Bankrupt Banker

James Murdoch giving evidence for a second time to the MPs' select committee

<div id="main-content-picture" style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-collapse: collapse; color: #333333; font-family: arial, sans-serif; line-height: 18px; background-color: #ffffff; background-repeat: no-repeat no-repeat; padding: 0px;"><img alt="james murdoch phone hacking" height="276" src="http://static.guim.co.uk/sys-images/Guardian/About/General/2011/11/10/1320931219985/james-murdoch-phone-hacki-007.jpg" style="border-collapse: collapse; background-repeat: no-repeat no-repeat; padding: 0px; margin: 0px;" width="460" /><div class="caption" style="border-collapse: collapse; color: #666666; font-size: 12px; background-repeat: no-repeat no-repeat; padding: 0px; margin: 0px;">James Murdoch giving evidence for a second time to the MPs' select committee, during which he claimed News of the World's former editor Tom Myler and lawyer Tom Crone did not tell him about 'widespread criminality' at the newspaper. Photograph: AFP/Getty</div></div><div id="article-body-blocks" style="border-collapse: collapse; color: #333333; font-family: arial, sans-serif; line-height: 18px; background-color: #ffffff; background-repeat: no-repeat no-repeat; padding: 0px; margin: 0px;">James Murdoch has accused the News of the World's former editor and senior lawyer of not telling him about suggestions of wider phone hacking at the newspaper in 2008. Giving evidence for the second time about the News of the World phone-hacking scandal before MPs on the Commons culture, media and sport committee, Murdoch insisted that the context of the bombshell "for Neville" email was withheld from him by Colin Myler and Tom Crone when they discussed the payout to Gordon Taylor, the Professional Footballers' Association chief, in June 2008. Murdoch, who oversees the now-defunct News of the World's publisher News International as News Corporation's deputy chief operating officer, told MPs that Crone and Myler had misled parliament with their testimony in the summer. Crone, the former head of legal at the Sunday red-top, said in a written letter to the committee earlier this week that recently published emails appear to show that Murdoch knew about the "for Neville" email in May 2008 – more than two years before he maintains he was told about widespread hacking at the paper. "After the resignation of [former News of the World editor Andy] Coulson, [former News International chairman Les] Hinton brought Myler in to clean things up and bring newspaper forward," Murdoch told MPs. "If he had known that there was wider-spread criminality I think he should have told me." He later insisted that Myler and Crone did not "discuss elements of widespread criminality" with him in the 2008 meetings. He added that previous evidence given to the committee by Crone and Myler was "inconsistent and not right". Murdoch said: "I've had time to reflect on all of these events and it is appropriate to reflect and to think that the whole company is humbled by this and learn why we couldn't get to grips with it as fast as we would have liked." In a fractious and detailed line of questioning halfway into the session, Labour MP Tom Watson revealed that he had met the former NoW chief reporter Neville Thurlbeck on Thursday morning immediately before the hearing and he had told him that Crone had intended to show Murdoch the "for Neville" email in May 2008. The "for Neville" in the subject line of the email in question is believed to refer to Thurlbeck. He maintains that he was not involved in or aware of phone hacking at the News of the World. Watson quoted Thurlbeck as saying: "This is not some vague memory, I was absolutely on a knife edge. Tom took it to him. The following week I said 'did you show him the email?' He said 'yes I did'. Now he can't remember whether he showed it to Mr Murdoch or not." Murdoch replied: "I remember what I was told at the time and I was not told at the time." Ending his questioning, Watson likened News International to the mafia and asked Murdoch whether he had every heard of the phrase "omertà", which means a mafia vow of silence. An audibly irritated Murdoch replied that he had not. Watson then accused the News Corp executive of being "the first mafia boss in history" who did not know what was going on in his organisation. Murdoch responded by telling Watson, who has persistently pursued News Corp over the phone-hacking scandal for the past two years, he thought the comment was "inappropriate".</div>

James Murdoch giving evidence for a second time to the MPs' select committee

James Murdoch giving evidence for a second time to the MPs' select committee, during which he claimed News of the World's former edi...

Man arrested over alleged police payments named as Sun journalist

A Sun journalist has been arrested as part of Scotland Yard's investigation into alleged payments to police officers by newspapers. The reporter is believed to be Jamie Pyatt, district editor of the paper. The arrested journalist was taken to a South West London police station at 10.30am on Friday. Pyatt, 48, has been working at the Sun since 1987. He is the sixth person arrested by detectives working in Operation Elveden, which was set up in July following allegations that police officers had received up to £130,000 over several years from the News of the World for information, including contact details of the royal family. News International refused to comment on the arrest and saying it had "a very clear duty of care to employees and would not be making any comment on individuals". Scotland Yard also refused to confirm the identity of the person it arrested, but said in a statement earlier that it had arrested a 48-year-old man in connection with Operation Elveden. Its statement said: "He was arrested outside London on suspicion of corruption allegations in contravention of section 1 of the Prevention of Corruption Act 1906, and is being brought to a south-west London police station." Operation Elveden is one of three Met investigations relating to alleged illegal activities by newspapers. The others are Operation Weeting and Operation Tuleta, set up to examine phone hacking and computer hacking, respectively. On Thursday, Scotland Yard confirmed to the Guardian that the number of people whose phones may have been hacked had reached 5,800 – 2,000 more than previously stated. So far 16 people have been arrested and bailed on allegations of phone hacking.

Man arrested over alleged police payments named as Sun journalist

A Sun journalist has been arrested as part of Scotland Yard's investigation into alleged payments to police officers by newspapers. T...

Italy government hangs by thread as coalition crumbles

Italian Prime Minister Silvio Berlusconi's fate hung by a thread Friday and desertions from his crumbling centre-right coalition may have already robbed him of the parliamentary numbers he needs to survive. Berlusconi, caught in the crossfire from European powers and a party revolt at home, agreed at a G20 summit in France to IMF monitoring of economic reforms which he has long promised but failed to implement. But this may soon be irrelevant for the Italian leader, who will return to Rome later Friday to face what looks increasingly like a deadly rebellion by his own supporters. With financial markets in turmoil over the situation in Greece and Italy viewed as the next domino to fall in the euro zone crisis, calls are mounting for a new government to carry through reforms convincing enough to regain international confidence. Berlusconi has consistently rejected calls to resign and says the only alternative to him is an early election next spring, rather than the technocrat or national unity government urged by many politicians and commentators. Yields on 10-year Italian bonds reached 6.36 percent by early afternoon, creeping closer to 7 percent, a level which could trigger a so-called "buyers' strike" where investors take fright and refuse to buy the paper. Two deputies from Berlusconi's PDL party this week defected to the centrist UDC, taking his support in the 630-seat lower house of parliament to 314 compared with the 316 he needed to win a confidence vote last month. But at least seven other former loyalists have called for a new government and could vote against the 75-year-old media magnate. "The (ruling) majority seems to be dissolving like a snowman in spring," said respected commentator Stefano Folli in the financial daily Il Sole 24 Ore. Other commentators spoke of an "inexorable" revolt against Berlusconi. Even Defence Ministry undersecretary Guido Crosetto, a Berlusconi loyalist, said on television: "I don't know how many days or weeks the government has left. Certainly a majority relying on a few votes cannot continue for long." PATRONAGE Berlusconi, one of Italy's richest men, still has significant powers of patronage and he and his closest aides are expected to spend the weekend trying to win back support for a parliamentary showdown Tuesday. Some rebels have already threatened to vote against Berlusconi in the vote to sign off on the 2010 budget. Berlusconi faced concerted calls to resign when he lost a previous vote on this routine measure, which was almost unprecedented. Although it is not a confidence motion, he would come under huge pressure if he suffered a second defeat. "Unpopular prescriptions are necessary and this challenge cannot be faced with a 51 percent government," said UDC leader Pier Ferdinando Casini, in a reference to Berlusconi's weakness and a widespread feeling that the reforms can only be passed with a broad consensus. The premier has promised European leaders that he will call a formal confidence motion within 15 days to pass amendments to a budget bill incorporating new measures to stimulate growth and cut Italy's huge debt. That will be in the Senate where he has a more solid majority but it could still bring him down. Berlusconi, beset by a string of sex scandals and court cases, has consistently resisted pressure from groups ranging from a powerful business lobby to the Catholic Church to stand down.

