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12.

16.

20.

WORLD NEWS

UK NEWS

CULTURE

4. GREECE BAILOUT

8. QUEENS DIAMOND JUBILEE

12. RAIRTY MAKES THE HEART BEAT FASTER

Greek Riots Riot Hotspots Frustration for Rioters

Celebration Events Longest Riegning Monach & the not so Lucky

Exceeding Expectations Damien Hirst - Tate

BUSINESS

WORLD NEWS

16. BARCLAYS CUT BANK BONUSES

20. REDKNAPP TAX EVASION

Bonus Cuts Barclays Salaries IT Tech job cuts

窶連rry 窶連rry 窶連rry! What have you done? Famous Tax Evaders

IF... WORLD NEWS

A BIG WORD USED WITHIN STRUGGLING ECONOMIES “IF GREECE HAD ONLY SPENT THE EU AVERAGE OF 1.7% OVER THE LAST 20 YEARS, IT WOULD HAVE SAVED A TOTAL OF 52% OF ITS GDP – MEANING INSTEAD OF BEING COMPLETELY BANKRUPT IT WOULD BE AMONG THE MORE TYPICAL COUNTRIES STRUGGLING WITH THE RECESSION” Reported by Helena Smith In the wake of the private sector debt swap agreed last week, European leaders have continued to call for major structural reforms to Greece’s economy and society. The current EU-IMF bailout remains conditional on further austerity measures, including reducing pensions, the minimum-wage and civil service jobs. However, one area of the Greek budget doesn’t seem to have received much scrutiny: its huge military spending. The fact that Greece, a relatively small and democratic country with not much in the way of global ambitions, should spend as much on its military as it 04

does is perplexing. In 2006, as the financial crisis was looming, Greece was the third biggest arms importer after China and India. And over the past 10 years its military budget has stood at an average of 4% of GDP, more than £900 per person. If Greece is in need of structural reform, then its oversized military would seem the most logical place to start. In fact, if it had only spent the EU average of 1.7% over the last 20 years, it would have saved a total of 52% of its GDP – meaning instead of being completely bankrupt it would be among the more typical countries struggling with the recession.

GREECE - BAILOUT

One major factor is that France and Germany’s arms industries have greatly profited from this profligate military spending, leading their governments to put pressure on Greece not to cancel lucrative arms deals. In the five years up to 2010, Greece purchased more of Germany’s arms exports than any other country, buying 15% of its weapons. Over the same period, Greece was the thirdlargest customer for France’s military exports and its top buyer in Europe. Significantly, when the first bail-out package was being negotiated in 2010, Greece spent 7.1bn euros (£5.9bn) on its military, up from 6.24bn euros in 2007. A total of £1bn was spent on French and German weapons, plunging the country even further into debt in the same year that social spending was cut by 1.8bn euros.

Photo: Military of Greece

COUNTRY 461,600 410,180 21,476,000 2010 130 GREECE SPENDS £5.9BN ON ITS MILITARY 2007 GREECE SPENDS £6.1BN ON ITS MILITARY

Komotini

RIOT HOTSPOTS

Kavala Drama

Reported by Holte Ender “For all the leftist iconography plus the presence of that, by now familiar demographic, the Facebook youth – or “graduates with no future” – this thing has gone beyond left and right, it’s no longer even a class thing. As the crowd around me erupts with the chant, “Greece, Greece, Greece!” it’s clear that for many people it is the Hellenic republic versus the rest of the world.” Prime Minister George Papandreou is seeking support for a new austerity program of 28bn euros ($40.5bn) in cuts to take effect from 2012 to 2015.

COUNTRY GREECE UK RUSSIA (MOST) ICELAND (LEAST)

Salonika

Trikala

Athens

WORLD NEWS

GREECE - BAILOUT

GREEK RIOTS

REASONS BEHIND THE RIOTERS FRUSTRATION

GREECE’S RULING COALITION REELED YESTERDAY AMID A TWO-DAY GENERAL STRIKE, AS THE FAR-RIGHT PARTY REJECTED TOUGH BAILOUT CONDITIONS. Reported by Helena Smith

The far-right LAOS party that is part of the coalition said it would not support further austerity cuts demanded by the EU, the IMF and the European Central Bank, and three of its members in government later submitted their resignations.

Greek GDP is at 2004 levels, and it will take about a decade to reach pre-crisis levels

Greece’s GDP has been declining since Q4 2008, and is now just above 2004 levels.

Tourism export revenues have declined 28% since 2000

In 2000, Greece’s tourism revenue was €10 bn (based on customs data). Ten years later, it had fallen to €9.6 bn, a 4.5% drop.

Net exports from shipping have decelined 27% since 2000

In 2000, Greece’s revenues from shipping netted €4.6 billion. By 2010, that number had fallen to €4.5 bn.

Collecting 40% of tax arrears would eliminate the 2011 budget deflict

In June 2011, the Ministry of Finance reported that tax arrears amounted to €41 bn. Of that number, 90% came from 6,500 people and from 8,200 corporations that owe over €150,000 each.

Employees in state-owned enterprises (SOEs) earn twice as much as employees in the private sector

According to data released by the ministry of finance, employees at SOEs earned, on average, €38,287 in 2008 – which is twice as high as the €19,147 earned in the private sector. For some SOEs, the gap was much higher.

When you add private debt, Greece’s indebtedness is low in Europe.

A graph shown in a presentation by the former minister of finance adds public and private debt. What distinguishes Greece is not high debt overall, but high government debt.

Greeces debt was mostly accumulated in the 1980’s and early 1990’s.

Greece’s public debt was merely 22% of GDP; by 1993, it was 98% where it stayed (plus or minus) for over a decade before going higher in this crisis. In 1980, government spending amounted to 24% of GDP; by 1990, that number had risen to 45%. It kept rising, somewhat more modestly to 51% in 2009.

