WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
MICROSOFT LAUNCHES CLOUD OFFICE
Microsoft is set to place one of its biggest bets yet on cloud computing with the launch of Office 365, an online version of its most widely used business software. The software company’s belated push online with one of its core businesses comes more than four years after Google came up with its own service, but has still left it in a strong position.
CHNA FAMILY SWOOPS ON RAB FUNDS
One of China’s wealthiest families has swooped to acquire funds from the wreckage of London-based RAB Capital in a move that will create one of the biggest new hedge fund startups this year. The deal will catapult one of Asia’s biggest private conglomerates into the centre of the resurgent hedge fund industry and comes just days after RAB was forced to delist from the UK Aim market.
AFGHAN CENTRAL BANK GOVERNOR FLEES
The governor of Afghanistan’s central bank has fled the country in fear of his life after naming powerful individuals who benefited from a scandal at Kabulbank, the biggest lender. Abdul Qadeer Fitrat told the Financial Times from a location in Northern Virginia that he had resigned his post and fled to the US a week ago to ensure his safety.
TEEN ON HACKING CHARGES BAILED
Ryan Cleary, the Essex teenager charged over hacking allegations last week, has been released on bail on condition he remain offline. The 19-year-old has been ordered to observe an overnight curfew, given an electronic tracking tag and banned from using the internet, with devices including his PC, Apple iPhone and Sony PlayStation 3 games console confiscated. Cleary is accused of launching cyberattacks on websites including the UK’s Serious Organised Crime Agency.
THE TIMES
LONDON AIRPORTS IN CAPACITY CRISIS
Tens of thousands of passengers are kept circling over London every day waiting to land at the world’s busiest international airport, according to data seen by The Times. Sixty per cent of arrivals at Heathrow are delayed in holding patterns above the capital, to the frustration of passengers and great cost to the economy
POLL STRENGTHENS LAGARDE’S CASE TO LEAD THE IMF
A poll of voting countries has revealed that Christine Lagarde would easily achieve the majority consensus to become the next managing director of the International Monetary Fund. Despite a strong challenge to Europe’s traditional hold on the job, the French Finance Minister would get more than enough countries to back her bid to beat Agustín Carstens, the poll by Reuters said.
The Daily Telegraph
PHONE HACKING HACK ARRESTED
A Press Association journalist has been arrested by detectives investigating allegations of voicemail hacking. Scotland Yard said the reporter was arrested by appointment when she attended a central London police station at around 3pm on suspicion of intercepting communications, contrary to Section 1 Regulation of Investigatory Powers Act (RIPA) 2000.
FORMER GOVERNOR FACES JAIL
The disgraced former governor of Illinois is facing up to 20 years in prison after being convicted of trying to sell Barack Obama’s old seat in the US senate. Rod Blagojevich, once a rising star of the Democratic party, was on Monday night found guilty by a jury in Chicago of 17 corruption charges including fraud. The 54-year-old, a father of two, said he was “stunned” at the verdict.
THE WALL STREET JOURNAL
FORMER CITI EXECUTIVE CHARGED IN $19M THEFT
A former Citigroup executive was arrested and charged with allegedly embezzling more than $19m from the bank in “the ultimate inside job,” federal prosecutors said yesterday. Gary Foster, who worked in Citigroup’s internal finance department, allegedly wired about $19.2m in a series of transactions from the bank’s corporate accounts to his personal account, according to a criminal complaint unsealed yesterday.
AIR CANADA, UNITED ALLIANCE IS CHALLENGED
Canadian regulators unexpectedly moved to block a tighter alliance between Air Canada and United Continental Holdings on antitrust grounds and called for parts of the airlines’ existing cooperation deal to be unwound.