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Monday Papers: Samaras scrapes to Greek win

With 97% of votes counted, New Democracy was set to take 29.7% of the vote and 129 seats in the 300-member parliament.

 
Monday Papers: Samaras scrapes to Greek win

Top stories

  • Financial Times: Greece’s centre-right New Democracy party, led by Antonis Samaras, scrapped its way to victory over Syriza, its radical leftist opponents, on Sunday in an election pivotal to the efforts of European leaders to hold the eurozone together; with 97% of votes counted, New Democracy was set to take 29.7% of the vote and 129 seats in the 300-member parliament.
  • The Daily Telegraph (Comment): Whether and when Greece leaves the euro, the UK economy is in a pickle.
  • The Daily Telegraph (Comment): Greece will have to leave EMU whoever is elected
  • The Guardian (Editorial): It is unclear what has changed in Greece – there's no majority, no platform for stable government, still less any prospect of early recovery.
  • Financial Times: The global recovery has stalled again as confidence in policy makers’ ability to provide conditions for growth has slipped away, according to the latest FT/Brookings Institution Tiger index of world economic conditions.
  • The Daily Telegraph: A classified draft of next week’s EU summit conclusions is the first step on an emerging “roadmap” to a banking union, pooling debt via eurobonds and political union via EU treaty change over the next 10 years.
  • Daily Mail: Rolls-Royce has won a £1 billion contract to build reactors for the next generation of the UK’s nuclear-armed submarines.
  • Financial Times: The future of Brady Dougan as chief executive of Credit Suisse has come under scrutiny amid increasing market pressure on the second largest Swiss bank by assets to bolster its comparatively weak capital base.

Business and economics

  • Financial Times: The head of Denmark’s central bank has warned that the Danish krone is coming under intense pressure from investors seeking a haven in Europe and betting that the currency’s peg to the euro could be cracked by the crisis.
  • The Independent: Bret Taylor, chief technology officer, announced over the weekend that he was quitting to set up his own company with a senior Google engineer; Taylor's departure emerged amid reports that Facebook could ditch the Nasdaq stock market and move its shares on to the main New York Stock Exchange.
  • Daily Mail: Xstrata investors want the board to slash the £29 million ‘golden handcuffs’ package boss Mick Davis will receive if he stays on as chief executive following the proposed £57billion merger with Glencore.
  • The Daily Telegraph: Vince Cable is poised to take action against Fred Goodwin and a small number of other former Royal Bank of Scotland directors as a direct result of the bank’s collapse.
  • Financial Times: David Cameron will on Monday urge Germany and the European Central Bank to intervene decisively in the eurozone crisis, warning the alternative is either a break-up of the single currency that would damage Britain and the world or “perpetual stagnation”.
  • Daily Mail: The 50,000 savers with Bank of Cyprus UK have a nailbiting week to wait until their money – much of it tied up in fixed-interest bonds – falls under the protection of the UK’s Financial Services Compensation Scheme.
  • Financial Times: Axa Private Equity, the investment arm of the French insurance group, has raised $7.1 billion from outside investors to snap up so-called “secondaries” deals.
  • The Guardian: Siemens expects to finalise the £1.4 billion Thameslink trains contract this summer, amid renewed calls to halt the process and award the deal to the Bombardier plant in Derby.
  • Financial Times: The outgoing head of retail at Royal Bank of Scotland has delivered a controversial parting shot to the industry, suggesting that regulators and politicians should forcibly bring an end to popular free current accounts.
  • The Daily Telegraph: British banks could face potential losses of up to £100 billion if Italian and Spanish economies implode following contagion from Greece, figures show.
  • The Daily Telegraph: France has sent European leaders a proposal for a €120 billion “growth pact” including a financial transaction tax that it wants Europe to introduce “by the end of the year”
  • The Guardian: Young people locked out of home ownership will spend nearly £200,000 extra over a lifetime of renting rather than buying a house, according to research.
  • The Daily Telegraph: Companies should be forced to reveal how much tax they pay to the British government under a radical shake up of accounting rules, according to Shadow Business secretary, Chuka Umunna.
  • Financial Times: Life assurers are stepping up efforts to persuade UK pension fund trustees to gather health records from their members, saying the disclosures could reduce the cost of bulk annuity transfers by up to 15%.
  • Financial Times: Plus Markets Group’s extraordinary meeting on Monday, called to decide on the sale of its main business, will represent the climax of an increasingly acrimonious war of words between the ailing exchange operator’s board and a group of unhappy shareholders.
  • The Independent: Britain's banks have restarted their lending squeeze, starving small companies of credit, the Federation of Small Businesses (FSB) will warn on Monday.
  • Financial Times: Index Ventures, one of Europe’s leading tech investors, has raised a €350 million fund aimed at early-stage technology, bringing its total raised in the past 12 months to €1 billion.
  • The Daily Telegraph: Former Marks & Spencer boss Sir Stuart Rose is returning to the high street by becoming chairman of fast-growing fashion retailer Blue Inc.
  • The Guardian: The National Grid has become embroiled in a row with politicians over allegations that it can keep suppliers waiting over 100 days for payments.
  • Financial Times: Sutesh Sharma, the former head of proprietary trading at Citigroup is to launch his new London-based hedge fund, Portman Square Capital, with around $500 million this autumn.

Share tips, comment and bids

  • The Independent: Tom Alexander, the former chief executive of the Everything Everywhere mobiles group, has begun talks with one of its parent companies, France Telecom, over launching an £8 billion takeover of the Orange and T-Mobile phones giant.
  • Financial Times: The Russian government has been unexpectedly forced to postpone the sale of its stake in a phosphate rock producer whose products are used in the country’s big fertiliser industry.
  • The Independent: The owners of Dr Martens, the British footwear brand, are seeking a price tag of as much as £200 million from suitors.
  • Daily Mail: Lloyds Banking Group will give an update on the sale of 632 branches within the next fortnight, raising the pressure on preferred bidder the Co-op Group to seal a deal.
  • The Daily Telegraph: The future of Cable & Wireless Worldwide is set to be decided on Monday when shareholders vote on a £1 billion takeover bid by Vodafone.
  • Financial Times (Comment): The Gupta conviction is one of US prosecutors’ biggest victories, coming as it does amid criticism that the Department of Justice has not brought cases relating to the financial crisis.
  • The Guardian (Comment): The WPP boss stood up publicly to defend his salary – but, emboldened by a year of rebellions, his investors took no heed.
  • Financial Times (Lex): Microsoft: the price the software group charges developers and device makers to use Windows 8 will be of critical importance.
  • Financial Times (Lex): China minority stakes: many western companies did well during the 10-year foray to the far east but times have changed and the question now is what to do with their holdings.
  • Financial Times (Lex): Banking in Europe: with banks already reeling under regulatory pressure after the last crisis, the last thing they need are measures that will only add to the burden.

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