A government source noted that debt dissenters would be replaced but did not specify whether this would happen at a cabinet meeting expected later overnight.

that approval of the austerity measures is a condition for the release of further loans to Greece under a 130 billion euro ($161 billion) bailout pending since October.

although several lawmakers from other parties have also declared their opposition to the new cuts, the other two coalition parties have enough support to secure passage on Sunday.

“Whoever does not agree with the government policy will be replaced,” the source said. The deputy foreign minister, a socialist, has also resigned.

The country risks bankruptcy on March 20, when it must repay nearly 14.5 billion euros in maturing debt, if it does not get financial assistance.

“We are not going to vote,” said LAOS leader George Karatzaferis to a news conference earlier.

Greece’s relative of living has dropped 30% since 1980

Greece was explicitly told by its eurozone partners this week

The far-right has 16 deputies in the 300-seat parliament and

“Humiliation was imposed on us. I do not tolerate this. And I do not allow it, no matter how hungry I might be.”

“GREECE IS NOT A HIGH DEBT OVERALL, BUT A HIGH GOVERNMENT DEBT.”

WHAT’S BEHIND THE RIOTING IN GREECE? WHAT ARE THEY VOTING FOR? Greek politicians have voted to bring in an unpopular package of austerity measures designed to rein in debt levels that threaten to destabilize the country’s economy. A harsh program of cuts proposed by Socialist Prime Minister George Papandreou’s government 06

Article from Nikos Tsafos

to meet requirements demanded in exchange for international rescue loans. The aim is to cut $20 billion in public spending while raising a further $20 billion through taxes and privatization. This means increased VAT, higher levies on householders and companies and sharp hikes in fuel, alcohol and tobacco prices. 07

UK NEWS

QUEENS DIAMOND JUBILEE

THE QUEENS DIAMOND JUBILEE GREECE’S RULING COALITION REELED YESTERDAY AMID A TWO-DAY GENERAL STRIKE, AS THE FAR-RIGHT PARTY REJECTED TOUGH BAILOUT CONDITIONS. Reported by Helena Smith

EVENTS TO CELEBRATE THE QUEENS DIAMOND JUBILEE WORLDWIDE 1000 BOATS ALONG THE THAMES

The Queen has visited a school in Norfolk as she marks the 60th anniversary of her accession to the throne.Earlier she said she was dedicating herself “anew to your service” and that she was “deeply moved” by support for the Diamond Jubilee.

The Queen’s 60 years as monarch are set to be marked by a series of regional, national and international events during 2012, culminating in a four-day long UK Bank Holiday weekend in June.

1955 - 1957 (2 Years)

HAROLD MACMILLAN

1963 - 1964 (1 Year)

The main celebrations for her anniversary will be in June. The Queen, 85, usually spends Accession Day - the day her father, George VI, died in 1952 - privately but this year has the two engagements in Norfolk.

In her Diamond Jubilee message, with the words “I dedicate myself anew to your service”, the Queen is repeating a pledge she first made at the age of 21. This is a royal octogenarian who intends to remain as Sovereign for as long as she lives.

ANTHONY EDEN

VISIT THE COMMONWEALTH

FOUR-DAY LONG BANK HOLIDAY

ALEC DOUGLAS-HOME HAROLD WILSON 1964 - 1970 (6 Years)

EDWARD HEATH 1970 - 1974 (4 Years)

HAROLD WILSON

SERVICE AT ST PAUL’S

1974 - 1976 (2 Years)

There will be a service of thanksgiving at St Paul’s Cathedral in June and a formal carriage procession by the Queen.

JAMES CALLAGHAN

TRAVEL THE UK

1976 - 1979 (3 Years)

The Queen and the Duke of Edinburgh also intend to travel as widely as possible across the UK.

MARGARET THATCHER

1ST CLASS STAMPS

JOHN MAJOR

A set of six 1st class definitive stamps, all of which feature official portraits of the Queen, are also being issued to mark the monarch’s milestone.

So, a significant moment will pass in a deliberately low-key manner with a visit to a town hall and a primary school in Norfolk. As the weather improves and the months go by, there will be nothing subdued about the events which will be staged for a reign which is the second longest in British history.

1952 - 1995 (3 Years)

1957 - 1963 (6 Years)

Other members of the Royal Family will visit the 15 other countries where the Queen is head of state, as well as some other Commonwealth countries.

For the Queen, this is a day of celebration - her great-great grandmother Victoria was the only other British monarch to achieve this milestone - and commemoration, marking as it does the anniversary of the death of her beloved father, George VI.

WINSTON CHURCHILL

The Queen leading a flotilla of a thousand boats along the Thames and a chain of beacons being lit across the country.

The Queen was met by crowds at King’s Lynn Town Hall before going to Dersingham Infant and Nursery School. Gun salutes were held around the UK, including in London and Edinburgh.

Two official photographs were released and a 41gun salute was held in Hyde Park, London, followed by a 62-gun salute at the Tower of London.

PRIME MINISTERS OF QUEEN ELIZABETH II

DIAMOND JUBILEE PAGEANT

Dancers, musicians, military and equestrian displays from around the world will come together for three nights in the private grounds of Windsor Castle on 10, 11 and 13 May.

THE EPSOM DERBY

1979 - 1990 (11 Years)

1990 - 1997 (7 Years)

TONY BLAIR 1997 - 2007 (10 Years)

GORDAN BROWN

2007 - 2010 (3 Years)

DAVID CAMERON 2010 - Present

On Saturday 2nd June, The Queen will attend the Epsom Derby as part of her Diamond Jubilee celebrations. Queen Elizabeth II in her coronation crown, 1953. 09

UK NEWS

QUEENS DIAMOND JUBILEE

LONGEST-REIGNING BRITISH MONARCHS IF THE QUEEN IS STILL IN REIGN BY 26 MAY 2024, SHE WOULD SURPASS LOUIS XIV OF FRANCE AS THE LONGEST REIGNING MONARCH IN EUROPEAN HISTORY. AT THIS POINT THE QUEEN WOULD BE 98 YEARS AND 35 DAYS OLD. LOUIS XIV OF FRANCE REIGNED FOR 72 YEARS AND 101 DAYS. NAME