Italy government hangs by thread as coalition crumbles

Italian Prime Minister Silvio Berlusconi's fate hung by a thread Friday and desertions from his crumbling centre-right coalition may h...

Report: Nevada Top 10 in Gang Members

Street gangs are a growing problem in southern Nevada. The FBI ranks Clark County as the 10th worst area in the nation for the number of gang members. More than 15,000 roam the streets, and those are just the ones authorities know about. The report shows the trends authorities are seeing in gangs. Biker gangs are getting more and more members. Hispanic-based gangs are expanding faster than other gangs. Twenty states, including Nevada, are seeing these same trends. Rachal Richardson used to have gang ties. Lights and sirens were something she was used to. Her ties to gang life are over, but not before being exposed to plenty of violence. The mother of four traded in violence and crimes scenes for a better life 10 years ago. She's not surprised Clark County is in the top 10 counties of the country when it comes to gang presence. "With sex is drugs and money and with that comes gangs, people trying to protect their turf, their name, or their pride," she said. With more than 15,000 gang members identified through the report, those who work closely with gang members say more needs to done. "We don't have enough money on prevention programs, where the kids can be involved and don't fall into that path of crime," said Esther Brown with the Embracing Project. Brown has never been in a gang, but moved to America from Spain and saw the need to reach out to those in gangs. She started the Embracing Project, a gang-prevention charity. "You are a gang member, let's look for solutions. What do you need so you can leave the gang. Some of the kids, it's difficult to leave the gang because their family are gang members," she said. She hopes this recent report opens the eyes of the community. "It's everywhere. People think, 'Oh, not in Summerlin. We don't have gang-bangers.' It's everywhere. Gang activity is everywhere," she said. Most of the gangs identified in this report are from street gangs. Two motorcycle gangs have seen a growth in Nevada, but gang-related drug activity in the report was fairly low compared to the overall gang presence in the state.

Report: Nevada Top 10 in Gang Members

Street gangs are a growing problem in southern Nevada. The FBI ranks Clark County as the 10th worst area in the nation for the number of g...

Wall Street markets are suffering huge falls this morning as fears grow that Europe's plan to save the euro will unravel

Wall Street markets are suffering huge falls this morning as fears grow that Europe's plan to save the euro will unravel before it can even kick in.Greek Premier George Papandreou said he will put Greece's bailout through a referendum, throwing the long-awaited deal into disarray.Financial markets around the world have tumbled in reaction to the shock announcement today and U.S. stocks have also fallen at the open.<div class="artSplitter" style="min-height: 1px; font-family: Arial, Helvetica, sans-serif; font-size: 10px; text-align: left; background-color: #ffffff; padding: 0px; margin: 0px;"><img alt="Wall Street: Financial markets around the world have tumbled in reaction to the shock announcement and U.S. stock futures are down on Tuesday" class="blkBorder" height="492" src="http://i.dailymail.co.uk/i/pix/2011/11/01/article-2056123-0E9D8C7E00000578-893_634x492.jpg" style="padding: 0px; margin: 0px; border: 1px solid black;" width="634" />Wall Street: Financial markets around the world have tumbled in reaction to the shock announcement and U.S. stock futures are down on Tuesday</div>The Dow Jones opened down 258 points, or 2.2 per cent; the Nasdaq fell 78 points, or 2.9 per cent, and the S&P fell 33 points, or 2.7 per cent. ‘The market did not see this Greek referendum coming, which is potentially a killer,’ said Vermont investment strategist Paul Mendelsohn. <div class="relatedItemsTopBorder" style="min-height: 1px; font-family: Arial, Helvetica, sans-serif; font-size: 10px; text-align: left; background-color: #ffffff; padding: 0px; margin: 0px;"> </div><div class="relatedItems" style="min-height: 1px; font-family: Arial, Helvetica, sans-serif; font-size: 10px; text-align: left; background-color: #ffffff; padding: 0px; margin: 0px;"><h4 style="min-height: 1px; font-size: 1em; padding: 0px; margin: 0px;"></h4></div> ‘It could knock the wheels off the bus of the whole (Europe rescue) plan.’

Wall Street markets are suffering huge falls this morning as fears grow that Europe's plan to save the euro will unravel

Wall Street markets are suffering huge falls this morning as fears grow that Europe's plan to save the euro will unravel before it can e...

MF Global's collapse ripples through futures exchanges

The fallout from the collapse of MF Global Holdings Ltd rippled through global exchanges on Tuesday, as operators moved to suspend the U.S. futures broker or limit trades of its customers. MF Global filed for bankruptcy protection on Monday following bad bets on euro zone debt. London clearing house LCH.Clearnet declared it a defaulter. MF Global became the most high-profile victim so far of the euro zone debt crisis, and revived memories of the collapse of Lehman Brothers in 2008 that triggered turmoil in global financial markets. But market participants said because MF Global, although highly leveraged, was far smaller -- its balance sheet, at $41 billion, was less than a 10th the size of Lehman's -- the wider impact of its fall would be contained. "While this is no Lehman Brothers, people will get more cautious because they're afraid there could be another MF Global," said Ang Kok Heng, who helps manage about $390 million at Phillip Capital Management in Kuala Lumpur. "When there's a run on a broker, it may be easier for it to collapse compared with a bank. Banks get central banks guaranteeing their deposits, while brokers don't get that kind of support." In Australia, trading in grain futures and options was suspended by bourse operator ASX Ltd on Tuesday, prompting concerns about the integrity of the country's agricultural futures market. "We're sitting out here with risk that we can't cover," said Jonathan Barratt, head of Sydney-based Commodity Broking Services. The London Metal Exchange said in a statement on Tuesday it had suspended MF Global from trading with immediate effect, following a similar move by the CME Group , which operates the Chicago Mercantile Exchange, Chicago Board of Trade and New York Mercantile Exchange. UNTANGLING POSITIONS On Monday, CBOE Holdings Inc said it was restricting trading by customers of MF Global to closing out their positions on its platforms, the Chicago Board Options Exchange, the C2 Options Exchange and the CBOE Futures Exchange. Trading activity in gold, crude oil and grain futures slowed to a crawl as the bankruptcy forced a chaotic scramble to untangle trading positions. MF Global brokers were barred from trading floors, according to Chicago traders. Commodities such as natural gas and crude, where MF Global had a strong presence, have been hit harder than others. One Sydney-based LME trader said MF Global's failure could encourage more market players to use clearing houses because they offered greater protection than over-the-counter (OTC) trading. "If there are customers who are in an OTC arrangement with MF Global, and these are not cleared by a clearing house, they may be exposed," said the trader. "But we don't know who these people are." The New York Federal Reserve terminated MF Global as one of its primary dealers and IntercontinentalExchange Inc , which operates futures exchanges in Europe and North America, Singapore Exchange Ltd and Singapore's central bank halted the broker's operations except for liquidations.

