TODAY’S HEADLINES IN BRIEF
CITY REGULATOR STICKS BOOT INTO BONUSES. MERKEL FIGHTS FOR AUSTERITY. SCOTLAND COULD LOSE TOP CREDIT RATING. OVER 50’S MUST WORK BEYOND RETIREMENT AGE AND THE WOMAN WHO WON THE LOTTERY TWICE.
THE DAILY DOZEN OR SO MOST EYE CATCHING FINANCE NEWSPAPER ARTICLES
FSA CHIEF CRITICISES CITY BONUSES
By Jill Treanor, City editor
Hector Sants, the outgoing head of the Financial Services Authority, has criticised bankers over continuing to take bonuses. He said they should act with “integrity” when running their businesses. Speaking to the Guardian after delivering his last speech as chief executive of the City regulator, Sants also said he was concerned about the way directors of large financial institutions are selected.
GERMAN CHANCELLOR DEFENDS AUSTERITY IN FACE OF OPEN REBELLION IN EUROPE
By Louise Armitstead
Angela Merkel launched a staunch defence of Europe’s fiscal pact as politicians from the Netherlands, Spain and Greece tried desperately to keep their own austerity measures on track.
In a rare concession, the German Chancellor admitted that austerity alone would not solve the crisis but insisted that the political opposition to budget cuts was wrong. European markets regained some of their losses from Monday’s falls after the Netherlands and Spain held successful bond auctions.
SCOTLAND WON’T KEEP UK’S AAA RATING IF IT GAINS INDEPENDENCE, SAYS FITCH
By Louise Armitstead
Scotland would be unlikely to have a AAA credit rating if it were independent of the rest of the United Kingdom, MPs have been told. Fitch told the Treasury Select Committee that the lack of a repayment track record could scupper Edinburgh’s chances of inheriting the UK’s rating
HALF OF OVER-50S ‘WILL HAVE TO WORK BEYOND STATE PENSION AGE
Nearly half of people aged over 50 will have to work and save for 11 years beyond state pension age to keep their standard of living according to The Pensions Policy Institute. It suggested pensioners would need at least £211 a week, or £303 for a couple, for a minimal acceptable standard of living at pension age.
MURDOCH TURNS HEAT ON UK GOVERNMENT
By George Parker and Ben Fenton
The Murdoch family dramatically turned the tables on the government. In evidence to an inquiry into the press, James Murdoch, News Corp’s deputy chief operating officer, revealed the intimate relationship between his company and the media minister who was deciding on News Corp’s £8.3bn bid for full control of British Sky Broadcasting. The revelations are seen by many as deeply embarrassing for the government.
APPLE SOARS ON BACK OF IPHONE SALES
By Richard Waters and Chris Nuttall in San Francisco
Apple has brushed aside concerns that it could soon reach the limits of its soaring growth, with news on that huge international sales of the iPhone enabled it to top even the most optimistic forecasts. Apple’s shares rose 7% in after-market trading, adding more than $35bn to the company’s market value and reversing a slidethat had wiped 13 per cent from the price in the past couple of weeks.
WORST THING THE MUSIC INDUSTRY HAS EVER FACED
By Steve Hawkes, Business Editor
The man known as the “fifth Beatle” has branded Universal’s planned takeover of Britain’s EMI as the “worst thing music has ever faced”. Sir George Martin, the famed record producer behind the Fab Four, said the controversial deal would hand far too much power to the French-owned firm. And he implored regulators to step in to prevent the creation of a “virtual monopoly” in Europe.
MIDDLE EAST INVESTORS GOES COLD ON DEAL TO BUY PART OF RBS
By James Salmon
Middle East investors are believed to have pulled back from negotiations to buy part of Royal Bank of Scotland, in a setback to the Government’s bid to return money to taxpayers. Treasury officials have been working behind the scenes to reach a deal. But well-informed sources close to the talks indicated that investors have gone cold on the deal.
SHELL IN £1.1BN BID FOR COVE GAS FIELDS
By Andrew Johnson, Deputy City Editor
Shell yesterday lifted the stakes in the long-running bid ¬battle for Cove Energy by striking an agreed £1.12billion deal to buy the firm and strengthen its position in potentially huge gas fields off East Africa.
FRESH WOE FOR UK’S NO.1 RETAILER AS RIVALS POACH TESCO CUSTOMERS
By Dominic Jeff
Chief executive Philip Clarke’s attempts to revive Tesco’s fortunes suffered a setback yesterday as it revealed that it continues to lose customers to its rivals. Tesco saw its market share slip to 30.7 per cent in the 12 weeks to 15 April, from 30.9 per cent a year earlier. The company hit the rocks in January with a shock profit warning that sent shares tumbling.
….. AND FINALLY …..
VIRGINIA WOMAN WINS $1 MILLION – TWICE IN SAME LOTTERY
A Virginia woman found out on April 7 she won $1 million in a lottery drawing. And then she won again. Virginia Fike of Berryville, Virginia, had the good luck to buy not one but two lottery tickets from a truck stop that both turned out to be $1 million winners, matching five of the six Powerball numbers. Fike said she found out that she had won – and won again – while sitting in a hospital room with her mother, according to a statement distributed by the Virginia lottery.