White Paper won’t beef up role of Bank June 28, 2009 CHANCELLOR Alistair Darling’s White Paper on reform of the regulatory authorities, which has been delayed until next week, will not see a change in the structure of the tripartite authorities. Business minister Lord Mandelson will tonight confirm that financial regulation will remain in the hands of a beefed-up Financial Services Authority (FSA) rather than transferring [...]
Police failings on G20 protests June 28, 2009 Police relied too heavily on untrained and inexperienced officers to maintain control of protesters during the April G20 summit in which one man died, a parliamentary committee will say today. The Commons Home Affairs Committee repoerts that while City disruption was minimal, this was partly due to chance.
Swiss fighting tax clampdown June 28, 2009 The Swiss government is in an economic war with major economies over plans to clamp down on the secrecy of its banking sector, which is blamed for allowing tax evasion that costs governments billions in lost revenues each year. Geneva bankers believe Switzerland is being picked on by economic powers like the US and UK [...]
Queen feels financial pinch June 28, 2009 The Queen is chasing a rise in her expenses because the £7.9m-a-year grant is no longer enough. She has asked for a substantial increase to pay for banquets, furniture and the upkeep of palaces. The grant covers the cost of the Royal household, from official entertaining to housemaids and footmen.
WHAT THE OTHER PAPERS SAY THIS MORNING June 28, 2009 THE SUNDAYSThe Sunday TelegraphCAMELOT LAUNCHES CONSULTANCYCamelot, the national lottery group, has launched a consultancy business to lotteries globally and is close to winning its first piece of business advising the California operator. Camelot Global Services, an independent company, is expected to be appointed as a consultant to the California State Lottery and advise the US [...]
Dubai’s property merger June 28, 2009 DUBAI-BASED property giant Emaar has outlined plans to merge with three real-estate units controlled by the emirate’s ruler, Sheikh Mohammed bin Rashid Al Maktoum. Shares of Emaar Property, the largest listed Arab developer, fell 10 per cent on the statement by chairman Mohammed Alabbar yesterday, amid fears about the value of the assets owned by [...]
Ofcom should stop persecuting BSkyB June 28, 2009 REWARDS for failure, we all agree, need to be eradicated. Everybody has had their fill of those – in the City, in government and elsewhere – who have pocketed a fortune while failing to deliver or even destroying institutions. But successful, entrepreneurial firms that have risked their owners’ capital, taken huge gambles and delivered vastly [...]
Madoff learns his fate today June 28, 2009 BERNARD Madoff, who became a symbol of greed in the financial crisis for masterminding Wall Street’s biggest investment fraud, faces the rest of his life in prison in one of the stiffest punishments for white-collar crime when he is sentenced today. The courtroom drama will unfold with the swindler hearing angry defrauded investors speak of [...]
State set to spend 50% of UK GDP June 28, 2009 GOVERNMENT spending is set to account for half of Britain’s GDP by next year, up from 41.1 per cent last year. While the South East has relatively low public spending, forecast to rise from 32.4 per cent of regional GDP in 2007-08 to 40 per cent next year, Northern Ireland and Wales’ state spending is [...]
VODAFONE PLANS BID FOR T-MOBILE June 28, 2009 MOBILE network operator Vodafone is considering launching a daring bid to buy smaller rival T-Mobile UK, in plans that could bring it face-to-face with competition regulators. The world’s largest mobile network by revenue is kicking the tyres at underperforming T-Mobile UK, which has an estimated enterprise value of around €4bn (£3.4bn). Such a deal would [...]