MF Global's collapse ripples through futures exchanges

The fallout from the collapse of MF Global Holdings Ltd rippled through global exchanges on Tuesday, as operators moved to suspend the U.S...

The Italian ship Montecristo, which was hijacked by Somali pirates before being stormed by British commandos

<div id="storyEmbSlide" style="color: #282828; font-family: georgia, 'times new roman', times, serif; font-size: 10px; background-color: #ffffff; padding: 0px;"><div class="slideshow ssMain" style="margin-top: 0px; margin-right: 0px; margin-bottom: 10px; margin-left: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #cccccc; padding-bottom: 3px;"><div class="nextPrevLayer" style="height: 319px; overflow-x: hidden; overflow-y: hidden; position: relative;"><div class="ssImg" style="padding: 0px;"><img alt="The Italian ship Montecristo, which was hijacked by Somali pirates before being stormed by British commandos" height="287" src="http://i.telegraph.co.uk/multimedia/archive/02023/Montecristo_2023831c.jpg" style="display: block; border: 0px initial initial;" width="460" /><div class="artImageExtras" style="font-family: arial; padding: 0px; margin: 0px;"><div class="ingCaptionCredit" style="padding-top: 2px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px;"> Photo: REUTERS</div></div></div></div></div></div><div class="byline" style="border-bottom-width: 1px; border-bottom-style: dotted; border-bottom-color: #cccccc; margin-bottom: 5px; color: #282828; font-family: georgia, 'times new roman', times, serif; font-size: 10px; background-color: #ffffff;"><p class="publishedDate" style="padding-top: 0px; padding-right: 0px; padding-bottom: 4px; padding-left: 0px; font-family: arial, sans-serif; font-size: 1.2em; line-height: 1.48em; color: #3f3f3f; float: left; width: 390px; margin: 0px;">9:45AM GMT 30 Oct 2011</div><div id="mainBodyArea" style="color: #282828; font-family: georgia, 'times new roman', times, serif; font-size: 10px; background-color: #ffffff;"><div class="firstPar">A legal ban on weapon-toting protection staff will be relaxed so that firms can apply for a licence to have them on board in danger zones.</div><div class="secondPar">The Prime Minister said radical action was required because the increasing ability of sea-borne Somali criminals to hijack and ransom ships had become "a complete stain on our world".</div><div class="thirdPar">He unveiled the measure after talks at a Commonwealth summit in Australia with leaders of countries in the Horn of Africa over the escalating problem faced in waters off their shores.</div><div class="fourthPar">Under the plans, the Home Secretary will be given the power to license vessels to carry armed security, including automatic weapons, currently prohibited under firearms laws.</div><div class="fifthPar">Officials said around 200 were expected to be in line to take up the offer, which would only apply for voyages through particular waters in the affected region. It is expected to be used by commercial firms rather than private sailors - such as hostage victims Paul and Rachel Chandler.</div></div>

The Italian ship Montecristo, which was hijacked by Somali pirates before being stormed by British commandos

Photo: REUTERS 9:45AM GMT 30 Oct 2011 A legal ban on weapon-toting protection staff will be relaxed so that firms can apply for a licence ...

The Occupy London Stock Exchange protest encampment outside St Paul's Cathedral.

<div id="main-content-picture" style="margin-top: 0px; margin-right: 0px; margin-bottom: 14px; margin-left: 0px; border-collapse: collapse; color: #333333; font-family: arial, sans-serif; line-height: 18px; background-color: #ffffff; background-repeat: no-repeat no-repeat; padding: 0px;"><img alt="Occupy London protest at St Paul's" height="276" src="http://static.guim.co.uk/sys-images/guardian/About/General/2011/10/29/1319903537602/Occupy-London-protest-at--006.jpg" style="border-collapse: collapse; background-repeat: no-repeat no-repeat; padding: 0px; margin: 0px;" width="460" /><div class="caption" style="border-collapse: collapse; color: #666666; font-size: 12px; background-repeat: no-repeat no-repeat; padding: 0px; margin: 0px;">Photograph: Oli Scarff/Getty Images</div></div><div id="article-body-blocks" style="border-collapse: collapse; color: #333333; font-family: arial, sans-serif; line-height: 18px; background-color: #ffffff; background-repeat: no-repeat no-repeat; padding: 0px; margin: 0px;">Christian groups have drawn up plans to protect protesters by forming a ring of prayer around the camp outside St Paul's Cathedral, should an attempt be made to forcibly remove them.As the storm of controversy over the handling of the <a href="http://www.guardian.co.uk/uk/occupy-london" style="border-collapse: collapse; color: #005689; text-decoration: none; background-repeat: no-repeat no-repeat; padding: 0px; margin: 0px;" title="More from guardian.co.uk on Occupy London">Occupy London</a>Stock Exchange demonstration deepened on Saturday, Christian activists said it was their duty to stand up for peaceful <a href="http://www.guardian.co.uk/world/protest" style="border-collapse: collapse; color: #005689; text-decoration: none; background-repeat: no-repeat no-repeat; padding: 0px; margin: 0px;" title="More from guardian.co.uk on Protest">protest</a> in the absence of support from St Paul's. One Christian protester, Tanya Paton, said: "We represent peace, unity and love. A ring of prayer is a wonderful symbol."With senior officials at St Paul's apparently intent on seeking an injunction to break up the protest, the director of the influential religious thinktank Ekklesia, Jonathan Bartley, said the cathedral's handling of the protest had been a "car crash" and predicted more high-profile resignations from the Church of England.The canon chancellor of St Paul's, Dr Giles Fraser, and the Rev Fraser Dyer, who works as a chaplain at the cathedral, have already stepped down over the decision to pursue legal action to break up the camp.Meanwhile, it has emerged that Shami Chakrabarti, director of the human rights group Liberty, is attempting to mediate in the dispute. She said she had contacted the corporation, cathedral and protesters to offer a "neutral space" to sort out the impasse. The corporation had not yet responded, she said, although St Paul's had acknowledged her offer. She said the protesters had been enthusiastic in their desire for dialogue and a peaceful resolution."It would have been easy to opt for a line of action that would have led to images of police dragging away protesters, but they want to talk." It was claimed last night that a highly critical report into the moral standards of bankers has been suppressed by St Paul's amid fears it would inflame tensions over the protest. The report, based on a survey of 500 City workers who were asked if they thought they were worth their salaries and bonuses, was due to be published last Thursday.But publication of the report, by the St Paul's Institute, has been delayed in apparent acknowledgement that it would give the impression the cathedral was on the side of protesters.Christian groups that have publicly sided with the protesters include one of the oldest Christian charities, the Fellowship of Reconciliation, and the oldest national student organisation, the Student Christian Movement,<a href="http://www.guardian.co.uk/world/christianity" style="border-collapse: collapse; color: #005689; text-decoration: none; background-repeat: no-repeat no-repeat; padding: 0px; margin: 0px;" title="More from guardian.co.uk on Christianity">Christianity</a> Uncut, the Zacchaeus 2000 Trust and the Christian magazineThird Way. In addition, <a href="http://www.guardian.co.uk/uk/london" style="border-collapse: collapse; color: #005689; text-decoration: none; background-repeat: no-repeat no-repeat; padding: 0px; margin: 0px;" title="More from guardian.co.uk on London">London</a> Catholic Worker, the Society of Sacramental Socialists and Quaker groups have offered their support.A statement by the groups said: "As Christians, we stand alongside people of all religions who are resisting economic injustice with active nonviolence. The global economic system perpetuates the wealth of the few at the expense of the many. It is based on idolatrous subservience to markets. We cannot worship both God and money."Bartley said: "There are some very unhappy people within the Church of England. The protesters seem to articulate many of the issues that the church has paid lip-service to. Many people are disillusioned with the position St Paul's has adopted. To evict rather than offer sanctuary is contrary to what many people think the church is all about. The whole thing has been a car crash."On Saturday afternoon, more than 20 religious figures gathered on the steps of St Paul's to support the occupation, which began two weeks ago.The bishop of London, the Right Rev Richard Chartres, has promised to attend St Paul's in an attempt to persuade activists to leave. But protesters say they have no intention of packing up, many reiterating their intention to stay at the cathedral until Christmas and beyond.A spokesman for Occupy London urged the City of London Corporation to open a dialogue with protesters to avoid a lengthy legal battle that could prove expensive for the taxpayer.</div>

