Press Round-up – April 5

April 5, 2012

Rothschild eye cross-channel unity
The Rothschild family plans to secure “long-term control” over its international banking empire by merging its French and British assets into a single entity and implementing a new form of governance that provides immunity from hostile takeover. (FT)

Amazon probed over corporation tax payment, Britain’s biggest online retailer, generated sales of more than 3.3 billion pounds in the country last year but paid no corporation tax on any of the profits from that income – and is under investigation by the UK tax authorities. (Guardian)

EU rules threaten UK access to venture capital
European rules on state aid have jeopardised small UK companies’ access to venture capital funding worth hundreds of millions of pounds each year, placing further strain on a sector already starved of credit. (FT)

Tesco under fire from uneasy investors
Some of Tesco’s biggest shareholders are calling on the retailer’s newly appointed chairman to address their concerns about the culture and strategy of the group, which is set to unveil a blueprint for its future in 10 days’ time. (FT)

UK regulator warns private patients pay too much
The UK’s Office of Fair Trading has referred the 5.5 billion pound ($8.73 billion) private healthcare market to the Competition Commission amid evidence that patients are paying too much. (Times)

Healthcare investors eye deal with Moscow
Western investors are considering teaming up with the Moscow city government to invest in an $800 million venture designed to overhaul the Russian capital’s healthcare system.  (FT)

City whiz-kid arrested over trading offences
A 23-year-old self-proclaimed currency trading expert who received a wave of publicity after reportedly spending 125,000 pounds on a single bottle of champagne has been arrested by London financial regulators investigating suspected unauthorised trading. (Guardian)

Judge blasts SFO over Tchenguiz case
A British high court judge has blasted the Serious Fraud Office for “sheer incompetence” after the regulator admitted it has “no clear record” of the information it used to obtain search warrants against property tycoon Vincent Tchenguiz. (FT)

Big banks failed to meet Basel regulations
Twenty-seven of Europe’s biggest banks would have been short of a combined 242 billion euros ($317.44 billion) in capital if tough global bank safety rules had kicked in last year, new research from the European Banking Authority shows. (FT)

New ICAS chief criticises ‘cozy’ auditor ties
Sir David Tweedie, one of the world’s most prominent accountants, has added his voice to criticism of the decades-long relationships that bind auditors to the companies they are supposed to be vetting. (FT)

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