|Rolls-Royce Holding plc shares fall as it could face prosecution in SFO bribery probe|
|Thursday, 06 December 2012 09:22|
News round up: Rolls-Royce, Deutsche Bank, Bank levy, Beer duty, United Biscuits and National newspaper.
Rolls-Royce Holding plc (LON:RR) faces the possibility of prosecution over a Serious Fraud Office investigation into alleged bribery and corruption in overseas markets.
Deutsche Bank failed to recognise up to 12bn dollars of paper losses during the financial crisis, helping the bank avoid a government bail-out, three former bank employees have alleged in complaints to US regulators.
George Osborne was accused of damaging the ability of banks to lend last night after increasing the level of the special levy on banks. The Chancellor yesterday announced the fifth increase in the rate since the inception of the tax in 2010, imposing a tax of 0.13 per cent of a bank’s balance sheet from January 1, 2013.
Hopes that a controversial yearly rise in beer duty would be reviewed fell flat, prompting a warning from brewers that the Government missed an opportunity to create 5,000 jobs this year. Pub groups and brewers had hoped the Chancellor would heed a call from backbench MPs last month to review the unpopular beer duty escalator, which automatically increases taxes by 2pc above inflation every year.
The maker of Hula Hoops and McCoy's has been sold to the German snacks group behind Pom-Bear in a deal worth $640m (£400m). United Biscuits, which is owned by the private equity groups Blackstone and PAI Partners, sold KP Snacks, which also makes Space Raiders, Nik Naks, Skips, Discos, and Frisps, to Intersnack. United said it will retain ownership of baked bagged snacks manufactured in its biscuit factories, including Mini Cheddars and Twiglets, reports The Independent.
Some national newspapers will close as the industry is forced to confront the reality of declining sales in a crowded market, according to the departing chief executive of News International. Tom Mockridge told The Times that he was an "unambiguous believer" that printed newspapers would survive the shift of readers to websites but he predicted “some consolidation” of titles.
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