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Monday Papers: Lagarde attacked over bank comments - money and other news

Monday Papers: Lagarde attacked over bank comments - money and other news

Financial Times

* European officials on Sunday accused the IMF managing director Christine Lagarde of making a “confused” and “misguided” attack on the health of Europe’s banks.

* The tax contribution of the Premier League’s 20 clubs is set to exceed £1 billion this season - an increase of more than a third over the past two seasons, according to accountancy firm Saffery Champness.

* Information technology companies are becoming reluctant to build big data centres in the UK because of uncertainties and additional costs created by the government’s carbon reduction commitments.

* The UK building society sector will continue to see one or two mergers a year as the mutual lenders face pressures from low profitability, says KPMG.

* Rebel investors at Healthcare Locums , the beleaguered medical recruitment company which suspended its shares six months ago, have claimed that they have enough support to block a controversial rescue refinancing aimed at relisting the shares on 13 September.

* Labour is seeking to embarrass the government by pushing for stop-gap rules to tighten controls on media ownership in the wake of Rupert Murdoch’s aborted attempt to take full control of British Sky Broadcasting.

* 60% of rigs contracted in the Gulf of Mexico are not working almost a year and a half after the Macondo disaster.

* Regulators are in danger of enabling BT to become the dominant provider of high-speed broadband infrastructure, Virgin Media has claimed.

* Ten specialist UK manufacturers have formed an unusual consortium in which they abandon the normal codes of commercial confidentiality, passing to each other contact details about customers and suppliers, with a view to building up sales for the group as a whole.

* Allen Chan steps down as chairman and chief executive of Sino-Forest, the Chinese timber group under scrutiny over accounting irregularities.

* National Express has formed an unusual alliance with transport campaigners as it puts pressure on the government to reverse the abolition of coach fare subsidies for the elderly and disabled.

* The head of one of the US’s biggest manufacturers has launched a scathing attack on Washington, saying the country’s economy could be dragged into another recession because of political brinkmanship on Capitol Hill.

* German “bad bank” agencies holding billions of euros of Greek debt have still to decide whether to join a bond swap designed to cut Athens’ refinancing burden as part of an EU bail-out.

* Energy Future Holdings, the US utility taken private for $45 billion at the height of the credit boom, faces a bill of more than $1 billion in capital expenditure as a result of new environmental regulations.

The Independent

* It has emerged that the Royal Bank of Scotland was part of a deal to issue more than $800 million in Belarusian government bonds earlier this year, a month after the country's leader, Alexander Lukashenko, ordered the brutal repression of pro-democracy campaigners.

* The British Bankers' Association has called for the Independent Commission on Banking's proposed reforms to be delayed until the economy has recovered and taxpayers have been repaid for bailing out the banks.

* The so-called "beer tie" operated by a number of Britain's largest pub chains is forcing pubs out of business all over the country and must be regulated more closely, a leading think-tank warned today.

* The recession has forced motorists to hang on to their old cars for longer and drive more economically to reduce their bills, according to a survey by Halfords.

The Guardian

* The Halifax reports that the cost of buying a home for first-time buyers was now more than £100 a month lower than renting.

* The soaring cost of food and transport left households £11 a week worse off last month than they were a year ago, according to the Asda Income Tracker.

The Daily Telegraph

* Fashion designer Dame Vivienne Westwood agrees to pay £350,000 in tax to HM Revenue & Customs for significantly underestimating value of her own brand.

* Record profits at Foxtons saw the London estate agent seal its "best ever" year despite uncertainty over the economy, its 2010 accounts show.

Daily Mail

* Glencore representatives are flying to Norway to meet figures from the Extractive Industries Transparency Initiative, which promotes principles of ethical behaviour at natural resources companies.

* BP faces larger payouts after thousands of claimants won the right to sue for punitive damages over last year's Gulf of Mexico crisis.

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