Taxman Investigations Rake In Record £24bn

A record £23.9bn has been collected through investigations by taxmen over the last year, official figures have revealed.

The total was an increase of £3.2bn on the previous 12-month period and £9bn on three years ago.

HM Revenue and Customs said it was nearly £1 billion above the target set by Chancellor George Osborne in his 2013 autumn statement.

More than £8bn has been raked in from large business, £1bn from criminals and £2.7bn through tackling avoidance schemes in the courts.

Exchequer Secretary to the Treasury David Gauke said: "The Government supports the hard-working, honest majority of taxpayers that play by the rules, and is determined to tackle the minority that seek to avoid paying the taxes they owe.

"We set HMRC ambitious targets to increase its yield and the figures published today demonstrate that HMRC is successfully meeting these challenges.

"It also sends a clear signal - HMRC will pursue those seeking to avoid their responsibilities and will collect the taxes that are due."

HMRC investigated the tax affairs of 237,215 people in 2012/13, compared with around 119,000 in 2011/12.

In 2013, 690 tax fraudsters and benefit cheats were convicted following probes by HMRC officials.

The number was an increase on the 477 convictions in the previous 12 months - and led to sentences totalling 355 years in prison.

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Apple Devices Hit By Hack Demanding 'Ransom'

Some Apple users have had their devices locked by hackers demanding payment before releasing them, according to messages on the company's online forum.

The majority of those affected appear to be in Australia and New Zealand.

One user, veritylikestea, wrote on the company's support board that her iPad had "suddenly locked itself".

She wrote: "I went to check my phone and there was a message on the screen (it's still there) saying that my device(s) had been hacked by 'Oleg Pliss' and he/she/they demanded $100 USD/EUR (sent by paypal to lock404(at)hotmail.com) to return them to me."

Pmckiernan wrote: "The lock screen appeared and at the same time I received two emails from apple saying lost mode had been activated and one showing me the location of the iPad.

Apple has yet to comment officially

"Luckily I had a pass code set so was able to regain control immediately. All very strange."

It is unclear how the devices have been compromised, but Stay Smart Online, an Australian government website, is advising users to change their Apple ID passwords "as soon as possible" and not to pay the ransom.

"Reports by affected users suggest that this attack is possibly the result of hackers compromising the device owner's Apple ID and using this to access their iCloud account," a message on its website said.

"From their iCloud account a hacker can activate the device's 'Lost Mode', and possibly reset the phone's access code.

"It is not confirmed if or how these Apple IDs and passwords were accessed, but suggestions include that hackers may be simply reusing information they may have discovered during a breach of other online services."

Sky News has approached Apple for comment.

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EU Must Reform For Jobs And Growth - Cameron

By Robert Nisbet, Europe Correspondent

David Cameron has called fellow European leaders and urged them to "seize the opportunity" for reform on jobs and growth following the European elections.

In a series of phone calls the Prime Minister urged them to "heed the views expressed at the ballot box" over recent days.

His intervention came ahead of today's Informal European Council dinner in Brussels, where leaders are expected to discuss the results of the European poll.

Many European leaders, including Mr Cameron and Denmark's Helle Thorning-Schmidt, saw their support fall away to anti-immigration parties such as UKIP.

German Chancellor Angela Merkel also lost votes to Alternative For Germany, a party opposed to the euro.

Mr Cameron told leaders, including Ms Merkel and Sweden's Prime Minister Fredrik Reinfeldt, that the results of the poll underlined the need for reform, in particular on job creation and economic growth.

Germany's Angela Merkel lost votes to a party opposed to the euro

"The PM has been making the point in these conversations that leaders should seize the opportunity of Tuesday's dinner to heed the views expressed at the ballot box," said Downing Street.

"The turnout and results in the EP elections have underlined the need for reform to ensure that the EU is doing more to deliver what voters care about: jobs, growth and a better future."

A senior diplomat said the informal dinner will look at the EU Council's priorities over the next five years, and discuss the likely impact of the confusing mosaic of political interests elected to the chamber.

The diplomat said no names for a potential president of the Commission would be discussed, and that the process of picking a successor to Jose Manuel Barroso could take weeks, not days.

The leaders might use the dinner to slim down the Council's "to do" list, in order to concentrate on encouraging growth and employment, so restoring faith in the institutions of the European Union.