YEARS, DAYS

Victoria

63 Years, 216 Days

Elizabeth II

60 Years, 10 Days

George III

59 Years, 96 Days

James VI of Scotland

57 Years, 246 Days

Henry III of England

56 Years, 29 Days

Edward III of England

50 Years, 147 Days

William I of Scotland

48 Years, 360 Days

Llywelyn of Gwynedd

c. 45 Years

Elizabeth I of England

44 Years, 127 Days

David II of Scotland

41 Years, 260 Days

Queen Victoria

AND THE NOT SO LUCKY... Jane

10 June 1553

19 June 1553

9 Days

25 December

3 February

40 Days

Edgar II

15 October

17 December

63 Days

Edward V

9 April 1483

26 June 1483

78 Days

Matilda

7 April 1141

1 November

208 Days

Edmund II

23 April 1016

30 November

221 Days

Harold II

5 January 1066

14 October 1066

282 Days

Dafydd III

12 December

3 October

295 Days

Sweyn Fort

NO1. UK CHART ON SUNDAY 3RD JUNE ANNOUNCED ON BBC RADIO 1 SEX PISTOLS LADY GAGA ONE DIRECTION JESSIE J JUSTIN BIEBER KATY PERRY COLDPLAY OASIS

11/8 8/1 8/1 9/1 10/1 12/1 16/1 33/1 Diamond Jubilee photographs taken by John Swannell in the Centre Room at Buckingham Palace in December 2011

RARITY MAKES THE HEART BEAT FASTER

CULTURE

RARITY MAKES THE HEART BEAT FASTER

IS ART A GOOD INVESTMENT FOR THE RICH & WEALTHY? Let’s venture where Jones wouldn’t go. Rich people are clearly feeling more confident as stock markets rebound from their recession lows and corporate profits rebound. They are opening their wallets and checkbooks. Tiffany & Co. (NYSE: TIF) reported better-than-expected quarterly results in March. Shares of the luxury retailer are near 52-week highs. The company today boosted its dividend by 16%. LVMH Moet Hennessey sA (PINK:LVMUY) gave a bullish outlook during its quarterly earnings report.

“The Group had an excellent start to the year, continuing the trends seen at the end of 2010.” the company said. “The United States, Europe and Asia enjoyed strong momentum. After the earthquake in Japan, the Group’s local teams worked hard to effect a gradual return to normal business.”

ART & ANTIQUE AUCTION HOUSES WITHIN LONDON

DAMIEN HIRST AT THE TATE

BONHAMS Claude Monet’s L’Entree de Giverny en Hiver sold last week for £8.2m at Sotherby’s London

LONDON — BIG MONEY FLOWED WEDNESDAY EVENING FOR THE SECOND DAY RUNNING AS SOTHEBY’S SOLD 41 WORKS OF IMPRESSIONIST AND MODERN ART FOR £78.9 MILLION. Monet’s ‘‘L’Entrée de Giverny en hiver,” an 1885 view of the road leading to Giverny under snow, sold for £8.2 million. It had never been offered at auction. Giorgio de Chirico painted “Hector and Andromache” in the late 1920s. That success, equivalent to about $125 million, came with an unexpected message. Impressionism is making a comeback thanks to paintings that have been out of the market for decades. For the first time in years the highest price in a sale of Modern and Impressionist art greeted an Impressionist landscape rather than some 20thcentury avant-garde picture. Monet’s 1885 view of the road leading to Giverny under snow sold for £8.2 million, well above the estimate set at £4.5 million to £6.5 million plus a sale charge in excess of 12 percent. 12

“L’Entrée de Giverny en hiver,” which had never been offered at auction, had been out of the market since 1924. It appeared in a museum show only once — the “Claude Monet” retrospective in 1930 at the Musée de l’Orangerie in Paris.

The world’s oldest British-owned auction house provides an eclectic mix of auctions from decorative art to antiquities and vintage cars. Bonhams, 101 New Bond St, W1

TATE MODERN: EXHIBITION 4 APRIL – 9 SEPTEMBER 2012 £14, CONCESSIONS AVAILABLE

CHISWICK AUCTIONS

Art and antiques with a bi-monthly ‘fine’ sale for higher value stock. Chiswick Auctions, 1 Colville Rd, W3 8BL

The picture has been spared the multiple cleanings and varnishings suffered by works that are often moved around and is in a superb state of preservation. The delicate shades of salmon pink, grayish blue and deep maroon or blackish purple are intact. Not least, the landscape is charged with the new energy that Monet infused into his brushwork in the 1880s. This made the picture worth every penny of the seemingly large amount.

CHRISTIE’S

Impressionism enjoyed other good scores. Monet’s 1881 view of the wild growth covering the banks of the Seine near Vétheuil last came on the block at Sotheby’s London sale of Oct. 23, 1963. It too was exhibited in a museum only once — in New York in 1962 at the Metropolitan Museum of Art. The landscape doubled its high estimate at £2.5 million.

SOTHEBY’S

Reported by Souren Melikian

Auctions of rare jewelry, wine and watches fetched $200 million at Christie’s and Sotheby’s in Geneva, some at world record prices.

Founded in London in 1766, Christie’s is a leader in art auctions worldwide. Christie’s, 8 King St, SW1

ROSEBERY’S

A wide range of decorative arts, ceramics, glass, jewellery, paintings, maps and rugs go under the hammer, plus a monthly picture auction. Rosebery’s, 74-76 Knights Hill, SE27 0JD A wide-ranging collection of art and antiques is sold by this 260-year-old auction house. Sotheby’s, 34-35 New Bond St, W1

SOUTHGATE AUCTION ROOMS

A good range of antique furniture and household goods. Southgate Auction Rooms, 55 High St, N14 6LD

This is the first substantial survey of his work in a British institution and brings together key works from over twenty years. The exhibition includes iconic sculptures from his Natural History series, including The Physical Impossibility of Death in the Mind of Someone Living 1991, in which he suspended a shark in formaldehyde. Also included are vitrines such as A Thousand Years from 1990, medicine cabinets, pill cabinets and instrument cabinets in addition to seminal paintings made throughout his career using butterflies and flies as well as spots and spins. The two-part installation In and Out of Love, not shown in its entirety since its creation in 1991 and Pharmacy 1992 are among the highlights of the exhibition.

