What The Sunday Papers Said
Monday 23 July 2012
The Independent on Sunday: EC plans to make the rigging of interest rates criminal
The European Commission is set to make interest rate-rigging a criminal act in the wake of the Libor scandal. Arlene McCarthy, a Labour MEP and vice-chair of the commission's economic and monetary affairs committee, said: "We're extending the scope of the [market abuse] directive and making Libor-rigging illegal. But I want this future-proofed so that it doesn't just cover Libor."
The Sunday Times: G4S chief fears Games fiasco may lead to contract losses
John Connolly, the chairman of G4S, says he fears the security fiasco surrounding the London Olympics will lead to his company being frozen out of lucrative government contracts. Mr Connolly, who took up his post on 8 June, says contracts to run prisons and back-office police work could be under threat, as it seems is the position of Nick Buckles, the group's chief executive.
The Mail on Sunday: Sir Philip takes a global view on the expansion of Arcadia
Sir Philip Green has revealed plans to make his Arcadia group retail empire a global player within three years. The billionaire fashion retailer has signed a deal to open his first outlets in Germany with another major department store group Karstadt, which has agreed to stock his Wallis and Evans fashion brands. Sir Phillip is also said to be looking at opportunities in China.
The Sunday Telegraph: Barclays' Rich Ricci out of the chase for bank's top job
Rich Ricci, head of Barclays' investment bank, has ruled himself out of the running to replace Bob Diamond, the chief executive who resigned over Libor-fixing. Mr Ricci's decision will increase the headaches for Barclays' board, which has to find a replacement for Diamond and for Marcus Agius, the outgoing chairman.
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