Iceland was yesterday put on a fast track to join the EU, but the Cameron government served notice it could block the country's membership unless it settled the £2.3bn Britain says it is owed as a result of the country's financial collapse two years ago.
European government chiefs at a Brussels summit decided that "accession negotiations should be opened" with Iceland, writes the Guardian.
At British and Dutch insistence, however, the summit said that Iceland would have to address "existing obligations such as those identified by the European free trade area surveillance authority", a reference to the fallout from the collapse of Icesave in 2008 that left 400,000 depositors in Britain and the Netherlands fearing for their savings. FULL STORY...
Japanese stock markets to merge
The Japanese government plans to merge the country's major exchanges by 2013 in a bid to make the bourses more competitive regionally and attract more funds.
The idea is contained in the government's new growth strategy, approved by the cabinet on Friday, which the ruling Democratic party hopes will rescue Japan from chronic deflation and double the country's long-term real growth rate to 2% by 2020.
The proposal could eventually see the merger of the Tokyo Stock Exchange, the Osaka Securities Exchange, the Tokyo Financial Exchange and the Tokyo Commodities Exchange.
It is unclear exactly how such an integrated exchange would operate but Osamu Sakashita, a spokesman for the prime minister's office, said practical benefits could include better English-language information disclosure and extended trading hours.
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created