The Occupy London Stock Exchange protest encampment outside St Paul's Cathedral.

Photograph: Oli Scarff/Getty Images Christian groups have drawn up plans to protect protesters by forming a ring of prayer around the camp o...

Brussels is stifling City of London, Cameron claims

David Cameron signalled new European battles ahead as he pledged to resist alleged attempts by Brussels to shackle the City of London in r...

Qantas grounds all flights

Australia’s Qantas Airways grounded its entire fleet on Saturday over a bitter labour dispute in an unprecedented move that prompted the government to warn it feared for the airline’s future and would seek action to end the dispute. EDITOR’S CHOICE Strikes cost A$15m-a week in lost sales - Oct-28 US airlines earnings hit by fuel costs - Oct-27 Lufthansa scales back passenger forecasts - Oct-27 Virgin eyes tie-up with Etihad on BMI - Oct-14 Qantas overhauls lossmaking international operations - Aug-16 Qantas said it would lock out all employees from Monday night in a dispute affecting 70,000 passengers and 600 flights on one of the country’s biggest travel weekends. The grounding does not affect Qantas’ budget airline Jetstar or code-share flights on other airlines. Passengers will get a full refund for flights cancelled due to the industrial action, Qantas said on its website. Customers can also rebook their flights for a later date. The announcement took passengers and the government by surprise, embarrassing Prime Minister Julia Gillard who was hosting a Commonwealth leaders summit in Perth. Some of those leaders are booked to fly home on Sunday with Qantas. Unions, from pilots to caterers, have taken strike action since September over pay and opposing Qantas plans to cut its soaring costs, as it looks at setting up two new airlines in Asia and cutting back financially draining long-haul flights. “They are trashing our strategy and our brand. They are deliberately destabilising the company. Customers are now fleeing from us,” Qantas Chief Executive Alan Joyce said.

Qantas grounds all flights

Australia’s Qantas Airways grounded its entire fleet on Saturday over a bitter labour dispute in an unprecedented move that prompted the g...

Libya: Col Gaddafi buried at dawn

Officials said earlier that the ousted Libyan leader would be buried in a secret desert grave, ending a wrangle over his rotting corpse that led many to fear for the country's governability. Transitional government forces had put the body on show in a cold store in Misurata while they argued over what to do with it, until its decay forced them on Monday to end the display. His son Mutassim is thought to have been buried in the same ceremony. A few relatives and officials were in attendance, according to a Misurata military council official. Yesterday, the government bowed to international pressure and announced a commission to determine how Gaddafi died after he was cornered in a drain while trying to flee Sirte, his besieged home town. Mustafa Abdul Jalil, the chairman of the NTC, and other officials have said Gaddafi was killed in crossfire. Mr Jalil said: "In response to international calls, we have started to put in place a commission tasked with investigating the circumstances of Muammar Gaddafi's death in the clash with his circle as he was being captured."

Libya: Col Gaddafi buried at dawn

Officials said earlier that the ousted Libyan leader would be buried in a secret desert grave, ending a wrangle over his rotting corpse th...

Pop legend Madonna today told a court of her 'alarm and distress' after a delusional fan, who believes the star loves him, broke into her £10million London home and rifled through her bedding.