Reported by Brian Bowler 13

RARITY MAKES THE HEART BEAT FASTER

40 %

CULTURE

19 5%

TOP 10 AUCTION LOTS THAT HAVE EXCEEDED EXPECTIONS Below is a list of the work in the London Evening Impressionist and Modern sales that exceeded their estimate range. There were many more works especially by Jean Arp in the day sales that also showed strong demand. But here we confine ourselves to the top 10 lots over £1m that exceeded expectations.

Vincent Van Gogh Chapelle de Saint-Remy (£6m) £10.9m

London Imp-Mod Evening Sales Above Estimates

Marc Chagall St. Jeannet (£2.1m) £2.95m

% 65

Paul Delvaux Le nu et le mannequin (£2.5m) £3.3m

Otto Dix The Electric Tram (£1m) £2.95m

Camille Pissaro Pommiers a Eragny (£1m) £2.95

Geroges Braque L’Oliveraie (£2.5m) £5.8m

Claude Monet L’Entree de Giverny en Hiver (£5.5m) £8.2m

Robert Delauney Tour Eiffel (£2m) £3.3m

12 4%

49 %

Paul Signac La Corne d’Or (£5m) £8.77m

Joan Miro Painting Poem (£7.5m) £16.8m

*Percentage increase from the estimated price to the price the piece was sold for 14

BARCLAYS BANK BONUSES

BUSINESS

BARCLAYS CUT BANK BONUSES

RICH RICCI SELLS BONUSES FOR £9.7M

BARCLAYS BOSS BOB DIAMOND HAS MOVED TO QUELL A SHAREHOLDER REBELLION BY OFFERING TO CHANGE THE TERMS OF HIS £2.7 MILLION ANNUAL BONUS. Reported by Souren Melikian Ahead of next week’s annual meeting, Mr Diamond and group finance director Chris Lucas have agreed not to receive half of their all-shares bonus award for 2011 if certain performance targets are not met within three years. The concession comes amid mounting shareholder fury over a £5.7 million tax payment made on Mr Diamond’s behalf and growing concerns over his bumper pay deal. But the move, which threatens to dock Mr Diamond’s overal pay for last year by £1.35 million, does not address previously-awarded long-term incentives which push up his total pay package to some £17.7 million. Barclays said it had been in talks with major shareholders since the remuneration report was published on March 9. The

Barclays Boss Bob Diamond has offered to change the terms of his annual bonus banking giant said Mr Diamond and Mr Lucas “volunteered” to subject their bonuses to new conditions in recognition of the “strength of opinion expressed by some shareholders”. The executives agreed that 50% of their deferred bonus awards, £2.7 million for Mr Diamond and £1.8 million for Mr Lucas, will not pay out until Barclays’ return on equity exceeds its cost of equity. The return on equity was 6.6% in 2011, while cost of equity was 11.5%. Barclays said if that condition

is not met, the potential pay-out will be subject to lapse if it is not met within three years from the date of the award. The bank has agreed the condition and said: “Barclays is fully committed to ensuring that a greater proportion of income and profits flow to shareholders, notwithstanding that it operates within the constraints of a competitive market.” Barclays reiterated that it regards returns produced in 2011 as “unacceptable on an absolute basis”.

BONUSES: WHY BANKERS JUST DON’T GET IT BOB DIAMOND OF BARCLAYS WAS GRILLED BY MPS, BUT DIDN’T SEEM TO UNDERSTAND WHY BANKERS’ BONUSES ARE CAUSING SO MUCH ANGER 16

For a man paid a fortune, there were a lot of things Diamond didn’t know. He wasn’t saying how much his bonus is likely to be this year (around £8m) and certainly wasn’t

inclined to accept MPs’ invitation to forgo it. Neither could he explain why bankers need huge additional wedges of cash, on top of their basic pay, to do the job

they are hired to do. The smooth-talking Diamond had no idea why nurses and teachers did not require an extra incentive to do more than just show up.

LEADING SHAREHOLDER GROUPSHARE ATTACKED BARCLAYS OVER THE LEVEL OF BONUSES PAID BY THE BANK TO STAFF IN ITS INVESTMENT BANKING ARM

But he is still sitting on £31million worth of shares and bagged £6.3million in pay and his annual bonus last year.

EIGHT Barclays bosses have pocketed more than £27million by cashing in shares they were given as bonuses. Rich Ricci and Jerry del Missier, who head up the firm’s investment banking arm, raked in the most.

Elsewhere, group finance director Chris Lucas sold £1.4million worth of shares on Tuesday and Antony Jenkins, chief executive of retail and business banking, £1.8million.

Ricci got more than four million shares on Tuesday for bonuses stretching back to 2006. He sold them straight away, making £9.7million on top of his pay and perks. Del Missier received 4.5 million shares, which he sold for £10.8million. Yet profits in the bank’s investment division slumped by 23% last year to £3billion.Chief executive Bob Diamond sold a relatively modest £70,000 worth of shares, Barclays revealed yesterday.

Last month, Barclays reported a 3% fall in profits to £5.9billion last year and said bonuses for senior executives would be down by 48%. And last week it said two high flyers got a bigger package last year than even Mr Diamond – with £6.7million and £6.5million. However, insiders denied reports the pair were Rich Ricci and Jerry del Missier. Simon Chouffot, of the Robin Hood Tax campaign, said the share payouts were an “insult to the British public”. 17

BARCLAYS BANK BONUSES

BUSINESS

BARCLAYS SALARY WAGE BY JOB REFUSAL! A total of 32 per cent of shareholder votes failed to support Barclays’ remuneration report at the bank’s annual general meeting. In their sights was chief executive Bob Diamond, who earned more than £20m last year.

