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Friday paper round-up: Rail strikes, Greece, Budget

Fri, 26th Mar 2010 06:33

Millions of passengers will be hit by the first national rail strike for 16 years when workers begin a four-day walkout immediately after Easter.Signallers, maintenance workers and supervisors will strike from April 6 in a row over job losses and changes to working practices unless a last-minute deal can be struck with managers, the Times reports.After weeks of discord, Europe's leaders have agreed to an emergency facility for Greece backed by the International Monetary Fund and bilateral loans from eurozone states. The accord was vague on figures and aid can be invoked only as a "last resort" if Greece is shut out of the capital markets. Since Greece is already paying an untenable debt premium, the wording once again leaves it unclear what exactly has been settled, the Telegraph reports.The National Lottery has been sold to a Canadian pension fund in a £389m deal announced last night. The Ontario Teachers' Pension Plan, which has stakes in Northumbrian Water and Bristol and Birmingham airports, fought off strong competition from the private equity fund CVC Capital Partners to secure the deal, which has to be approved by the National Lottery Commission, the Times reports.More than 10p in every pound of tax Britons pay will within four years go straight on the Government's ballooning debt interest bill, according to figures underlying the Budget calculations, it has emerged. The scale of the "repayment shock" facing Britain as its national debt climbs to the highest level since the 1960s was laid bare as the Institute for Fiscal Studies calculated, based on Treasury figures in the Budget , that debt interest payments will climb to £73.8bn by 2014/15, the Telegraph reports.Plans to squeeze the rich with a new stamp duty on homes worth more than £1 million were last night criticised by independent economists. Describing stamp duty as "exceptionally damaging", the Institute for Fiscal Studies said that the new 5 per cent rate on expensive homes was making the "iniquitous tax even worse". The stampduty holiday on homes worth less than £250,000 did not go far enough, the think-tank said; the property tax should have been reduced for everyone, the Times adds.The taxman is forcing recession-hit businesses to the wall, critics said yesterday as Revenue and Customs was implicated in the collapse of the Jarvis engineering business and the Scottish airline Highland Airways. HMRC, which the Chancellor said on Wednesday would extend the Time to Pay scheme to help businesses affected by the recession, also issued nearly a third of all winding-up petitions in England and Wales last year as it clamped down on late taxpayers such as Portsmouth Football Club, the Times reports.A millionaire Mayfair-based Iranian businessman arrested in connection with the Financial Service Authority's largest ever insider trading investigation has yet to be questioned after being admitted to hospital. Iraj Parvizi, 44, of Romford-based Aria Capital, was taken ill soon after being arrested. Officers from the FSA and Serious Organised Crime Agency have so far been unable to interview him in relation to their probe into an alleged insider trading ring, according to a source close to the situation, the Telegraph reports.The City minister has urged institutional shareholders to hold their own inquiry into investment banking fees to establish whether they are operating a "semi-oligopolistic market". Lord Myners, who has launched a number of attacks on investors for being "absentee landlords" over the banks, on Thursday said: "There is a real opportunity for shareholders to show that they are acting on behalf of their clients and launch a public inquiry," the Telegraph reports.Johnston Press and Trinity Mirror have been named among the successful bidders to provide regional news for ITV, but ITN lost out. The Culture Secretary, Ben Bradshaw, announced the preferred bidders for the three independently funded news consortia pilots yesterday, the Independent reports.Magazines and newspapers are planning to launch special editions for the forthcoming Apple iPad, with the support of millions of dollars in revenue from advertisers. With the US launch of the much-hyped tablet computer less than two weeks away, publishers have signed lucrative deals to carry interactive advertising from some of the world's largest corporations, the Independent reports.Brady Dougan, chief executive of Credit Suisse, was the best-paid head of a leading bank in Europe last year, receiving SFr19.2m ($18.2m). The remuneration, which took Mr Dougan's total package almost to pre-financial crisis levels, put the US-born chief executive comfortably ahead of European counterparts and almost all US rivals. The figures, revealed in Credit Suisse's annual report, put Mr Dougan behind John Stumpf ofWells Fargo, who received $21.3m, and just ahead of Jamie Dimon, chief executive ofJPMorgan Chase, who earned about $16m, the FT reports.The Conservatives have appointed a second advertising agency amid mounting pressure on the party leadership to spell out its tax and spending plans in the wake of the Budget. The decision to appoint M&C Saatchi to work alongside Euro RSCG coincides with Tory concerns about the "wobbly" start to this year's election campaigning and what is seen as a lack of clear pledges to sell on the doorstep, the FT reports.
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