Hedge funds bet on Bunds sell-off as Eurozone woes weigh on Berlin
Leading hedge fund managers are betting on a significant sell-off in German government bonds in the coming months after a sharp fall in yields on the debt paper driven by a flight to safety in the Eurozone.
One small step for the Isle of Man
The Isle of Man has become an unlikely competitor in the space race with the unveiling on the island last month of two Soviet-era space stations and a team planning a moon landing. The offshore jurisdiction between Ireland and the UK aims to move off-earth as it becomes a power in space commerce after attracting a host of pioneers.
IAG open to Bankia’s stake going to rival
The boss of International Airlines Group, Willie Walsh, has signalled he is receptive to another airline buying all or part of the stake in IAG held by Bankia, the part-nationalised and deeply troubled Spanish bank. He said an airline investor could be “positive” for the company.
Santander left waiting again for RBS to offload branches
The landmark sale of a 318-branch business carved out from Royal Bank of Scotland’s existing network to Grupo Santander of Spain has been hit by fresh delays, The Times has learnt. The latest problems mean that the £1.65bn deal, announced in August 2010 and at first intended to be completed at the end of 2011 and then by the end of this year, will not be cemented much before June 2013.
The Daily Telegraph
Fraudsters jailed for 35 years for £38m VAT scam
Three men who defrauded the taxpayer of £38m through a complex “missing trader” scam were jailed for a total of 35 years. The gang set up a chain of bogus companies in order to trade in EU carbon credits and stole the Vat payments. Sandeep Singh Dosanjh was jailed for 15 years, Navdeep Singh Gill was jailed for 11 years and Ranjot Singh Chahal for nine years. The trio were sentenced at Southwark Crown Court.
THE WALL STREET JOURNAL
Penney to tweak message, but not its strategy
JC Penney will revamp its marketing to convince customers that they are getting a deal, but its chief executive isn’t backing off a strategy that has produced a steep drop in sales this year.
Spotify offers free radio service
The music-subscription company Spotify is joining Pandora, Slacker and Songza in offering a free radio service for mobile devices in the US.