Tycoon and Arsenal FC shareholder Alisher Usmanov tops the Sunday Times list of the wealthiest people in Britain and Ireland with a £13.3bn fortune.
Link: Russian tycoon top of rich list
Security for Sunday’s London Marathon will be reviewed after the fatal blasts at Boston’s race, but the event will go ahead, officials insist.
Read the rest here: London Marathon to review security
Event, the Mail on Sunday’s new culture and celebrity magazine, is a serious and very welcome effort to be creative with what print can do
A few random swallows hint at the end of winter in the newspaper trade. There, a few weeks ago, was the Guardian adding a cookery pullout section. Here, under its new provisional editor, is the Sunday Times shuffling its magazine pack and playing a game of “Hunt the AA Gill”. And now, today, as titles called Live and Review go to the great Mail on Sunday knacker’s yard, comes Event, a “brilliant, superb” NEW celebrity and culture mag.
The sell, you may gather, is not exactly soft. Geordie Greig, after a year as MoS editor, is taking his first big leap, and running full tilt. But the real point, amid a welter of glowing adjectives, is that Associated Newspapers is investing in print again.
Its global growth online may be a thing of wonder, especially in America. But here at home, Greig has been allowed – nay, encouraged – to spend time, effort and cash on his day job, the main event.
Some of the hype, for what Geordie calls his target audience of “easyJet Britons” (like him and me, apparently) may seem a tad extreme. A gossip column by Piers Morgan; motoring notes from Chris Evans; Craig Brown on books, Deborah Ross on TV and Tom Parker Bowles doing food. It’s a decent enough line-up, spaciously presented, if not quite a revolution. Few horses shaken or stirred. What’s important, though, is that it’s a properly serious effort to engage editorial brain.
Look at most newspapers over the past few years. They’ve barely changed. Their online presence may have been revamped over and over again, but print has just pottered along. The Sun shines in a design timewarp, even on Sundays. The Mail that drops through the letterbox is much the same. The Mirror tries nothing off the wall.
Fleet Street, by previous standards, is a world that stood still. The buzz words have been integration and contraction, not expansion. Event at least challenges that thesis – and calls attention to one or two things about the Associated empire that make it different.
No, not necessarily the Daily Dacre, fuming over supposed slights to Maggie’s hallowed memory; the way, rather, that it’s more quietly run and organised. Greig’s boss and hero is Jonathan Harmsworth, the fourth Viscount Rothermere, whose 15 years in supreme charge have seen the Daily Mail and General Trust quietly push revenue to £1.9bn in 2012, and turn in profits of £300m or so, operating in 55 countries. Journalism is only a part of that story, but it is still traditionally organised – which today makes it very different indeed.
Greig may have an “editor-in-chief” (Paul Dacre) but, apart from praising the chief’s general support, he seems to operate totally autonomously.
Event looks quite like the Mail’s Saturday TV mag, doesn’t it? “Oh no, it’s younger and much more fun.”
Surely there’s a move to save money by integrating daily and Sunday staffing? No, not in any major way. Greig talks about the value of a dedicated reporting staff in much the same way that Martin Clarke, the king of Mail Online, talks about his own discrete team.
None of the above means that DMGT is internet-averse: click on Wowcher, Zoopla and many more online enterprises to be disabused of that. But there is, still, a continuing warmth for what print can do.
Joe Public spends proportionately more on the Mail on Sunday than on any other paper in Britain, says Greig. Of every pound spent on Sunday papers every week, 25p comes his way. He’s a market leader, then, and theoretically others will follow if Event (with advertising sold out for three weeks already) is a success. But that’s an issue, and an eventuality, stretching far beyond even easyJet queues at Gatwick. It’s about pumping the tigers of creativity and cash into an old tank – and seeing what difference, if any, it makes.
President, eurozone finance ministers and bailout troika hold emergency meeting as €100 limit imposed on ATM withdrawals
Wealthy Russians stand to lose billions of euros in Cypriot banks under draconian terms being hammered out on Sunday night in Brussels to prevent the Mediterranean tax haven becoming the first country forced out of the single currency.