Mr Hollande has called for a "re-focus" of Europe

Parties which campaign against the European Union, or its current structure and priorities, doubled their representation in the parliament with a humiliation for the French President Francois Hollande.

Mr Hollande's Socialist Party secured nearly half as much support as the right-wing Front National.

He has signalled his intention to press ahead with reforms in France, while also pushing for the EU to prioritise growth and jobs.

"I am a European, it is my duty to reform France and re-focus Europe," he said in a message broadcast on French television.

The EU Council is also expected to discuss developments in Ukraine, where presidential elections were held at the weekend.

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Pfizer Walks Away From £69bn AstraZeneca Deal

US firm Pfizer has confirmed it will not make another offer for British pharmaceuticals group AstraZeneca as a deadline expired for it to lodge a formal bid.

Last weekend, Pfizer offered £55-a-share for AstraZeneca, valuing it at £69bn, which was rejected by its prospective merger partner.

Ian Read, chairman and CEO of Pfizer, said in a statement: "We continue to believe that our final proposal was compelling and represented full value for AstraZeneca based on the information that was available to us. 

"As we said from the start, the pursuit of this transaction was a potential enhancement to our existing strategy. 

"We will continue our focus on the execution of our plans, bringing forth new treatments to meet patients' needs and remaining responsible stewards of our shareholders' capital."

Ian Read believes Pfizer's bid represented 'full value' for AstraZeneca

AstraZeneca investors are divided about the board's handling of the £55-a-share bid, with its shares closing on Friday at £43.28.

Last week, Schroders issued a statement criticising the actions of both companies, while Sky News revealed that BlackRock, AstraZeneca's biggest shareholder, wanted it to invite Pfizer to reopen merger talks.

Those which backed the board's stance that AstraZeneca would be stronger as a standalone business include Fidelity Investments, M&G Investments and Woodford Investment Management.

Under rules supervised by the City takeover watchdog, Pfizer will be prohibited from making a further offer for AstraZeneca for six months. 

It has said it will not make a hostile bid by going directly to AstraZeneca's shareholders.

However, the British group, which will set out further details of its cancer drug pipeline at a key industry conference in the US this week, could approach Pfizer to enter talks in three months' time.

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Tech Boss Quits Over Elliot Rodger Comments

#YesAllWomen: Twitter Reaction To Killing Spree

Updated: 5:18pm UK, Monday 26 May 2014

Twitter users are sharing their thoughts on misogyny in response to the California killing spree carried out by a gunman who expressed rage against women who he said had refused him.

The YesAllWomen hashtag started trending on Twitter shortly after Friday's rampage, which left seven people dead, including the 22-year-old killer Elliot Rodger.

In his disturbing manifesto and YouTube videos, Rodger had vented his rage at the women who he believed had spurned him.

A day before the attack, he posted a video online promising to slaughter "spoilt, stuck-up blonde" women who he said had rebuffed him.

His comments sparked a strong reaction on Twitter, with stories of violence against women and sexism being shared under the hashtag YesAllWomen.

Some told of how they do not feel safe, others lamented sexism in the workplace.

Many lashed out against a culture they said judged women for how they dress rather than what they think or say.

"#yesallwomen because I can't walk down the street without being harassed (stared at, cat called) every day, all day," wrote one user, @davisnevis.

"#YesAllWomen Because many think it's more important to teach their daughters safety than it is to teach their sons respect," said @emilyPuccio.

"#yesallwomen because we are taught from a very young age that to be truly happy we need a husband," wrote ‏@EmmaPerkinton.

"My body, my clothes, nor my dance moves grant any sort of permission. Unless I tell you 'Yes,' you must assume 'No.' #YesAllWomen," @CheltzzzMB said.

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Tattoo Parlours Buzz With High Street Growth

Tattoo parlours have become the big growth sector in Britain's town centres, according to research data.

The Local Data Company (LDC) said that as of last week, the number of shops ringing to the buzz of the tattoo gun has reached a total of 1,014 in the top 650 British towns.

That figure was up more than 4.5% from its 2013 research, which showed there were 970 parlours in the town centres.

LDC said that between 2009 and 2013, the growth rate of tattoo parlours in the town centres topped 141%.

In comparison, it said in the same period charity shops expanded by a rate of 36%, to 5,010 outlets.

Betting shops increased by 32% to 2,943 and chain coffee stores by 29% to 1,981.

The number of people going under the needle in the name of art has increased significantly in the last two decades.

