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Sunday Papers: Banks face strict action in rate-swap scandal

Thousands of businesses mis-sold interest-rate hedging products by their bank should have their payments suspended, according to a senior Treasury minister.

 
Sunday Papers: Banks face strict action in rate-swap scandal

Top stories

  • The Sunday Telegraph: Thousands of businesses mis-sold interest-rate hedging products by their bank should have their payments suspended, according to a senior Treasury minister.
  • The Sunday Telegraph: Jon Asgeir Johannesson, the former Baugur chairman, has joined the board of Murdock, the upmarket London men's barber and grooming chain.
  • The Sunday Telegraph: The British racecar manufacturer McLaren made a post-tax loss of £53.9 million in 2011 as it invested heavily to produce and roll out its new MP4-12C car.
  • The Observer: The chancellor George Osborne has pledged to join forces with the developing world to crack down on multinationals avoiding tax in some of the world's poorest countries.
  • Mail on Sunday: The growing rift between the Bank of England and the Government was exposed when Vince Cable accused Sir Mervyn King of not doing enough to help economic recovery.
  • The Independent on Sunday: The UK has one of the slowest economic growth rates of all the G20 countries, new figures revealed yesterday, as George Osborne met finance ministers in Moscow.

Business and economics

  • The Sunday Telegraph: The future of Bumi, the £900 million Indonesian miner in the middle of the largest corporate row seen in the City of London in more than a decade, hangs in the balance this weekend after it emerged a key 13% shareholder has found buyers for his stake.
  • The Independent on Sunday: Britain's private equity industry is angling for closer ties with the Trade Union Congress – which famously denounced buyout firms as "amoral asset-strippers after a quick buck".
  • The Sunday Telegraph: Mining giant Glencore has vowed to hire a woman to sit on its board for the first time, as soon as its merger with Xstrata completes.
  • The Sunday Telegraph: Google is in discussions with payment companies including Visa, Mastercard and PayPal to put illegal download websites out of existence by cutting off their funding.
  • The Sunday Telegraph: BAE Systems and Vodafone have signed a five-year pact to work together on cyber security for mobile phones and tablet devices.
  • The Sunday Telegraph: The threat posed by so called 'currency wars' is "overblown" according to the head of the International Monetary Fund.
  • The Sunday Telegraph: Britain’s manufacturers must start taking risks and investing in new export markets if they are to lead the country back to sustainable economic growth, a top Bank of England policymaker has declared.
  • The Independent on Sunday: Tax rows between big British businesses and Indian authorities threaten to overshadow a David Cameron-led trade mission to the rapidly-growing economy this week.
  • The Independent on Sunday: British inventors and entrepreneurs will be able to save thousands of pounds in the cost of patenting their new ideas under rules to be agreed by Vince Cable this week.
  • The Independent on Sunday: The Competition Commission is set to crack the dominance of the Big Four accountancy firms with proposals for sweeping market reform this week.
  • The Independent on Sunday: BMW has asked than one million car owners worldwide to return their vehicle, because of a possible fault which could cause them to catch fire.
  • The Sunday Telegraph: Britain’s manufacturers must start taking risks and investing in new export markets if they are to lead the country back to sustainable economic growth, a top Bank of England policymaker has declared.
  • The Sunday Telegraph: Tesco is poised to make a decision on the size of a potential multi-billion pound investment in India following representations by David Cameron as part of a UK trade mission.

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2 comments so far. Why not have your say?

alan franklin

Feb 17, 2013 at 09:44

Double vision again on this site. Does anybody read this stuff before it is posted?

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Tony Ryan

Feb 17, 2013 at 15:20

Many swaps were misbought rather than missold,, I don't see any company that is profiting from their swap insisting on giving the bank back it's gains?

A company that didn't understand what they were buying should sack their corporate treasurer and finance director.

Only if the swap was enforced as a loan condition should compensation be considered.

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