Greece: deal is only option March 5, 2012 A DOZEN of Greece’s private creditors said yesterday that they plan to participate in the country’s debt swap as Athens’ finance minister warned others that they will not get their money back no matter what. Evangelos Venizelos gave a stark warning to any hold-outs that Greece cannot pay its debts and is fully prepared to [...]
War on Britain’s aspirational classes March 5, 2012 THERE is something very wrong with Britain’s tax system. Imagine you are an aspiring, successful hard-working individual; after several years putting in the hours, you now earn £42,475 a year. You’re already a victim of the tax system: you pay no tax on your first £8,105, but then face 20 per cent tax on the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 5, 2012 FINANCIAL TIMES REGULATORS CONSIDER AN OVERHAUL OF LIBOR UK regulators and global banks are discussing a potentially far-reaching overhaul of the calculation and regulation of interbank lending rates, amid claims that the benchmark for $350 trillion contracts worldwide may have been subject to manipulation. STARBUCKS TAKES COFFEE WARS TO NESPRESSO Coffee capsule wars are set [...]
Russia criticised over vote March 5, 2012 RUSSIAN police arrested hundreds of protesters yesterday as Vladimir Putin faced questions over the legitimacy of his election as president. Putin was criticised by international election observers a day after claiming victory on 64 per cent of the vote. The Organisation for Security and Co-operation in Europe (OSCE) raised serious questions about the election’s validity [...]
US rivals close in on Super Tuesday March 5, 2012 Rivals Mitt Romney and Rick Santorum made their final pitch for support in the battleground US state of Ohio yesterday, the day before 10 states hold Super Tuesday nominating contests that could be pivotal in an unpredictable Republican presidential race. Romney has been gaining on Santorum in Ohio polls all week, erasing a double-digit lead [...]
FSA brings £1bn fraud case March 5, 2012 Seven men were accused in court yesterday of a £1m fraud using confidential bank documents in the largest insider dealing case ever brought before court by the UK financial regulator. A lawyer for the Financial Services Authority told Southwark Crown Court that the men used inside information to place spread bets on companies shortly before [...]
Misys battle heats up with third entrant March 5, 2012 SHARES in Misys jumped six per cent to 335p yesterday as a third suitor entered the race for the software company just hours before Temenos’ deadline to confirm or withdraw its interest. ValueAct, Misys’ largest shareholders with a 21.5 per cent stake, has joined forces with private equity group CVC Capital Partners and is considering [...]
The Misys – or is that Midas – touch March 5, 2012 WHEN Misys allegedly turned its nose up at Fidelity National last summer, considering itself better than the 400p per share it was offered, the City raised its eyebrows. And when Misys’ share price almost halved in the last six months of 2011, many came close to saying “I told you so”. But now the City [...]
Drop in China’s econonic growth target sends markets into a spin March 5, 2012 MARKETS fell around the world as China cut its official economic growth target to its lowest level in eight years yesterday. Premier Wen Jiabao lowered the target growth rate from eight per cent to 7.5 per cent, claiming the slower level allowed for “higher level, higher quality development”. The FTSE fell 0.61 per cent, the [...]
Glencore boss fires shot at deal critics March 5, 2012 GLENCORE chief executive Ivan Glasenberg yesterday said the company’s “naysayers” who were trying to torpedo the proposed $37bn (£23bn) bid for miner Xstrata were failing to appreciate its potential. Glasenberg (pictured) said all sides would benefit from the extra clout the pair would have on world markets. However Standard Life, which has a 2.2 per cent [...]