BARCLAYS BOSS BOB DIAMOND HAS MOVED TO QUELL A SHAREHOLDER REBELLION BY OFFERING TO CHANGE THE TERMS OF HIS £2.7 MILLION ANNUAL BONUS.

HIGHEST SALARIES

LOWESTEST SALARIES

Job (Number Reporting) Bank Teller Cashier Sales Clerk/ Cashier Customer Service Advisor Customer Service Cashier Counter Manager Administrative Assistant Sales Advisor Data Processor Personal Banker Fraud Investigator Assistant Bank Manager, Banking Team Leader, General Project Manager, Information Technology Relationship Manager, Banking Information Technology (IT) Manager Business Manager Quantitative Analyst, Risk Area Sales Manager Risk Control Manager Software Development Manager Senior Project Manager, IT Senior Risk Manager Solutions Architect Vice President (VP), Finance Associate Director of Financial Services

National Data (£) £9,242 - £19,787 £10,104 - £22,969 £10,551 - £21,722 £9,866 - £19,965 £10,143 - £22,153 £12,916 - £26,269 £11,630 - £29,314 £12,197 - £30,141 £12,017 - £29,282 £15,757 - £28,031 £15,001 - £35,562 £16,690 - £36,971 £16,190 - 40,199 £26,343 - £79,882 £24,358 - £93,643 £34,140 - £82,529 £23,411 - £94,430 £29,822 - £89,529 £28,689 - £94,122 £33,637 - £95,647 £40,778 - £88,893 £42,087 - £103,823 £45,449 - £108,823 £51,632 - £115,827 £43,026 - £140,477 £46,674 - £139,540

Source: http://www.payscale.com/research/UK/Employer=Barclays_ 18

BARCLAYS BANK CUTS HUNDREDS OF IT JOBS BARCLAYS BANK IS REDUCING ITS UK IT WORKFORCE BY 422 IN A MOVE TO UPDATE ITS IT SKILLS BASE AS PART OF A RESTRUCTURE OF ITS GLOBAL TECHNOLOGY AND INFRASTRUCTURE DIVISION.

Asked by Channel 4 News if Mr Diamond earned too much, Mr Cable said: “I don’t know whether he does or not. I think that’s a matter for Barclays shareholders and they have made their views very clear, or a lot of them have. “It’s their duty to signal their discontent, which is what they’ve done and which I welcome, because it is the responsibility of shareholders to deal with excessive pay.” Chairman Marcus Agius, who was heckled, apologised to shareholders and admitted that senior Barclays staff “have not done a good enough job in articulating our case”. He said: “On some matters we should have communicated earlier and more clearly. For this I apologise, and I assure you that in the future we will be engaging differently and more purposefully with shareholders in order to ensure we obtain a broader level of support on remuneration policy and practice.” The meeting voted on the £20m remuneration package that Barclays awarded Mr Diamond last year. Although a rebellion by shareholders is embarrassing for the bank, it does not necessarily mean the package will be significantly changed. Mr Diamond’s pay included a £11.8m bonus and long-term incentive award.

Report by Jen McGinley

Barclays Head Office - London The bank said the cuts are the result of trying to adopt more innovative technology. “We need to upgrade skills,” said a spokesperson. But there could be about 40 new positions created, he added. “We need to make essential changes to our technology and infrastructure division so that we can innovate in new technologies and services for our customers, and be as effective and efficient as possible,” said the spokesperson.

to mitigate compulsory redundancies.The job losses amount to 0.74 per cent of the bank’s UK staff. David Fleming, national officer of the Unite union, said: “The decision by Barclays Technology to cut 422 jobs is a New Year’s blow for the staff. “Unite has strongly opposed the sending of some of this work to Lithuania, when there are already highly trained workers carrying out this work.

“Whilst regrettably this will mean job losses, we will make every effort to mitigate compulsory redundancies and are working closely with Unite and impacted staff.”

“The vast majority of jobs will be going from Radbrooke Hall, Cheshire. There will also be jobs cut in Northampton and a scattering among other sites around the country.”

Barclays bank has announced plans to axe more than 400 posts as part of ‘essential changes’ to its technology and infrastructure division, in the latest blow to the finance sector.

A spokesman for Barclays said: “We need to make essential changes to our technology and infrastructure division so that we can innovate in new technologies and services for our customers, and be as effective and efficient as possible.

The bank denied that work was being transferred to Lithuania, saying that it would make every effort

Reported by Karl Flinders 19

HARRY REDKNAPP TAX EVASION

SPORT

WHEELER DEALER ‘ARRY! five-year investigation, which is believed to have cost about £8m. He said: “The Wigan game [on 31 January] was the most moving I’ve ever felt, for me personally to have them singing my name throughout the game while all this was going on, that will always be special to me.

Source: http://www.payscale.com/research/UK/Employer=Barclays_Bank

MONACO BANK ACCOUNT NAMED AFTER REDKNAPPS DOG, ROSIE Harry Redknapp said his “nightmare” was over after being cleared of tax evasion. The Tottenham boss had denied accepting secret untaxed bonus payments from former Portsmouth chairman Milan Mandaric, while he was club 20

manager. Mr Mandaric was also cleared of two charges of cheating the public revenue over the £189,000 payments. Mr Redknapp, who was close to tears, said the case “should never have come to court”. Speaking on the steps of Southwark Crown Court, he thanked his family, the fans at Tottenham and his legal team after coming through the

Peter Crouch was sold by Portsmouth to Aston Villa in 2002 “It’s been a nightmare, it’s been five years, it’s a case that should never have come to court. “I’m looking forward to going home and getting on with my life.” Former England boss Graham Taylor said the verdict now opens the way for Redknapp to take charge of the national team in the future. Sven-Goran Eriksson, another former England manager, said he thought Mr Redknapp would be a “very, very good choice” as Fabio Capello’s successor. Bookmakers have now stopped taking bets on Mr Redknapp becoming the next England boss. Mr Redknapp and Mr Mandaric embraced in the dock as the verdicts were read after five hours of deliberations. Mr Mandaric, who is currently chairman of Sheffield Wednesday, walked up to Det Insp Dave Manley to shake his hand and said: “Thank you”. ‘Egg on face’ Afterwards, Mr Mandaric said: “I have to try and pinch myself and wake up from the horrible dream. During Mr Redknapp’s and Mr Mandaric’s trial, jurors heard the Spurs boss received two payments totalling £189,000, into his “Rosie 47” account in Monaco - named after his pet dog.