Grzegorz Matlok, 30, burgled a mews house linked to the singer's luxury townhouse in Marylebone, central London, and stole a can of Red Bull after wandering through two bedrooms and a living room. Southwark Crown Court heard Matlok was discovered holding the drink and playing with a kitchen light switch at around 4.40am on March 12 by Madonna's former gardener-turned film director Nathan Rissman, 39, who was staying in the mews at the time. When he was quizzed over what he was doing and told Madonna was not staying there, he said: 'I'm sorry. Arrest me, arrest me'. He later told police he had been given permission by the singer and had found a welcome note from her. A map with a large 'M' scrawled over Madonna's home and a bag containing a safety knife, nail scissors, a coach ticket from Poland and Matlok's passport were found in a bag outside the property. A year ago Matlok sneaked into the Wiltshire estate Madonna used to share with ex-husband Ritchie and was caught putting on his clothes.   The 'Music' star was heard to be 'distressed and unsettled' by Matlok's two successful break-ins and said she feared for the safety of herself, her four children and her staff. Prosecutor Philip Stott said: 'It appears that the defendant took a route, by examination of the lights he had turned on, through the lounge and kitchen and into a bedroom and dressing area and then gone through an inter connecting door where again he had gone into a bedroom and dressing room, where he disturbed some bed clothes.'<div class="relatedItemsTopBorder" style="font-size: 10px; min-height: 1px; padding: 0px; margin: 0px;"> </div><div class="relatedItems" style="font-size: 10px; min-height: 1px; padding: 0px; margin: 0px;"><h4 style="min-height: 1px; font-size: 1em; padding: 0px; margin: 0px;"></h4></div> Matlok had broken into the house after smashing a window with a stone and using a rope and scaffolding to enter one of the three properties by a first floor window. The court heard he had travelled to England from Poland by coach a few days before the burglary on March 12. Mr Stott said that in interview Matlok told Madonna's security manager he was there 'To see Madonna' and afterwards told police she had okayed his visit.<div class="thinCenter" style="font-size: 10px; margin-top: 0px; margin-right: auto; margin-bottom: 0px; margin-left: auto; min-height: 1px; width: 470px; padding: 0px;"><img alt="Country house: A year ago Matlok sneaked into the Wiltshire estate (pictured) Madonna used to share with ex-husband Guy Ritchie " class="blkBorder" height="286" src="http://i.dailymail.co.uk/i/pix/2011/10/24/article-2052887-030884970000044D-127_468x286.jpg" style="padding: 0px; margin: 0px; border: 1px solid black;" width="468" />Country house: A year ago Matlok sneaked into the Wiltshire estate (pictured) Madonna used to share with ex-husband Guy Ritchie</div>'He told the police he had permission to stay in the flat and that Madonna knew he was coming,' said the barrister. 'He said he had found a note saying welcome and he went inside. 'He said he had been at the address two or three days earlier, but no one had answered the doorbell. 'He said he was not there to steal anything - he said he had sent messages to Madonna over the internet to say he was going to turn up.'  In a victim impact statement read to the court Madonna said: 'I do not know the defendant, I've not had any form of relationship with the defendant nor have I had any form of contact by phone or by email, or by any other way, with the defendant. 'In particular I've never given the defendant permission to enter the premises or any of my other premises. 'I feel very alarmed and distressed by the actions of the defendant. <div class="thinFloatRHS" style="font-size: 10px; margin-top: 0px; margin-right: 0px; margin-bottom: 4px; margin-left: 10px; min-height: 1px; width: 235px; float: right; padding: 0px;"><img alt="When Matlok broke into Wiltshire home, he was restrained by Guy Ritchie (pictured)" class="blkBorder" height="484" src="http://i.dailymail.co.uk/i/pix/2011/10/24/article-2052887-0D6A372B00000578-846_233x484.jpg" style="padding: 0px; margin: 0px; border: 1px solid black;" width="233" />When Matlok broke into Wiltshire home, he was restrained by Guy Ritchie (pictured)</div>'It is extremely unsettling to know that despite the extensive security I have he has been able to break into two of my residential properties. 'I'm worried about my children's safety as well as the safety of my staff. I'm also naturally worried about my own safety.'  The court heard that Matlok suffered from 'delusions that Madonna loved him' but, according to consultant psychiatrist Dr Nadji Kahtan, his schizophrenia could be controlled by medication.'In hospital he's fully compliant and has expressed no wish to stop taking it [his medication] and he says he wishes to still take it because he recognises that he has a mental illness,' he said. 'We feel that the best way to manage his illness is for him to continue to be treated at a hospital in England until he can be moved to a hospital in Poland.'  The court heard however that Matlok had attacked someone in his cell and had been 'rather aggressive' to women, including nurses. When Matlok broke into the Wiltshire home of Guy Ritchie he was found by a housekeeper cowering under the bed of an 'outhouse'. Mr Stott said he had to be restrained by Mr Ritchie, a gamekeeper and 'The Football Factory' director Nick Love. 'He had taken cash from Mr Ritchie and Mr Love and had put on a pair of Mr Ritchie's jeans,' he said. Batteries, a torch, a bottle of shampoo and three credit cards had also been moved, according to Mr Ritchie, but no further action was taken and Matlok was deported in August 2010.In June Matlok reportedly attempted suicide by setting fire to his cell and was said to have been dragged to safety by prison guards. Madonna, 53, was not in the property at the time, having taken her four children - Lourdes, 14, Rocco, 10, Mercy, 6, and David, 5 -  to Michigan in the U.S. to pay her respects to her late grandmother Elsie Mae Fortin. <div class="thinCenter" style="font-size: 10px; margin-top: 0px; margin-right: auto; margin-bottom: 0px; margin-left: auto; min-height: 1px; width: 470px; padding: 0px;"><img alt="Southwark Crown Court heard Matlok was discovered holding the drink and playing with a kitchen light switch at around 4.40am on March 12" class="blkBorder" height="286" src="http://i.dailymail.co.uk/i/pix/2011/04/07/article-1374573-0B872A6A00000578-543_468x286.jpg" style="padding: 0px; margin: 0px; border: 1px solid black;" width="468" />Southwark Crown Court heard Matlok was discovered holding the drink and playing with a kitchen light switch at around 4.40am on March 12</div>The Pole, who is being held at a secure psychiatric unit, was flanked by hospital staff and assisted by an interpreter at Southwark Crown Court today.Matlok has admitted burgling the office in Marylebone but denied two charges of burglary relating to a house connected to it, both of which are owned by 'Madonna Ciccone'. The two charges he denied were ordered to lie on the court file after prosecutors accepted Matlok's plea. The burglary took place six months after Madonna was targeted by a man who was arrested outside her New York apartment carrying two knives. Judge Deborah Taylor was expected to order Matlok's detention under the Mental Health Act, 1983, this afternoon.

Pop legend Madonna today told a court of her 'alarm and distress' after a delusional fan, who believes the star loves him, broke into her £10million London home and rifled through her bedding.

Grzegorz Matlok, 30, burgled a mews house linked to the singer's luxury townhouse in Marylebone, central London, and stole a can of Red ...

Knight Frank partners share £73m bonus pool

PARTNERS in the upmarket estate agent Knight Frank have landed a £73m payout after profits rose by 10 per cent in the last financial year, buoyed by foreign investors flocking to London’s luxury property market. The firm, which advises on both residential and commercial property deals, saw pre-tax profits rise to £101.9m in the year to March – its highest level since the credit crisis – while turnover increased seven per cent to £308.4m. “Equity rich buyers” seeking property in London helped boost the firm’s residential arm, which has instructed on deals including the sale of St John’s Wood Barracks in northwest London. The bonus pool is more than double the amount awarded in 2009, although it is now shared by more people as Knight Frank has extended its partnership. Nick Thomlinson, senior partner and chairman of Knight Frank, conceded he remained cautious about the outlook for the year ahead but said the group had strengthened its balance sheet and was focusing on growth in key markets like Asia. The firm also opened new offices in Dubai, South Africa, Austria and Switzerland.

Knight Frank partners share £73m bonus pool

PARTNERS in the upmarket estate agent Knight Frank have landed a £73m payout after profits rose by 10 per cent in the last financial year,...