Fulham Tattoo Centre artist Steli Pop, who works at a parlour established more than 30 years ago, told Sky News: "Celebrities and footballers have helped attract people.

"It doesn't matter so much about your social place now, whereas years ago it was only the bad and sailors who got them."

Skin art has also become a favourite pursuit for some urban-dwelling, counter-culture 'hipsters'.

But the growth in parlours may be halted with a return to health of the high street.

Footballers, and celebrities like Cheryl Cole, have helped boost popularity

LDC director Matthew Hopkinson told Sky News: "My views are that the rise in these business types reflects the significant changes taking place where large retailers such as Woolworths with over 800 shops have left the high street and others such as Arcadia and many others are reducing the number of shops they have.

"This results in a large oversupply of empty shops as reflected by the rise in vacancy rates, which results in greater opportunity at much lower costs for these alternative high street uses to occupy town centres and at a significantly cheaper cost than pre-2008.

Mr Hopkinson added: "An unknown question going forward is that if and when there is a business rates revaluation and stock levels reduce as shops are made into alternative uses then the profitability and therefore occupancy levels of these business types might change rapidly."

Mr Pop added: "Eventually the lower end of the market could struggle.

"Some of them don't make a lot of money, they aren't good artists or businesspeople and are notorious for copying designs straight off the internet."

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Tracey Emin's Unmade Bed Up For Auction

Tracey Emin's controversial artwork, My Bed, has been put up for sale by collector Charles Saatchi.

The notorious installation, which includes empty vodka bottles, cigarette butts, stained sheets and used underwear, is estimated to sell for between £800,000 and £1.2m.

My Bed, which the artist claimed was the result of a bad break-up, divided critics in 1999 when it was shortlisted for the Turner Prize.

Emin, then known as one of the Young British Artists (YBAs), lost out to the now Oscar-winning director Steve McQueen but has become one of the nation's most famous artists.

Exhibitions of Emin's work attract huge numbers of visitors

The 50-year-old told The Daily Telegraph the sale feels "like the end of an era. Saatchi's had this Nineties thing in his house like a time capsule. Now it's historical".

Saatchi, who bought the work for £150,000 in 2000, is clearing out 50 of his largest installations and sculptures. My Bed is going on sale with Christies in London.

In 2010 Saatchi offered to donate the best of his private collection, including My Bed and worth around £30m, to the nation for free.

However, his offer was withdrawn when the Arts Council reportedly said it wanted to pick and choose which pieces it would put on display.

Proceeds made from this sale are expected to go towards maintaining the Saatchi Gallery's free admission and education policy.

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IT 'Mounties' Ride Towards £300m Flotation

By Mark Kleinman, City Editor

An IT services provider whose consultants are known as 'Mounties' is riding towards a stock market listing that is expected to value it at more than £300m.

Sky News understands that FDM Group, which is owned by Inflexion, a private equity group, is expected to announce its intention to float next month.

The listing will follow positive initial feedback about FDM from City investors, which came despite broader signs of indigestion from institutions overwhelmed by the deluge of company flotations this year.

FDM's army of IT consultants are trained at the company's own academies, which it believes differentiates it from its competitors.

Its key customers include British Airways, UBS and the UK Government, and it employs about 1,500 people.

Inflexion, which this year called off talks to buy an online training business founded by Jeremy Hunt, the Health Secretary, took FDM private in 2010 when it made an agreed offer for the then AIM-listed company.

Sources said on Tuesday that next month's flotation would take place on the main market, with Investec, the investment bank, lined up to lead the deal.

FDM describes itself as a global professional services firm, with fast-growing operations in Asia and the US.

Its IT consultants, nicknamed Mounties, are trained at significant expense to FDM and are then contracted out to blue-chip clients.

Under Inflexion's ownership, the company has grown annual profits from £5m to approximately £20m.

Its founder, Rod Flavell, continues to run FDM, and both his first and second wives have had executive roles with the business.

A source said that Inflexion had explored the sale of a substantial stake in FDM to a third party in recent months but had decided to pursue a flotation.

The market for initial public offerings (IPOs) has become choppier in recent weeks, with the fashion retailer Fat Face aborting its flotation and Saga pricing its share sale at the bottom of the range.

On Tuesday, Lloyds Banking Group announced the listing of its TSB subsidiary and confirmed that it would offer free shares to retail investors who hold onto their stock for at least a year.