Negotiations got underway amid a hardening of the stance held by the International Monetary Fund and Germany, who insisted that depositors must take the hit for bailing out the eurozone’s latest crisis economy.
There were signs of panic in Cyprus as a €100 (£85) limit was imposed on ATM withdrawals, with more stringent capital controls to follow if a deal is reached.
The European Central Bank has threatened to cut off funds propping up Cypriot banks on Monday, precipitating the island’s exit from the euro if agreement was not reached on Sunday night at the emergency meeting between eurozone finance ministers, the president of Cyprus Nicos Anastasiades, and the bailout troika of the IMF, European Commission and the ECB.
The Europeans, with the Germans and the IMF taking a particularly hard line, demanded the winding up of Cyprus Popular Bank, the country’s second biggest, and the restructuring of Bank of Cyprus, the biggest financial institution.
The parties considered new proposals that had emerged over the weekend with European officials speaking of a levy of up to 25% on Bank of Cyprus depositors with accounts holding more than €100,000, plus a further levy of up to 5% on similar deposits in other banks.
“The numbers have not changed. If anything they’ve got worse,” said Wolfgang Schäuble , Germany’s finance minister. He said that last week’s agreement to raise €5.8bn had to be achieved. This time, however, savers with less than €100,000 would be spared, meaning the burden would fall much more heavily on the wealthy than the 9.9% levy proposed for their accounts last week.
Berlin is determined that the island deflates a bloated financial sector that exceeds the size of the Cypriot economy by a factor of seven. “It is well-known that I won’t allow myself to be blackmailed, by no one or nothing,” said Schäuble. “I’m aware of my responsibility for the stability of the euro. If we take the wrong decisions, we’ll be doing the euro a great misservice,” he told a German Sunday newspaper.
Russians are estimated to hold more than €20bn of the €68bn deposited in Cypriot banks. Some €38bn of the total is in accounts liable for the levy, suggesting that Russians could forfeit around €3bn. If the Cypriot government balked at the bank levy, the IMF and German officials were likely to demand even stiffer terms, including a “bail-in” arrangement whereby account holders with more €100,000 would forfeit up to 40% of their savings in return for shares in restructured banks.
Anastasiades held meetings with EU officials in Brussels before the main summit with the euro group – the 17 finance ministers of the single currency area – which included troika representatives Christine Lagarde, head of the IMF, Mario Draghi, president of the ECB, and Olli Rehn, European commissioner for economic and monetary affairs.
Little progress was reported from the earlier meetings on Sunday on resolving the stalemate over how to structure a €17bn bailout, with creditors unwilling to offer more than €10bn while expressing dissatisfaction over Cypriot proposals to supply the remainder.
Over the weekend, Nicosia moved on legislation to wind up Cyprus Popular Bank and to introduce capital controls to try to prevent a bank run and flight of money out of the country.
If an agreement is found, the proposed deal would still need to pass the Cypriot parliament probably by Monday at the latest. It was clear that whether Cyprus accepted or rejected the bailout terms, its economy and banking sector faced maximum disruption and turmoil. “There are only hard choices left,” said Rehn.
Wealthy investors are believed to have put financial advisers under orders to withdraw their funds any way they can
Financial advisers to the legions of wealthy foreigners who have stored billions in Cypriot banks are warning that the island’s financial crisis has destroyed the country’s reputation as a stable banking haven.
Professionals who have built livelihoods out of the country’s offshore banking boom predicted that whatever the outcome of last-ditch rescue talks in Brussels, the Cypriot economic model is broken. Their prognosis chimes with predictions from market observers that the damage wrought on the Cypriot economy by last week’s events means that the original €17bn (£14.5bn) deal drawn up by the International Monetary Fund, the European Union and the European Central Bank is insufficient.
“Ninety-nine per cent of my clients are saying ‘find a way to get my money out’, in any way,” said Petros Valko, a financial consultant who manages funds worth about €100m. “No matter what [the government] does now, the Cypriot economy is over. Trust is our main commodity, and it’s gone.”