Coty Prestige and the house of Cavalli unleash new global beauty brand

Italy Coty Prestige unveiled the new signature feminine fragrance from the house of Roberto Cavalli. The official reveal took place at the Cavalli private villa in Florence, at a press conference attended by Roberta and Eva Cavalli, Coty Prestige President Michele Scannavini, and fragrance face Elisa Sednaoui. The scent will be launched worldwide, both in domestic and travel retail markets, from February 2012. The brand has been earmarked as another global pillar for the Coty group. "We want to establish Cavalli as a global brand from the beginning; it’s not going to be niche. It’s going to be big, global, and well distributed in all continents. We want to make it a top 20 brand." Coty Prestige Senior Vice President Commercial Jean Mortier The Cavalli beauty licence was previously held by ICR-ITF. “This [introduction] is just the beginning of the rebirth of the house of Cavalli, and will be followed by other launches,” Coty Prestige Senior Vice President Commercial Jean Mortier told The Moodie Report, during an interview conducted at the event. “We want to establish Cavalli as a global brand from the beginning; it’s not going to be niche. It’s going to be big, global, and well distributed in all continents. We want to make it a top 20 brand.” The fragrance embodies all the codes of the Cavalli brand and, as expected, reflects the designer's well-known love of animal print. A tiger features in the TV ad campaign, and face Sednaoui wears a tiger print gown. "I am honestly so excited about this launch," declared Roberto Cavalli at the press conference. "Today I open my house to all of you, and show you my lifestyle, to help explain more clearly what Roberto Cavalli is all about. I am sure this new fragrance will be a big success." “This is so emotional for us,” noted Eva Cavalli, “and I want to thank Michele and the Coty team for everything they have done. It’s been hard work, but also a lot of fun…We are very proud of this fragrance.” Glamour and sensuality were recurring themes. Eva described Sednaoui as the perfect embodiment of the Cavalli woman. “She is beautiful, with a stunning body and hypnotic eyes,” she explained. “The Cavalli woman is strong, sensual and secure, knows exactly what she wants and can get it immediately. “There is something feline inside all of us; every woman wants to be a bit of a tiger, a little wild. That’s one of the reasons why Roberto loves animal print so much.” Roberto and Eva Cavalli showcase their fashion, lifestyle - and new signature fragrance - at their villa in Florence Coty’s Scannavini highlighted the close connection between the fashion and fragrance industry. “There are several similarities; they are getting closer and closer,” he noted. “It’s all about emotion. When you see a beautiful dress or a beautiful fragrance, the response is not really rational. And with this fragrance, we want to evoke the same emotion a woman would experience when she sees a [Cavalli] dress.” He added: “Fashion and fragrance continue to evolve. You always have your classics [dresses and fragrances], the ones you keep forever. But there is also room to experiment with new trends.” “I think they go in parallel,” noted Eva. “They complete each other – a fragrance needs fashion to complete the dream. But everyone can buy a fragrance, it’s [democratic], and allows women to feel special, in this case to be a part of the Cavalli universe. So we’re not just speaking about a fragrance, it’s a way to fulfil a dream.” Face Sednaoui declared herself “honoured and excited” to have been chosen by Cavalli to represent its new signature fragrance. The print campaign was shot by Steven Klein; the TV ad directed by Johan Renck. "I think the Cavalli woman is someone who dares to be herself, who has personality, style, opinions and self-confidence. All women should dare to be themselves, dare to go out there and have fun." Fragrance face Elisa Sednaoui “I think the Cavalli woman is someone who dares to be herself, who has personality, style, opinions and self-confidence,” she explained. “All women should dare to be themselves, dare to go out there and have fun.” Sednaoui had high praise for the Cavalli grown she wears in the ad campaign. “It was designed especially for me by Eva,” she explained. “The fabric is amazing, just like the quality of the design. I honestly felt like the tiger in me was coming out,” she laughed. “And every woman should dare to be a tiger sometimes, because then great things can happen.” The high quality of Cavalli couture is, according to Sednaoui, the key to the brand’s appeal. “The thing that comes to my mind is the quality of work that is behind every piece,” she explained. “The quality, the cut, the materials – Roberto has all this incredible knowledge [which allows him] to play with fashion and shape.” BOTTLING THE BRAND “A strong personality is the sexiest thing,” believes Roberto Cavalli, and his new signature fragrance aims to reflect that in all the right ways. Composed by Givaudan’s Louise Turner, the floral-amber juice features three key ingredients: orange blossom, Tonka bean and pink pepper. “It’s got lots of signature; it’s intense, it’s very Cavalli,” noted Turner at the launch event. “It’s very sensual, very feminine and has a good vibration. Like a Cavalli dress, you wear it to be noticed.” Turner was given a comprehensive brief for the fragrance, which included lots of background about the brand fundamentals, examples of Cavalli animal print, and various quotes from the designer. “It was clear to me that Roberto is someone who is very inspired by nature,” she explained. “We always tend to associate him with animal print, which he does love, but there’s an awful lot more to the house than that. It’s much more varied, very colourful, such a vibrant universe. Roberto uses nature in quite a figurative manner, which is quite evocative for me.” During the fragrance launch event, journalists were allowed unprecedented access to the Cavalli factory, atelier and archive Turner continued: “It is not difficult to have ideas about a house with such a strong identity. I think a strong brand image allows you to have a strong signature in your fragrance as well. I just needed to make sure that the fragrance tells the same story as a Cavalli dress.” Turner chose orange flower to anchor the heart of the juice. “For me, it’s very feminine and very colourful,” she explained. “It’s got lots of sensuality, it’s quite extravagant, and very Italian. It animates and adds dimension.” Tonka bean, which features in the base, was also selected for its sensual properties. It is complemented by vanilla absolute and benzoin to form an amber accord. A top note of pink peppercorn is said to deliver a touch of vibrancy and exuberance. Turner is known for her work with natural ingredients, and admits that she favours certain components over others. “I don’t really like animal notes,” she revealed, “and there are none in this fragrance. "It is not difficult to have ideas about a house with such a strong identity. I think a strong brand image allows you to have a strong signature in your fragrance as well." Fragrance nose Givaudan’s Louise Turner “I suppose every perfumer has a favourite palette of raw materials which they always draw on,” she continued. “But that palette does change. It’s like anything, you have your favourites, but they evolve. You can go off things too.” One element that doesn’t change, however, is the excitement Turner feels at the start of the creative process. “At the very beginning, when you first get the brief and are sifting through lots of ideas, that is very stimulating,” she confirmed. “It also feels good when you see your finished product in the bottle. “But best of all is when you smell your fragrance in the street, or watch someone buy it. What we create is very personal, and of course we want people to like it.” The fragrance is presented in a curved glass bottle, topped with a tiara-shaped cap formed by Roberto Cavalli’s golden seal. The neck is adorned with a tiger-print band. The outer carton is also gold, with the signature seal printed in relief on the front. The box sports a tiger-print base, beneath a turquoise “hip-belt” style ribbon. SETTING OUT THE STRATEGY Coty Prestige has made no secret of its ambitions for the Cavalli brand. “For this fragrance, we are looking at a big launch next February, both in local markets and in travel retail worldwide,” noted Mortier. “We have high hopes for it everywhere. “In geographic terms, we believe the brand will be very strong in Europe, especially in Italy, but also in Russia and the Middle East too – Cavalli even has a club in Dubai. The brand is known in North America, because Roberto is a real red carpet guy, and we also think South America could be very big, particularly Brazil and Mexico. In Asia, we are also confident that the animal print element and special DNA of this brand could help to capture the Chinese consumer, which of course is so important.” Mortier underlined the unique perspective the licence had brought to the Coty portfolio. “Robert Cavalli offers something different, something we didn’t already have within the group,” he explained. “That’s very important. There are so many me-too products nowadays, that if you introduce a new brand to the market, it has to be different, it has to stand out, and it needs to be very clear in terms of its DNA.” "There are so many me-too products nowadays, that if you introduce a new brand to the market, it has to be different, it has to stand out, and it needs to be very clear in terms of its DNA." Coty Prestige Senior Vice President Commercial Jean Mortier And while Coty has introduced a number of new products, and indeed new brands this year, Mortier is quick to point out the importance of supporting classic lines too. “Think back to what we have done this year, with ck one shock and Calvin Klein Forbidden Euphoria,” he instructed. “We always make sure that a certain amount of innovation is dedicated to reinforcing our big pillars. Innovation is necessary; it represents about 16% of our sales. But it’s a balancing act, and you have to look after everything else too.” The launch of Roberto Cavalli Eau de Parfum will be supported by extensive print and TV advertising. In travel retail there will be a number of HPPs, which are still being finalised. And digital media will also play a role. “Within Coty, we have had a team of people working on this for some time,” confirmed Mortier. “We have realigned our resources, in terms of digital media, behind all our brands. So we have new web-sites, but are also working on social media such as Facebook, which will be very important for this type of launch.” He added: “Basically, this sort of thing is critical today, you have to be there. But you also have to know how to play it. You have to monitor how much money you spend, and it has to be complementary to traditional media such as print, outdoor and TV.” Mortier confirmed that the signature feminine fragrance would be followed by other launches, including introductions under the Just Cavalli brand. “But first we want to install this fragrance at the right level and position, in terms of distribution, image and pricing. That’s the first priority.” Mortier did not rule out extending into other product categories, in due course. Colour would be the most obvious choice for diversification. “We have not had any discussions about this yet because we are so focused on the fragrance, but why not, I think it’s a possibility,” he acknowledged. “But it is very early days, and to enter the colour category you need to have a certain critical mass. So this would not be on the agenda for a few years, but yes, in theory colour, and within that, the nail sector, could be very interesting.” The fragrance launch concluded with a sumptuous dinner and late-night party, again at the Cavalli villa Skincare and make-up will play a much bigger role for Coty in the year ahead, although fragrance will remain core. The brand has just started rolling out its face and body brand philosophy. In 2012 the group will introduce a new make-up collection from Calvin Klein. And the acquisition of leading nail brand OPI (which will feature in travel retail) is set to open up another lucrative new sector. “We are in the middle of a big change, moving from a fragrance house to a beauty house,” confirmed Mortier. “It’s a big challenge, but very exciting. We aim to transform philosophy from a mainly US brand, to an international brand. That process has already started with the UK; next will be Australia, Canada, then Asia.” He continued: “We will enter the make-up category with Calvin Klein next February/March. And of course we also have OPI. Our goal is to double the nail business in travel retail. We think it is very under-developed, so there is big potential in the channel.” Looking back at the last fiscal year, which ended in June, Mortier seems satisfied with the group’s performance. “We had a very good year, with double-digit growth close to +20% in travel retail,” he reveals. “We really grew the business on all continents, but especially in Asia, thanks to Chloe and Marc Jacobs. I would say that the fiscal year starting from July has also begun very well, with all our early innovations performing strongly.” Mortier praised the efforts being made by certain travel retailers to drive footfall and penetration, and singled out World Duty Free Group and Aelia for their investment in the retail environment. “I see a lot money being spent on airport renovations, especially in Europe,” he confirmed, “although I still believe in some airports that fragrance is under-developed and needs more space.” Mortier also acknowledged the difficulties of trying to organise cross-category merchandising and events. “For example, we have tried with many of our licences to [capitalise on the synergies between the fashion and the fragrance],” he explains. “But it involves dealing with different buyers – and in some cases different concessions – so it’s very difficult. Which is a shame, because it works so well when we introduce fragrance into a domestic fashion boutique. After all, the consumer doesn’t differentiate, they see the brand as one.” Nonetheless, Mortier is determined to add some theatre to the travel retail environment with the launch of the new Cavalli fragrance. “I would love to bring a tiger to the airport,” he laughs, “but I don’t think that will be possible. But we will explore possibilities involving dresses and bags. And we might create some special accessories, a ring or necklace containing a solid perfume, for example. It represents another access point to the brand and we know from our experience with other designers that consumers love that sort of thing.” Such innovation is all part of the Coty mind-set. “I think we are seen by the business as very energetic, entrepreneurial and dynamic,” noted Mortier. “Our entire team is very reactive, and that’s good, because travel retail in particular is a very fast-moving business.” He concludes: “We are big, but not arrogant, I hope. We try to grow, to find solutions, to set new trends. We want to build brands, bring theatre to the store and create a real shopping experience for the consumer.” Roberto Cavalli is a brand that will allow them to do just that.