FDM and Inflexion both declined to comment.

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Lloyds Banking Group Confirms Float Of TSB

Lloyds Banking Group has confirmed a decision to sell around 25% of retail lender TSB, enticing investors with the offer of free shares.

The flotation is expected next month on the London Stock Exchange, following publication of a prospectus mid-month.

On Monday, Sky News City Editor Mark Kleinman revealed details of a plan to lure investors with an offer of free shares as part of the £1.5bn initial public offering (IPO).

Shareholdings of up to £2,000 must be held for 12 months after the float to be eligible for the 5% additional free shares.

The long-awaited sale is part of a mandated divestment programme following its taxpayer-backed bailout of more than £20bn following the global financial crisis.

Lloyds CEO Antonio Horta-Osorio said TSB would offer more competition

TSB, which was relaunched as a standalone brand last autumn and operates 631 branches, has a growth strategy focusing on consumers and small business customers.

It currently employs 8,000 and is responsible for £22bn invested on behalf of 4.5 million customers.

It is marketing itself on a history dating back more than 200 years and intends to lure customers away from bigger rivals that operate risky - but profitable - investment banking arms.

TSB will be taken fully public by the end of 2015 as part of the European Commission mandate on state-aid to companies.

Lloyds still owns the Halifax and Bank of Scotland and the banking group remains 25% owned by the British taxpayer.

Lloyds chief executive Antonio Horta-Osorio said: "The decision to proceed with an initial public offering of TSB is an important further step for the group as we act to meet our commitments to the European Commission.

"TSB has a national network of branches, a strong balance sheet and significant economic protection against legacy issues.

"It is already operating on the UK high street and is proving to be a strong and effective challenger, further enhancing competition in the UK banking sector."

It was originally planned to sell more than 630 TSB branches to the Co-operative Bank, until a £1.5bn capital black hole was discovered in the mutual's books.

IMF boss Christine Lagarde said the global banking sector needs to do more

The floating bank's chief executive Paul Pester said: "Today is a significant milestone on our journey to create a major new competitive force in UK banking."

TSB - originally standing for Trustees Savings Bank - dates back to 1810 when Reverend Henry Duncan created a community-based local bank.

Meanwhile, International Monetary Fund managing director Christine Lagarde, speaking at a conference in London, said the global banking system is slowly adapting to modern realities, amid sector "push back".

She said: "We're moving forward with stronger capital lending and liquidity requirements. It should certainly make the system safer, sounder and hopefully more service-oriented.

"The bad new is that progress is still much too slow and the finish line is still too far off.

"Some of this arises for the complexity of the task at hand, yet we must acknowledge that it also stems from fierce industry 'push back' and from the fatigue that is bound to set in at this point in the race."

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Mortgage Approvals Decline For Third Month

High street banks have reduced the number of mortgage approvals for the third month in a row, despite their total value reaching a six-year high.

The British Bankers' Association (BBA) said £12.2bn in loans were activated in April.

The total was 52% higher than the same month last year and the strongest monthly figure since August 2008.

But the increased value of mortgages, combined with the reduced volume of loans gives a "mixed" picture, according to the BBA.

It said more than 42,170 home loan approvals, valued at £6.9bn, were approved - the lowest volume for eight months.

Mortgage approvals have continued to decline since 48,000 were recorded in January.

However, when seen against the April 2013 approvals, it remains 25% higher.

Property schemes such as Help to Buy were rolled out in the latter part of last year, boosting first-time buyer access to mortgages.

The BBA said borrowing for businesses also contracted by 1.9% in the year to April.

But that compared to a reduction in borrowing of 5.1% in the 12 months to April 2013.

BBA chief economist Richard Woolhouse said: "Our figures show the housing market is mixed.

"The value of mortgages taken out in April was the highest for six years.

"The amount of borrowing is, however, still well below the levels we were seeing before the financial crisis."

The easing mortgage approval rate comes after the Mortgage Market Review (MMR) was introduced last month, designed to better calculate applicants' ability to pay if loan rates rise in the future.

Surging home prices - 8% across the UK and 17% in London - have also pushed a belief that the Bank of England may take other measures to calm the market.

The BBA report also said that £8.1bn was put on credit card debt in April, 4.9% more than in the same month a year earlier.

It said: "Higher loan demand continues to reflect rising consumer confidence and an improving economy."

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