THE DAILY DOZEN OR SO OF THE MOST EYE CATCHING FINANCIAL NEWSPAPER ARTICLES
FINANCIAL TIMES
ECB REJECTS MADRID PLAN TO BOOST BANKIA
By Patrick Jenkins in London, Ralph Atkins in Frankfurt and Miles Johnson in Madrid
A Spanish plan to recapitalise Bankia, the troubled lender, by indirectly tapping the European Central Bank for cash, was bluntly rejected as unacceptable by the ECB, European officials said. On Tuesday, the country saw its central bank governor stand down early.
FINANCIAL TIMES
WPP CHIEF FACES INVESTOR REVOLT OVER PAY
By David Oakley and Tim Bradshaw
Sir Martin Sorrell, chief executive of WPP, faces a shareholder revolt over his pay after an influential advisory firm recommended investors in the advertising group vote against its board remuneration policies. ISS advises about a fifth of the shareholders of WPP, according to investors.
DAILY TELEGRAPH
SPANISH DATA UNDERSCORE DANGEROUS ECONOMIC SLIDE
By Louise Armitstead, Chief business correspondent
Spanish retail sales plunged a record 9.8pc last month underscoring a dangerous economic slide that could derail Madrid's efforts to shore-up its banks and struggling regions. Analysts argued that the European Commission should use its economic strategies, due to be unveiled today, to extend Spain's debt reduction timetable and re-focus on growth
GUARDIAN
UK RETAIL SALES IMPROVE IN MAY
By Phillip Inman, economics correspondent
Retail sales improved in May but are still lower than average for the time of year according to a survey by the CBI. The business lobby group said a poll of its retailers found that 43% reported an increase in sales on a year ago, compared with 23% that said they experienced a fall, giving a 'rounded' positive balance of 21%
DAILY MAIL
BRITAIN'S AILING ECONOMY SHOWS SIGNS OF LIFE
By Hugo Duncan And Rupert Steiner
Britain's ailing economy showed signs of life yesterday as it emerged retailers took on more staff this month for the first time in nearly a decade.The CBI said the number of people employed in the sector, including on the high street, in shopping centres and at car dealerships, increased in May – ending a decline dating back to February 2003. Sales bounced back following the wettest April on record, the report showed, with firms confident of a further boost to sales this summer.
GUARDIAN
CHRISTINE LAGARDE, SCOURGE OF TAX EVADERS, PAYS NO TAX
By Kim Willsher in Paris
Christine Lagarde, the IMF boss who caused international outrage after she suggested in an interview with the Guardian on Friday that beleaguered Greeks might do well to pay their taxes, pays no taxes, it has emerged. As an official of an international institution, her salary of $467,940 (£298,675) a year plus $83,760 additional allowance a year is not subject to any taxes.
CITY AM
HEDGIE HITS OUT AT RECORD FINE
By Marc Sidwell
Hedge fund boss Alberto Micalizzi lashed out at the Financial Services Authority (FSA) last night, accusing it of demonising him after he was landed with a record £3m fine. This is the biggest ever penalty for an individual in a case of non market abuse imposed by the City regulator. It also banned him from performing any role in regulated financial services and stripped the company he founded of its licence to conduct regulated business.
SCOTSMAN
CHINESE DEMAND IS DRIVING FORCE BEHIND JAGUAR LAND ROVER SURGE
By Scott Reid And Peter Ranscombe
Booming demand from China helped drive a record £1.5 billion profit at resurgent luxury car maker Jaguar Land Rover (JLR). The Midlands-based manufacturer, owned by Indian company Tata Motors, yesterday reported a 35 per cent rise in its surplus for the year to 31 March, boosted by strong demand for its Range Rover Evoque. Sales in China showed strong growth and now account for nearly one-in-five of the cars sold by the business.
THE SUN
BUILDERS HIT BY 2,500% RISE ON WASTE TAX
By Steve Hawkes, Business Editor
Britain’s builders have been hammered by a staggering overnight raid that saw tax rise 2,500 PER CENT.
The taxman has upped the landfill rate on crumbled building waste from £2.50 a tonne to an eye-watering £64 a tonne.
DAILY EXPRESS
INTEREST RATES ON HOLD FOR 5 YEARS
By Sarah O'Grady
Interest rates will stay at a record low for five more years, according to experts on Britain’s money markets. They predicted yesterday that the Bank of England will not raise the 0.5 per cent base rate until around 2017.
WWW.BBC.CO.UK
FACEBOOK SHARES DIP BELOW $29 TO NEW LOW
The shares were launched at $38 less than two weeks ago during its high-profile flotation, which valued the firm at $104bn (£66bn). Since then, Facebook's shares have lost almost a quarter of their value.