WHAT HAPPENS IS I DONT PAY MY TAX “MANY MULTI-NATIONAL COMPANIES ARE PAYING A LOWER RATE OF TAX ON THEIR PROFITS THAN MOST PEOPLE PAY ON THEIR INCOME OR WHEN BUYING ITEMS SUBJECT TO VAT, THE TUC SAYS AS IT URGES THE GOVERNMENT TO LAUNCH A COMPREHENSIVE REVIEW OF THE TAX SYSTEM TO ENSURE THAT EVERYONE PAYS THEIR FAIR SHARE.” The majority of US citizens, 1 in 1.5 (67%), appear to put that integrity on display each year by filing a federal income tax return. That doesn’t mean you’ll find many tax-evading farmers in jail, though. The odds of not getting caught are distinctly in their favor. Only 1 in 99.06 individual income tax returns end up being audited by the IRS. You have a similar chance of having a flight cancelled during a May vacation (1 in 97.33) or, if you’re a Major League Baseball fan, of cheering for the Washington Nationals (1 in 97.36). Of course, how much you make matters. While only 1 in 56.62 Americans making $100,000 a year is audited, the number jumps to 1 in 10.81 for those making a million dollars or more. If those odds help tempt tax cheats, once the IRS calls for an audit and initiates a criminal investigation, the chances aren’t

nearly as promising. 1 in 1.35 (74%) adults investigated for tax or financial crimes is referred for prosecution—after which 1 in 1.09 (92%) is formally indicted. Once sentenced, the odds of spending time in jail are 1 in 1.24 (81%). But you don’t have to do anything illegal to work the system. Many taxpayers simply get creative with their deductions to keep more of their money. A dairy farmer from Erie, Pennsylvania, wrote off an African safari as a research trip, since his dairy used wild animals in its advertising. And a professional bodybuilder counted his body oils as a business expense. Turns out those deductions were legit, which means there’s a fine line between cheating on your taxes and finding a loophole that keeps you in the ranks of the “law-abiding.” Reported by Adam Hinterthuer

RICHEST MANAGERS THE RICHEST FOOTBALL COACHES IN THE UK 2011 The Football Rich List 2011/12 1. Fabio Capello England

£37M

2. Sir Alex Ferguson Manchester United

£27M

3. Carlo Ancelotti Chelsea

£25M

4. Arsene Wenger Arsenal

£19M

5. Roberto Mancini Manchester City

£16M

6. Steve Bruce Sunderland

£11M

7. Mark Hughes Fulham

£11M

FACTS ABOUT THE REDKNAPP TRIAL £1.3MILLION

£189,000

HM Revenue & Customs announced the Harry Rednapp Trial costs £1.3 Million

The amount Rednapp held within his Monaco Bank account, which he was accused for avoiding tax

5 YEARS

£8MILLION

363 POLICE CARS

The City of London Police spent 5 years investigating the case against Harry Rednapp & Milan Mandaric

It cost the City of London Police £8M to investigate the case against Harry Rednapp & Milan Mandaric

£8M could cover the cost of 363 Police cars including the travel costs and maintenance (£22,000 p.car)

£10 MILLION Including Harry’s current contract and previous contracts he is estimated to be worth £10M.

HARRY REDKNAPP TAX EVASION

SPORT

FAMOUS TAX EVADERS A LIST OF OUR 11 FAVOURITE TAX EVADERS... Nothing in life is certain but death and taxes. And celebrity or civilian, no one gets a free pass—not even Brangelina. Surprisingly, though, some still refuse to play by the rules. Whether they claim they didn’t know they had to file taxes or they simply attempted to cover up their earnings, these ten famous folks have one thing in common: They got caught cheating the taxman.

WE S L E Y S N I P E S

W ALTER AN D ER SO N

MARC ANT HONY

AL CAPONE

RICHARD HAT CH

Snipes excuse for not filing tax returns from 1999 to 2004 was because he was a “Nonresident Alien” £17M 3 Years

Anderson a former Telecommunications Executive hid his earnings in a web of Aliases and offshore bank accounts.

Singer and husband of Jennifer Lopez, had to pay back £2.5M for a failure to pay taxes during 2000 2004 £2.5M

Legend has it the gangster called tax laws a joke because “the government can’t collect legal taxes on illegal money.” But the government had the last laugh. £215,000 11 Years

In 2005 it was reported that Richard Hatch, a.k.a. “the fat naked guy” and first winner of Survivor, never paid any taxes on his $1 million prize. £200,000 3 Years

RICHARD PRYOR

WI L L I E N E L S O N

SO P H I A LO R EN

NICOL AS CAGE

ANNIE L EIBOVIT Z

JUDY GARL AND

In 1974, actor and comedian Richard Pryor served 10 days in a Los Angeles county jail for tax evasion following a tax investigation.

Nelson recorded an album, The IRS Tapes: Who’ll Buy My Memories? To help pay back his taxes £16.7M

The Man of La Mancha star was not living la dolce vita in 1982, when she served 18 days of a 30-day sentence in an Italian prison for tax evasion.

