraph
Burden of higher rate tax payers up Higher rate taxpayers will shoulder the burden of two thirds of Britain’s tax bill by the next election even though they represent just 16 per cent of the population, according to official figures. People hit by the 40p and 45p rate will pay 67 per cent of Britain’s total income tax bill by 2014-15, despite being outnumbered by lower paid workers at a rate of one to five.
Labour crackdown on schools
A Labour policy blueprint drawn up by David Blunkett recommends a crackdown on schools that flout admissions rules and the creation of education standards tsars, but critics claim it is a return of New Labour-style bureaucracy.
THE WALL STREET JOURNAL
$17bn aid from IMF to Ukraine
The International Monetary Fund yesterday approved a $17bn (£10.1bn) rescue package to prevent a collapse of Ukraine's economy, marking a rare moment of consensus between Russia and western nations battling over the former Soviet republic. The sign-off lets the new government in Kiev tap more than $3bn within days.
Berlusconi to work with patients
Billionaire politician Silvio Berlusconi will work with Alzheimer’s patients when he begins community service next week as part of a tax fraud conviction, a situation that could prove a publicity boon for both the chosen clinic and the ex-premier.