The Business Matrix: Saturday 21 June 2014

Royal Mail seeks Ofcom review

Royal Mail has made a formal application to its regulator Ofcom for an immediate review of direct deliveries in this country. Royal Mail warned that TNT Post’s plans for the UK could mean it loses £200m of revenues by 2017-18.

Borrowing rises despite growth

The recovery is yet to feed into improving public finances as borrowing remained worryingly high in May, official figures showed yesterday. Public borrowing of £13.3bn over the month was £4.6bn higher than a year earlier.

Espirito Santo dynasty ends

The family that has run Espirito Santo for 94 years has lost overall control of Portugal’s largest bank. Its chief executive, Ricardo Salgado, the founder’s grandson, stood down after an £800m rights issue cut his family’s stake to 46 per cent.

UBS boss charged with tax fraud

A Belgian judge has charged the head of UBS Belgium with involvement in an alleged multi-billion euro tax fraud by the Swiss bank’s Belgian unit. Marcel Bruehwiler denied all charges, which include organised crime and fiscal fraud.