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Friday newspaper round-up: BT, Chrysalis, Tesco

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Date: Friday 14 Mar 2008

LONDON (ShareCast) - Taxpayers who misstate their income on self-assessment tax returns will face much higher penalties following new measures introduced in the Budget, says the Independent.

BT is appointing Patricia Hewitt, the former cabinet minister, and Eric Daniels, group chief executive of Lloyds TSB, as non-executive directors, writes the Independent.

EMI last night edged closer to winning the auction for Chrysalis, one of Britain’s last big independent music groups, as it emerged that rival Warner Music had been sidelined, according to the Times.

Tighter tax rules on foreigners bringing money into the UK could push private banks to move a third of their business offshore, lawyers have warned, reports the Telegraph.

The trial involving Parmalat starts today, almost five years after the Italian dairy company collapsed in one of Europe's biggest-ever accounting scandals, says the Telegraph.

Delays at HM Revenue & Customs are holding up thousands of business owners who are trying to sell their companies before a higher rate of capital gains tax (CGT) takes effect next month, according to the Times.

Clients of failed broker Global Trader Europe could lose more than £20m, according to the latest update from administrators Smith & Williamson, writes the Telegraph.

Yahoo, the internet company, is planning to move its European headquarters from London to Switzerland, reports the FT.

A government plan to aid the development of Britain's hi-tech and innovative industries has been criticised as a "slap across the face" of industry after the Chancellor cut tax relief for start-up businesses, says the Independent.

Ministers are unlikely to achieve their goal of halving child poverty by 2010, the public finances are suffering from "underlying weakness", and the Government is in grave danger of breaking its own fiscal rules, according to an analysis of the Budget by the independent Institute for Fiscal Studies (IFS), reports the Independent.

The dollar has plummeted against all major currencies on dire US retail sales and fears that the Federal Reserve may need to slash interest rates further to stop the downward spiral in the credit markets, writes the Telegraph.

Henry Paulson urged Wall Street banks yesterday to raise new capital rapidly to shore up their finances as a $22 billion (£10.8 billion) investment fund collapsed, marking one of the worst casualties of the credit crisis, says the Times.

The increasingly bitter war of words between Tesco and online rival Ocado has escalated - with the UK's largest supermarket threatening to complain to the Advertising Standards Authority about Ocado's latest advertising campaign, according to the Telegraph.