Coty Prestige and the house of Cavalli unleash new global beauty brand

Italy Coty Prestige unveiled the new signature feminine fragrance from the house of Roberto Cavalli. The official reveal took place at the...

Failure to solve Europe's debt crisis will cost UK taxpayers billions

Britain has already injected £1.88bn into the European Investment Bank (EIB) and pledged another £35.7bn, equivalent to close to 2pc of UK GDP, to be drawn down as required. Although the EIB, which is the world's largest non-government borrower, ranks above other unsecured creditors, thanks to its "privileged relationship" status under the EU treaty, it could face huge losses in the event of a euro break-up. If the UK's stake in the European Bank for Reconstruction and Development (EBRD) is included then the total capital commitment for the taxpayer could rise by a further several billion pounds. On top of this the country could also be called on to stump up some of the cost of the EU's emergency funding facility the European Financial Stability Mechanism. "What the public doesn't realise is the quite simply staggering amounts of taxpayer money that has already been committed if things get significantly worse. This may be a doomsday scenario, but recent history has proven that many events thought extremely unlikely have a funny habit of coming to pass," said one London-based credit analyst. The EIB's most recent accounts reveal huge sovereign credit risk exposures to the endangered periphery states. Some €14.2bn of loans were made to, or guaranteed by, the Greek government. Another €7.7bn is backed by the Portuguese sovereign.

Failure to solve Europe's debt crisis will cost UK taxpayers billions

Britain has already injected £1.88bn into the European Investment Bank (EIB) and pledged another £35.7bn, equivalent to close to 2pc of UK...

