Lloyds Share News (LLOY)

Ireland's €85bn rescue will not be enough to stamp out the eurozone crisis, leading economists warned last night, as George Osborne conceded that British taxpayers may have to bail out other European countries.With the Irish Government on the brink of collapse and the credit agency Moody's predicting a "multi-notch downgrade", experts warned that a bailout for Portugal was only a matter of time because of "hearse chasers" in bond markets, the Times reports.As the country descended into political chaos, hopes that the deal to pull Ireland back from the brink would stem contagion across Europe were also quickly dashed. The cost of insuring Spanish and Portuguese government debt rose, while the euro also closed down against the dollar and sterling, adds the Telegraph.Banking shares went into a tailspin yesterday as investors took fright and deserted Lloyds Banking Group and Royal Bank of Scotland as a result of their exposure to Ireland's crisis-wracked economy. The tax-payer majority owned RBS fell 1.93p to 39.84p not least because of its ownership of Ulster Bank and the fact that nearly 30% of its Irish mortgages now represent 100% loan to value of the properties on which they were advanced, the Independent reports.News Corporation's bid for BSkyB may be backed by Rupert Murdoch, but the Australian tycoon could have met his match after a higher power waded into the row. In a move that surprised many involved, the Church of England called for regulators to block the controversial bid, over fears the merged group would be too dominant in the UK, the Independent reports.M&G is to play banker to Taylor Wimpey, helping the embattled housebuilder to complete a crunch refinancing deal. The £100m deal with the Prudential's fund management arm is the latest example of an increased willingness by life insurance and pension funds to lend cash to companies in danger of being starved of capital by their banks. M&G's loan means that Taylor Wimpey will have access to new borrowing facilities worth £950m ? allowing it to start buying land again. It was previously prevented from increasing its land bank by onerous covenants attached to its loan arrangements, the Times reports.The FBI raided offices of two Connecticut-based hedge funds and one in Boston yesterday, at the start of what is expected to be a flurry of insider trading busts among analysts, investment bankers, lawyers, traders and consultants. The Securities and Exchange Commission and the US Attorney in Manhattan are believed to be working with FBI on investigations that led to the raids on Diamondback Capital Management, Level Global Investors and Loch Capital Management in Boston, the Times reports.Qantas is to resume some A380 services from Saturday more than three weeks after one of its Airbus superjumbos made an emergency landing when a Rolls-Royce Trent 900 engine exploded soon after take-off from Singapore. The decision follows a forensic engine inspection programme carried out by the Australian airline in conjunction with Rolls-Royce, the British engine maker, and Airbus, the aircraft manufacturer, the FT reports.Spotify, the music streaming business that provide listeners with an alternative to piracy, saw losses soar to £16.6m in its latest financial results. Despite a rise in sales of advertising and subscriptions, the group reported that losses had spiralled in 2009, from £316,000 a year earlier. This was because of a huge rise in royalty payments and a hike in administration expenses, the Independent reports.TalkTalk is embroiled in another potentially damaging spat with Ofcom, which is to investigate whether the broadband and telephony provider had misled customers or had signed up new users without their permission. The new investigation is the result of hundreds of complaints from customers accusing TalkTalk of giving misleading information and of "slamming" ? the practice of switching customers from rival providers without their permission, the Times reports. Geneva will leave London behind and become the world's most important trading hub for physical energy commodities, including oil, as leading companies relocate dozens of traders to Switzerland, according to industry executives. The transfers threaten the UK capital's leadership in physical crude and oil products, first established in the late 1980s, and come amid broader financial industry complaints about stiffer regulation, higher taxes and poor transport infrastructure in London, the FT reports.