Greek bank head sent savings abroad
A political row has erupted in Athens after the former head of a big Greek state bank admitted to transferring €8m (£6.4m) of personal savings abroad to buy a London property months before his Agricultural Bank headed towards insolvency. Theodoros Pantalakis, former chief executive of Greece’s Agricultural Bank, strongly denied any wrongdoing, telling Realnews, a Greek website, that he had declared the transaction to authorities in 2011 and had already paid tax owing on the amount transferred.
Wall St eyes euro exit protection
Wall Street banks are increasingly telling counterparties and borrowers to restructure contracts or find another bank as they prepare for the potential exit of a country from the Eurozone. Using hedges, such as credit default swaps, US banks have reduced their net exposure to troubled countries.
Coe warns on sports funding
Britain must capitalise on the country’s Olympic gold rush by continuing to fund both top athletes and local clubs to increase sports participation, Lord Coe said yesterday.
Oil giant puts safety first
Royal Dutch Shell is to pull some of its huge cash pile out of European banks because it fears that the Continent’s debt crisis has made it too risky a home.
Overheating threatens to put pipeline out of action
Overheating threatens to put pipeline out of action Australia’s giant liquefied natural gas projects could be delayed or cancelled because of their spiralling costs, analysts have warned.
The Daily Telegraph
Online retailer Amazon to overtake Wal-Wart by 2020, says ex-Asda chief
Amazon will overtake Wal-Mart as the world's biggest retailer by 2020 amid a fundamental shift in the world's shopping habits, according to Andy Bond, the former chief executive of Asda.
Gamblers lose more than £1bn a year
British gamblers are losing more than £1 billion a year on the highly-addictive Las Vegas-style slot machines rolled out under the last Labour government.
THE WALL STREET JOURNAL
Fight over Romney’s taxes escalates
The argument over Mitt Romney’s personal tax returns heated up yesterday, with Republicans calling Senate majority leader Harry Reid a liar for suggesting the GOP presidential candidate hadn’t paid taxes for a decade.
Chinese leaders gather at key summer meeting
China’s top leaders appear to have gathered for a secretive summer conclave to hammer out major decisions for the economy.