The slain Libyan leader Moamer Kadhafi secretly spirited out of Libya and invested overseas more than $200 billion

The slain Libyan leader Moamer Kadhafi secretly spirited out of Libya and invested overseas more than $200 billion -- double the amount that Western governments previously had suspected, The Los Angeles Times reported late Friday. Citing unnamed senior Libyan officials, the newspaper said US administration officials were stunned last spring when they found $37 billion in Libyan regime accounts and investments in the United States. They quickly froze the assets before Kadhafi or his aides could move them, the report said. Governments in France, Italy, England and Germany seized control of another $30 billion or so. Earlier, investigators estimated that Kadhafi had stashed perhaps another $30 billion elsewhere in the world, for a total of about $100 billion, the paper noted. But subsequent investigations by US, European and Libyan authorities determined that Kadhafi secretly sent tens of billions more abroad over the years and made sometimes lucrative investments in nearly every major country, including much of the Middle East and Southeast Asia, The Times said. Most of the money was under the name of government institutions such as the Central Bank of Libya, the Libyan Investment Authority, the Libyan Foreign Bank, the Libyan National Oil Corporation and the Libya African Investment Portfolio, the paper pointed out. But investigators said Kadhafi and his family members could access any of the money if they chose to, the report said. The new $200 billion figure is about double the prewar annual economic output of Libya, The Times noted. Kadhafi, who lorded over the oil-rich North African nation for 42 years, met a violent end on Thursday after a NATO air attack hit a convoy, in which he was trying to escape from his hometown of Sirte. He survived the air strike but was apparently captured and killed after a shootout between his supporters and new regime fighters.

The slain Libyan leader Moamer Kadhafi secretly spirited out of Libya and invested overseas more than $200 billion

The slain Libyan leader Moamer Kadhafi secretly spirited out of Libya and invested overseas more than $200 billion -- double the amount th...

RBS staff told to pay for their own Christmas party

Another day, another downgrade. Reduced to surviving on two pints of lager and pack of crisps at recent Christmas parties, misery was heap...

HMRC clamps down on Swiss account holders

6,000 Britons who hold money in the Swiss arm of HSBC will soon receive a letter telling them that they need to own up to unpaid tax. The bank is acting on information received last year under a tax treaty. This revealed that more than 6,000 individuals, companies, trusts and other bodies held accounts and investments with HSBC Geneva. HMRC has already begun criminal and serious fraud investigations into more than 500 individuals and organisations holding these accounts. HMRC will shortly be writing to those who have not yet come forward, or are not under investigation. They will be offered a chance to contact HMRC and disclose all their tax liabilities, HMRC said. Fines of up to 200 per cent of any tax may, in certain circumstances, be imposed on people not coming forwards during this window for disclosure. "This is not an amnesty. There are no special rates of penalty or interest for those who come forward voluntarily," said HMRC's Dave Hartnett. "This is an opportunity for those who have made errors in past returns to correct them. The net is closing on offshore evaders. Don't wait for HMRC to contact you."

HMRC clamps down on Swiss account holders

6,000 Britons who hold money in the Swiss arm of HSBC will soon receive a letter telling them that they need to own up to unpaid tax. The...

PM intervenes in Fox flatmate row

Beleaguered Defence Secretary Liam Fox is fighting for his political career after the row over his working relationship with a close friend deepened. Prime Minister David Cameron is poised to decide his fate on Monday after ordering the head of the civil service to urgently report back on an internal investigation into whether Dr Fox's links to Adam Werritty, a former flatmate, breached ministerial guidelines. A series of allegations have surfaced over the unusual involvement Mr Werritty had in brokering meetings for Dr Fox, as well as the access he enjoyed to Government despite having no formal parliamentary or Whitehall role. Dr Fox, who has been in Libya on what should have been a publicity coup as he met the country's interim government, was forced to issue an embarrassing statement clarifying comments he made earlier about how a meeting in Dubai in June with a businessman had been arranged. But he also insisted he has nothing to hide and indicated he is the victim of a smear campaign, telling The Sunday Telegraph: "I have absolutely no fear of complete transparency in these matters. I think there are underlying issues behind these claims and the motivation is deeply suspect." Further revelations emerged, however, that cast doubt on previous claims made by Dr Fox that Mr Werritty, best man at his wedding, had never attended formal meetings with overseas dignitaries. According to the Observer, footage has been uncovered that shows Mr Werritty meeting Sri Lankan president Mahinda Rajapaksa with Dr Fox in a London hotel last year. During his visit to Libya, Dr Fox was asked to answer allegations that Mr Werritty arranged the Dubai hotel meeting, away from officials, with him and Harvey Boulter, chief executive of private equity company Porton Group. The Secretary of State said defence industry representatives asked for the meeting "when they happened to be sitting at a nearby table in a restaurant", but emails emerged later that appeared to confirm that Mr Werritty had been involved in setting up the discussions for some time - and Mr Boulter told the Guardian he first met Mr Werritty to arrange a meeting with Dr Fox in April. In a statement issued after the emails emerged, a spokeswoman for the minister said: "Dr Fox was referring to Mr Werritty, and not himself, bumping into Mr Boulter at a restaurant prior to the meeting."

PM intervenes in Fox flatmate row

Beleaguered Defence Secretary Liam Fox is fighting for his political career after the row over his working relationship with a close frien...

Spanish banks in €6bn merger talks

Banco Popular, Spain’s fifth-biggest listed bank by assets, has offered to buy its smaller listed rival Banco Pastor in a merger that marks a new stage in the restructuring of the country’s financial sector. In filings published on Friday by the Comisión Nacional del Mercado de Valores (CNMV), the market regulator, the banks said they were proposing a friendly all-share deal in which Popular would offer to buy 100 per cent of Pastor. More ON THIS STORY Dismay at Spanish bank restructuring Spain nationalises three more savings banks In depth European banks Santander predicts return to big profits Global Insight Italy and Spain The CNMV had earlier suspended trading in shares of Popular, with a total market value of €4.99bn, and of Pastor, valued at €827m, apparently after news of the discussions leaked before the planned announcement on Monday. At Friday’s share prices, the Popular offer represented a one-third premium for Pastor and valued the target bank at 0.75 times book value, according to the Pastor camp, although Popular’s share price could fall once the suspensions are lifted. CaixaBank, the banking arm of the Barcelona-based La Caixa savings bank, was valued at 0.8 times book value at its flotation earlier this year, but Bankia, comprising Caja Madrid and six others, managed only 0.4 times when it was listed. Three savings banks seized by the official bank rescue fund last month were valued at between zero and 0.12 times book. Until now, the Bank of Spain and the Spanish government have focused on forcing unlisted savings banks to recapitalise themselves and merge with each other to reduce costs and improve efficiency after the collapse of the Spanish housing and construction bubble. Listed banks have been seen as potential buyers rather than takeover targets. “This is only the start,” said one person aware of the talks as the boards of the two companies held separate meetings. “There is going to be a huge shake-out in the banking sector.” Popular is a national Spanish bank that has focused on retail banking and lending to small and medium-sized businesses, while Pastor’s activities are concentrated in the north-western region of Galicia. Pastor – along with four Spanish cajas or savings banks – was one of the nine European banks that failed Europe-wide stress tests in July.

Spanish banks in €6bn merger talks

Banco Popular, Spain’s fifth-biggest listed bank by assets, has offered to buy its smaller listed rival Banco Pastor in a merger that mark...

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