Warning over Chinese debt
A senior Chinese auditor has warned that local government debt is “out of control” and could spark a bigger financial crisis than the US housing market crash.
Zhang Ke said his accounting firm, ShineWing, had all but stopped signing off on bond sales by local governments as a result of his concerns. “We audited some local government bond issues and found them very dangerous, so we pulled out,” said Mr Zhang, who is also vice-chairman of China’s accounting association.
Tax scheme investors win case
Five investors who suffered heavy losses from a film tax avoidance scheme have won a claim for £2.6m against their advisers, paving the way for similar actions by wealthy individuals.
Credit Suisse faces revolt on pay
Credit Suisse is facing a shareholder revolt over pay after an influential advisory group asked investors to block the Swiss bank’s plan to issue shares for employee bonuses. ISS, the proxy adviser, said investors should not grant permission to issue shares worth more than SFr700m (£494m) to pay for senior staff bonuses.
Britain leads world in the calculated use of the corporate leak
Leaking details of a takeover approach before its formal announcement is more common in the UK than anywhere else, research from Cass Business School says.
China may ease pain of patent cliff
Pharmaceuticals companies that stand to lose billions of dollars in sales when patents expire could gain a reprieve by selling generic versions of their medicines in China, according to a report.
The Daily Telegraph
Francois Hollande faces austerity revolt from own ministers
French president Francois Hollande is facing an anti-austerity revolt from his own ministers as he pushes through a fresh round of tax rises and austerity.
Trinity chief: Sly Bailey set bar low
Simon Fox, the new boss of Trinity Mirror, has lashed out at Sly Bailey, claiming she “set the bar very low” during her own tenure as the newspaper group’s chief executive.
THE WALL STREET JOURNAL
News Corp picks new name
Rupert Murdoch’s News Corp will change its name to 21st Century Fox after its newspaper and book-publishing assets are spun off as part of a split of the media giant, it announced yesterday.
Slovenia aims to issue T-bills
Slovenian finance officials said they would try to issue new Treasury bills and then retire as much as €855m (£733.4m) in outstanding debt, moves that will reflect its ability to avoid a bailout.