Cage blamed the negligence on his former financial manager and said that he was just a victim £6.6M

To repay the tax liens, Leibovitz pledged four of her homes and the copyright to every photograph she has ever taken, or ever will. £2.1M

During 2004 the State of New York struck The Wizard of Oz actress with a £4M tax bill for a failure to pay taxes during 1951 - 9152 £4M

11 Days

£400M

£7,000

9 Years

30 Days

FRIDAY 17TH FEBRUARY 2012

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UK & FRANCE NUCLEAR PLANS Extra analysis into the UK & French nuclear program

Weekly Information Graphics for the Latest News Articles

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NUCLEAR AGREEMENT

WORLD NEWS

UK AND FRANCE SIGN NUCLEAR ENERGY AGREEMENT THE UK HAS SIGNED A DEAL WITH FRANCE TO STRENGTHEN CO-OPERATION IN THE DEVELOPMENT OF CIVIL NUCLEAR ENERGY. Reported by Hugh Schofield The government said it reiterated the UK’s commitment to nuclear energy “as part of a diversified energy mix”. The coalition said the agreement would create a number of commercial deals in the nuclear energy field, worth more than £500m and creating 1,500 UK jobs. The deal was signed at a summit between PM David Cameron and President Nicolas Sarkozy in Paris. ‘Joint framework’ “This joint declaration will signal our shared commitment to the future of civil nuclear power, setting out a shared long term vision of safe, secure, sustainable and affordable energy, that supports growth and helps to deliver our emission reductions targets,” a statement from Downing Street said. The two governments will work together with the International Atomic Energy Agency (IAEA) “to strengthen international capability to react to nuclear emergencies and establish a joint framework for cooperation and exchanging good practice on civil nuclear security”. The move comes 11 months after a tsunami in Japan wrecked the nearby Fukushima Daiichi nuclear plant, leaking radioactive material into the air and sea. 16

UK and French public and private sector bodies in the civil nuclear power industry will also work more closely in a number of areas. These include education and training, research and development, and security. “As two great civil nuclear nations, we will combine our expertise to strengthen industrial partnership, improve nuclear safety and create jobs at home,” said Mr Cameron. Last June, ministers announced plans for the next generation of UK nuclear plants.

“Rolls-Royce will become our prime manufacturing partner to supply some £100m of key critical components of the reactor for each EPR [next generation nuclear power plant] that’s constructed in the UK,” said Robert Davies from Areva UK. Rolls-Royce plans to build a factory in Rotherham to meet orders resulting from the deal. Earlier this month, the US Nuclear Regulatory Commission approved the first nuclear reactors to be built in the country since 1978.

The government confirmed a list of eight sites it deems suitable for new power stations by 2025, all of which are adjacent to existing nuclear sites. The sites are: Bradwell, Essex; Hartlepool; Heysham, Lancashire; Hinkley Point, Somerset; Oldbury, Gloucestershire; Sellafield, Cumbria; Sizewell, Suffolk; and Wylfa, Anglesey. Rolls-Royce is expected to win a £400m ($632m) share in the building of the first of the planned power plants. France’s Areva will supply the core of the nuclear reactors and Rolls-Royce will supply other engineering work. 17

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WHEELER DEALER ‘ARRY! Extra analysis into Haryy Redknapp’s Tax Evasion court case Weekly Information Graphics for the Latest News Articles

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THROWN EGG HITS CLEGG

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GOOGLES NEW PRIVACY POLICY Extra analysis into Googles new Privacy Policy - Advertisments Weekly Information Graphics for the Latest News Articles

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HARRY REDNAPP TAX EVASION

SPORT

GOOGLE PRIVACY CHANGES “IN BREACH OF EU LAW” Nothing in life is certain but death and taxes. And celebrity or civilian, no one gets a free pass—not even Brangelina. Surprisingly, though, some still refuse to play by the rules. Whether they claim they didn’t know they had to file taxes or they simply attempted to cover up their earnings, these ten famous folks have one thing in common: They got caught cheating the taxman.

CHANGES MADE BY GOOGLE TO ITS PRIVACY POLICY ARE IN BREACH OF EUROPEAN LAW, THE EU’S JUSTICE COMMISSIONER HAS SAID 16

RARITY MAKES THE HEART BEAT FASTER

40 %

CULTURE

19 5%

TOP 10 AUCTION LOTS THAT HAVE EXCEEDED EXPECTIONS

% 81

Vincent Van Gogh Chapelle de Saint-Remy (£6m) £10.9m

Marc Chagall St. Jeannet (£2.1m) £2.95m

Below is a list of the work in the London Evening Impressionist and Modern sales that exceeded their estimate range. There were many more works especially by Jean Arp in the day sales that also showed strong demand. But here we confine ourselves to the top 10 lots over £1m that exceeded expectations.

Paul Signac La Corne d’Or (£5m) £8.77m

% 65

Paul Delvaux Le nu et le mannequin (£2.5m) £3.3m

Otto Dix The Electric Tram (£1m) £2.95m

Camille Pissaro Pommiers a Eragny (£1m) £2.95

Geroges Braque L’Oliveraie (£2.5m) £5.8m

Claude Monet L’Entree de Giverny en Hiver (£5.5m) £8.2m

Robert Delauney Tour Eiffel (£2m) £3.3m

12 4%

49 %

London Imp-Mod Evening Sales Above Estimates

Joan Miro Painting Poem (£7.5m) £16.8m

*Percentage increase from the estimated price to the price the piece was sold for 18

BARCLAYS BANK BONUSES

CULTURE

BARCLAYS CUT BANK BONUSES

RICH RICCI SELLS BONUSES FOR £9.7M

Barclays Boss Bob Diamond has offered to change the terms of his annual bonus was published on March 9. The banking giant said Mr Diamond and Mr Lucas “volunteered” to subject their bonuses to new conditions in recognition of the “strength of opinion expressed by some shareholders”. The executives agreed that 50% of their deferred bonus awards, £2.7 million for Mr Diamond and £1.8 million for Mr Lucas, will not pay out until Barclays’ return on equity exceeds its cost of equity. The return on equity was 6.6% in 2011, while cost of equity was 11.5%.

