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FINANCIAL TIMES
Citigroup looks to slash tech costs - Integration could save more than $1bn
Global electricity use forecast to fall - First decline since 1945, says IEA
China has long way to go to dislodge dollar - Beijing hopes to see US currency replaced
Lex: GMAC - Barely a whimper greeted reports the US stands poised to inject more than $7bn into GMAC as part of a new aid package that could reach $14bn
US unemployment - Forget lagging indicator nonsense, rising joblessness risks wreaking real economic havoc soon
Share issuance - There are many reasons to suspect that the current stock market rally is unsustainable, particularly if companies have to raise more equity
Chinalcos concession - Chinalcos concession on the terms of its rescue deal, allowing Rio Tintos investors a slice of the convertible bond, is a deft piece of legerdemain
Cable & Wireless - Now the incentive scheme has started to pay out, care is required to ensure managements incentives remain broadly in line with those of shareholders -
Sterling - The pound has had a good run this year, rising 9% since December, but the UKs currency was due for a correction, or at least a pause
British Land - One of the UKs largest real estate investment trusts hopes to be among the growing crowd of bottom-fishers looking to hook bargains
Singapore and Taiwan - Have we entered a period of Hedonomics, where all news is good news? Asian equities have added almost 60% in three months
Sony Corp - The consumer electronics and entertainment group plans to halve its roster of suppliers, but will it be able to make the changes quickly enough?
THE TIMES
Two investment consultants were arrested yesterday by police investigating an international fraud involving potential losses of 250m
UK credit rating threatened as debt hits 8.5bn
US to steer General Motors to bankruptcy
Premium Bars investors face Reuben wipeout
Former Xerox trainee takes over company
Art lovers swarm to pick up heirlooms sold off by victims of Bernard Madoff
Bank of England warns that lending to large and small companies remains weak
Bramdean starts countdown to break-up
Retail sales rise but job fears spell caution
Scottish and Southern calls for monopoly referral of Centricas plan to buy 20% stake in Britains nuclear industry from EDF
Tempus says hold SSE; buy Investec; Shanks Group has further to run
Comment:
Tullow Oil up on bid talk
Speculation that Avanti Communications will win a grant to design a satellitefrom the European Space Agency
Bet of the day: British Airways
Tiddler to watch - Western & Oriental
DAILY TELEGRAPH
Britain's prized AAA rating placed under review
Standard Life boss to join RBS board
Greenspan's fears ring true as BankUnited collapses
Rio Tinto investors call for changes to Chinalco deal
British Land suffers 4bn loss
TNK-BP profits fall $1.5bn after oil price collapse
QinetiQ cuts 400 UK jobs after drop in MoD budget
Apple's 'tablet' to rival Amazon's Kindle
Questor: Cape shares are up 143% but still look undervalued; time to move on from Gazprom, for the time being; SSL expansion plans mean the shares are a buy; JP Morgan offers a promising passage to India
THE INDEPENDENT
UK falls out of premier league of economies - In a humiliating move, Britain has been relegated from the premier league of economies by one of the world's leading credit agencies.
Police raid scheme accused of 50m 'scam'
Clarke quits M&B over hedging disaster
Restructuring firm reviews Borders UK's store portfolio
Writedowns and ad slump push Daily Mail group to 239m loss
Sunshine over Easter boosts retail sales by 3%
Rio deal takes another turn as Chinalco reviews its options
Horlick fund posts defence against rebels
THE GUARDIAN
Ratings agency downgrades outlook for UK economy
'Brutal' economic slump will slow UK recovery, says EIU - Housing market set to slow further and unemployment could rise to 11%
Mortgage lending decline dashes hopes of property market recovery
Retail sales rise 2.6% in year
Birthdays chain goes into administration
JJB may just survive 'against the odds'
Mitchells & Butlers boss quits as disastrous deal costs company 96m
Ryanair's Michael O'Leary calls for Aer Lingus to slash boardroom pay
Liddy quits as AIG boss
Rio Tinto hints at U-turn over China
Staff outraged as QinetiQ cuts 400 jobs
ICAP share sale nets 73m
DAILY MAIL
China JV speculation stimulates Altona Energy
Intraday Chart
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Bank stress test release rejected
Fri 22 May,
LONDON (Reuters) - Revealing the results of confidential government studies into the financial health of major British banks could cause uncertainty in financial markets, a Treasury spokesman said on Friday.
The Treasury said on Friday that it had rejected a request made under freedom of information legislation by news agency Bloomberg for publication of stress tests conducted by the Financial Services Authority earlier in the year.
"The information was withheld on the grounds of a number of exemptions, including that disclosure of such information may lead to uncertainty in the financial markets, either in relation to specific institutions or more generally," the spokesman said.
So far Barclays (BARC.L) is the only major bank to have said that it passed the FSA's stress-testing process, despite others such as Royal Bank of Scotland (RBS.L) and Lloyds Banking Group (LLOY.L) being tested around the same time.
The Financial Times said the stress-testing included looking at whether banks would have enough capital to survive a 50 percent crash in house prices and a two-year recession.
An FSA spokesman said it had also turned down a freedom of information request from Bloomberg. "If we did release any specific information on stress testing it would be as an announcement to the market via (press release news wire) RNS, so it's not something I can comment on at this stage," said Joseph Eyre, press officer at the Financial Services Authority.
The United States has already published the results of its stress tests, saying it would boost financial market confidence -- a position supported on Friday by the Dutch financial market regulator AFM.
"Everybody is talking about a level playing field. There is an increasingly unlevel playing field between investors in American financial stocks and in European financial stocks," said AFM chairman Hans Hoogervorst.
"Investors in European financial stocks remain much more in the dark and there has not been -- and I don't think it's going to be very likely -- transparency in stress tests in the banking sector in Europe," Hoogervorst told a meeting of the Financial Crisis Advisory Group, which he co-chairs.
"This pressure is mainly exerted by bankers and ministers of finance, who are all bankers now, and obviously they have no natural interest in transparency," he said.