Crisis talks on the bailout were going down to the wire in Brussels on Sunday, with the ECB threatening to cut off the island’s emergency funding – and trigger Cyprus’s likely exit from the euro – if a deal is not agreed by Monday.
According to reports emanating from Brussels, the latest proposals would reportedly see deposits of more than €100,000 hit with a levy of up to 25%, as the Cypriot government sought to raise at least €5.8bn toward the bailout as demanded by Brussels. The haircut would hit wealthy foreigners the hardest. But the effects would spread throughout the Cypriot economy, which is overwhelmingly dependent on financial services.
Analysts warned of widespread unemployment and plunging property prices if foreign investors withdrew en masse from the country. The Cypriot government is said to be considering imposing capital controls in an attempt to avoid a mass run on banks. It has said banks would re-open on Tuesday, but the deadline has shifted repeatedly.
Financial advisers warned that the long-term damage to Cyprus’s reputation meant the controls would simply delay the inevitable. “Even if they open, the banks will be dead,” Valko said. Wealthy Russians, believed to account for nearly half of the €70bn worth of deposits in Cypriot banks, have been flying to the island nation for emergency consultations.
“The damage is done,” said Demos Antoniou, CEO of Compass, a Limassol-based consultancy with a roster of foreign clients. “Now we have to see what we can save, work hard for the next few years and try to reverse this situation.” He said the proposal of a deposit levy had caused serious damage to the island’s reputation. “From the day they announced the possibility of a haircut, that was it,” he said. However, the government could still find a way to lure foreign investors. He said: “They need to give them incentives to make them stay here. Yes, we need the Russians – but they also need us. In what other European country can they get a 10% tax rate, 0% tax on profit, plus interest on deposits. They need more incentives now. The government doesn’t have a plan for this – that’s the problem.”
Wealthy foreign investors, mainly Russians, have flocked to Cyprus to take advantage of its low taxes and lack of scrutiny over the origin of funds. The crisis has thrown up accusations that Russians were able to launder huge amounts of money through transactions based on the island.
Banks have been shut for more than a week as the government in Nicosia struggles to agree a bailout package. Cypriots and foreign residents have queued for hours at ATMs throughout the week. By Sunday night, ATMs at Laiki, Cyprus’s second biggest and most troubled bank, reportedly reduced maximum withdrawals to €100.
The streets of Limassol, a bustling seaside city popular with the country’s Russian community, were eerily quiet on Sunday. Residents said they had begun to stock up on food and petrol as fears for the future grew. Many pointed their anger at Brussels, struggling to understand why the EU was allowing them to flounder. Calls for Cyprus to voluntarily exit the eurozone increased. Antoniou also said he supported “a solution outside the eurozone”. He said: “It’s like we’re having a third world war, but this time it’s a financial war.”
Russian leaders have been among the most critical of a proposed levy, with Vladimir Putin, the Russian president, calling the idea “unjust, unprofessional and dangerous”. Cypriot efforts to win Russian aid failed last week. Its prime minister, Dmitry Medvedev, said Moscow would only offer assistance if a deal was reached with the EU.
OTTAWA, ONTARIO–(Marketwire – March 3, 2013) - The 26th Annual National Cadet Biathlon Championship will commence on Sunday, March 3, 2013, in Valcartier, Quebec, with 138 cadet biathletes and 60 cadet officials from every province and territory in Canada. The championship will run until Friday, March 8, 2013.
Go here to read the rest: One Stride at a time – Cadets aim for gold at National Cadet Biathlon Championship
PARIS — A French official says the European Central Bank is shirking its responsibilities toward Europe’s unemployed and should do more to weaken the euro to help exports.
Industrial Recovery Minister Arnaud Montebourg’s comments go against a custom that politicians not meddle in the ECB’s work.
Montebourg told Europe 1 radio Sunday: “It’s not dealing with growth. It’s not taking care of the unemployed. It’s not taking care of the European people. And it has a duty to do so.”
The rest is here: French Minister: ECB Must Do More for Jobless