Barclays said if that condition is not met, the potential payout will be subject to lapse if it is not met within three years from the date of the award. The bank has agreed the condition and said: “Barclays is fully committed to ensuring that a greater proportion of income and profits flow to shareholders, notwithstanding that it operates within the constraints of a competitive market.” Barclays reiterated that it regards returns produced in 2011 as “unacceptable on an absolute basis”.

BONUSES: WHY BANKERS JUST DON’T GET IT BOB DIAMOND OF BARCLAYS WAS GRILLED BY MPS, BUT DIDN’T SEEM TO UNDERSTAND WHY BANKERS’ BONUSES ARE CAUSING SO MUCH ANGER 16

For a man paid a fortune, there were a lot of things Diamond didn’t know. He wasn’t saying how much his bonus is likely to be this year (around £8m)

and certainly wasn’t inclined to accept MPs’ invitation to forgo it. Neither could he explain why bankers need huge additional wedges of cash, on top

of their basic pay, to do the job they are hired to do. The smoothtalking Diamond had no idea why nurses and teachers did not require an extra

LEADING SHAREHOLDER GROUPSHARE ATTACKED BARCLAYS OVER THE LEVEL OF BONUSES PAID BY THE BANK TO STAFF IN ITS INVESTMENT BANKING ARM

But he is still sitting on £31million worth of shares and bagged £6.3million in pay and his annual bonus last year.

Elsewhere, group finance director Chris Lucas sold £1.4million worth of shares on Tuesday and Antony Jenkins, chief executive of retail and business banking, £1.8million.

BARCLAYS BANK BONUSES

CULTURE

BARCLAYS SALARY WAGE BY JOB

RICH RICCI SELLS BONUSES FOR £9.7M

BARCLAYS BOSS BOB DIAMOND HAS MOVED TO QUELL A SHAREHOLDER REBELLION BY OFFERING TO CHANGE THE TERMS OF HIS £2.7 MILLION ANNUAL BONUS.

HIGHEST SALARIES

LOWESTEST SALARIES

Source: http://www.payscale.com/research/UK/Employer=Barclays_Bank 16

LEADING SHAREHOLDER GROUPSHARE ATTACKED BARCLAYS OVER THE LEVEL OF BONUSES PAID BY THE BANK TO STAFF IN ITS INVESTMENT BANKING ARM

But he is still sitting on £31million worth of shares and bagged £6.3million in pay and his annual bonus last year.

Elsewhere, group finance director Chris Lucas sold £1.4million worth of shares on Tuesday and Antony Jenkins, chief executive of retail and business banking, £1.8million.

Ricci got more thamn four million shares on Tuesday for bonuses stretching back to 2006. He sold them straight away, making £9.7million on top of his pay and perks. Del Missier received 4.5 million shares, which he sold for £10.8million. Yet profits in the bank’s investment division slumped by 23% last year to £3billion.Chief executive Bob Diamond sold a relatively modest £70,000 worth of shares, Barclays revealed yesterday.

HARRY REDNAPP TAX EVASION

SPORT

Source: http://www.payscale.com/research/UK/Employer=Barclays_Bank

RICHEST MANAGERS THE RICHEST FOOTBALL COACHES IN THE UK 2011 The Football Rich List 2011/12 1. Fabio Capello England

£37M

2. Sir Alex Ferguson Manchester United

£27M

3. Carlo Ancelotti Chelsea

£25M

4. Arsene Wenger Arsenal

£19M

5. Roberto Mancini Manchester City

£16M

6. Steve Bruce Sunderland

£11M

7. Mark Hughes Fulham

£11M

FACTS ABOUT THE REDKNAPP TRIAL £1.3MILLION

£189,000

£10 MILLION

HM Revenue & Customs announced the Harry Rednapp Trial costs £1.3 Million

The amount Rednapp held within his Monaco Bank account, which he was accused for avoiding tax

Including Harry’s current contract and previous contracts he is estimated to be worth £10M.

5 YEARS

£8MILLION

363 POLICE CARS

The City of London Police spent 5 years investigating the case against Harry Rednapp & Milan Mandaric

It cost the City of London Police £8M to investigate the case against Harry Rednapp & Milan Mandaric

£8M could cover the cost of 363 Police cars including the travel costs and maintenance (£22,000 p.car) 17

HARRY REDNAPP TAX EVASION

SPORT

WE S L E Y S N I P E S

W ALTER AN D ER SO N

MARC ANT HONY

AL CAPONE

RICHARD HAT CH

Snipes excuse for not filing tax returns from 1999 to 2004 was because he was a “Nonresident Alien” £17M 3 Years

Anderson a former Telecommunications Executive hid his earnings in a web of Aliases and offshore bank accounts.

Singer and husband of Jennifer Lopez, had to pay back £2.5M for a failure to pay taxes during 2000 2004 £2.5M

Legend has it the gangster called tax laws a joke because “the government can’t collect legal taxes on illegal money.” But the government had the last laugh. £215,000 11 Years

In 2005 it was reported that Richard Hatch, a.k.a. “the fat naked guy” and first winner of Survivor, never paid any taxes on his $1 million prize. £200,000 3 Years

RICHARD PRYOR

WI L L I E N E L S O N

SO P H I A LO R EN

NICOL AS CAGE

ANNIE L EIBOVIT Z

JUDY GARL AND

In 1974, actor and comedian Richard Pryor served 10 days in a Los Angeles county jail for tax evasion following a tax investigation.

Nelson recorded an album, The IRS Tapes: Who’ll Buy My Memories? To help pay back his taxes £16.7M

The Man of La Mancha star was not living la dolce vita in 1982, when she served 18 days of a 30-day sentence in an Italian prison for tax evasion.

Cage blamed the negligence on his former financial manager and said that he was just a victim £6.6M

To repay the tax liens, Leibovitz pledged four of her homes and the copyright to every photograph she has ever taken, or ever will. £2.1M

During 2004 the State of New York struck The Wizard of Oz actress with a £4M tax bill for a failure to pay taxes during 1951 - 9152 £4M

11 Days

£400M

£7,000

9 Years

30 Days