What The Sunday Papers Said: 'Privatisation' nears of £14bn defence agency; Dozens set to leave in Goldman Sachs shake-up; Tory donors foiled in tax avoidance scheme; Make an example of banking rule-breakers, says FSA
Monday 24 September 2012
The Independent on Sunday: 'Privatisation' nears of £14bn defence agency
A major step in what critics claim is the privatisation of the Ministry of Defence's £14bn-budget equipment and support agency is expected to be taken next month. The MoD's senior civil servant for procurement, chief of defence materiel Bernard Gray, is finalising a report to the Defence Board, the department's top decision-making committee, justifying greater involvement of the private sector.
The Sunday Times: Dozens set to leave in Goldman Sachs shake-up
More than 100 of the investment banking giant Goldman Sachs' best-paid staff are thought to be set to leave the business under a management shake-up. Michael Sherwood, UK joint chief executive, is handling the cuts. A wave of retirements among veterans is expected, after the long-serving chief financial officer, David Viniar, said he was preparing to step down last week.
The Mail on Sunday: Tory donors foiled in tax avoidance scheme
Two Conservative donors face an £11.5m bill after a tribunal ruled against an offshore ruse the pair could have used to reduce their tax liabilities. Jonathan Boyer and Nicholas Allan used a Cayman Islands-based employee benefit trust to receive cash from their hedge fund Boyer Allan. But a tax tribunal ruled that Boyer Allan could not offset £24m in payments to the trust against profits.
The Sunday Telegraph: Make an example of banking rule-breakers, says FSA
The Financial Services Authority is calling for tough new powers to tackle banking malpractice in the wake of the Libor-rigging scandal. It has called for "exemplary sanctions" and "forceful punishment" of bankers who are caught breaching regulations to make them an example. The individuals who set Libor could also come under the regulatory umbrella.
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