Russia makes record bank bail-out

1 July 2011 Last updated at 22:04 GMT The bank's erstwhile head, Andrei Borodin, has fled the country Russia's fifth largest bank, Bank of Moscow, has been given the biggest bail-out in Russian history.

The $14bn rescue came after another bank, VTB, gained control through a hostile bid, only to uncover bad loans valued at $9bn - a third of the bank's assets.

Bank of Moscow's former head, Andrei Borodin, has fled the country, and a warrant has been issued for his arrest.

The bank was used by ex-Moscow Mayor Yuri Luzhkov to fund property projects.

'Fraudulent lending'

Mr Luzhkov was sacked by Russian President Dmitry Medvedev last year.

In a statement issued in London, Mr Borodin said he was shocked at the size of the bail-out, and claimed that VTB's takeover of the bank was politically motivated.

VTB, for its part, accused Bank of Moscow of committing "fraudulent lending" under Mr Borodin's control, while Russian Finance Minister Alexei Kudrin has called for a criminal investigation.

Under the rescue deal, the Russian central bank will provide a 295bn rouble ($10.6bn) 10-year loan at a negligible interest rate to Bank of Moscow.

Meanwhile, VTB will invest a further 100bn roubles to recapitalise the bank - taking its ownership share from 46% to 75%, enough to qualify for state aid.

VTB, Russia's second-biggest lender, had itself to be rescued by the Russian state to the tune of $6.4bn during the financial crisis.

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Haye makes Klitschko trainer wary

By Ben Dirs
BBC Sport in Hamburg Venue: Imtech Arena, Hamburg, GermanyDate: Saturday, 2 JulyStart: From 2200 BSTCoverage: Live text commentary on BBC Sport website; live on Sky Box Office (subscription required)Haye 'in best shape of career'

Wladimir Klitschko's trainer Emanuel Steward has conceded his charge has not met anyone with David Haye's confidence and belief for almost six years.

Briton Haye, the WBA champion, and the Ukrainian IBF and WBO title-holder meet in Saturday's heavyweight fight.

"Haye brings to the ring, speed, power and the mindset of a winner," Steward told BBC Sport in Hamburg.

"He's confident and that's something Wladimir hasn't experienced since his first fight with Sam Peter [in 2005]."

Trainers ready for battle

Steward added: "There's a whole new energy that Haye brings that Wladimir has not had to deal with since then."

Klitschko was knocked down three times by Peter, before going on to outpoint the Nigerian, but the 35-year-old three-time world champion has won nine of his 10 fights since inside the distance.

The two protagonists engaged in media workouts on Wednesday, where the psychological warfare continued.

Klitschko's camp arrived earlier than planned and attempted to block Haye's path to the venue, which led Haye's camp to seek out an alternative entrance.

There followed the bizarre sight of Klitschko's entourage watching ringside as Haye went through a light workout, during which the Englishman, a right-hander, was throwing punches from a southpaw stance.

Earlier, Haye continued his campaign to wind up Klitschko by tweeting a link to a film featuring Adolf Hitler, with mock subtitles added which refer to preparations for their bout.

Haye, 30, has continually sought to goad his rival in the build-up with various tasteless comments and stunts - and Haye claims the gamesmanship has got to Klitschko.

Continue reading the main story

"I'm in a good place but Wladimir looks rather wound up," Haye told BBC Sport.

"He's never cussed me in the past but on Monday [at the head-to-head news conference] he was effing and blinding, which was nice, it showed he was out of his comfort zone.

"Everything I've done has worked perfectly. Even Manny Steward was real riled up and had to take a back seat. Their whole team seems rattled and Wladimir's going to get rattled on Saturday night, I'm sure."

But Steward said he was confident Klitschko, who has 55 wins and 49 knockouts from 58 pro bouts, would keep his cool at the Imtech Arena, where 50,000 are expected on fight night.

"Wladimir being more motivated and emotionally charged for this fight is something I enjoy," said Steward, who also trained Lennox Lewis and Thomas Hearns, among many others.

"He will not get away from his boxing strategy, it just means he will let his muscles go a lot faster than in the past.

"He will come in with confidence and with a strategy learnt from his defeats against [Corrie] Sanders and [Lamon] Brewster. What he's gained in almost 60 fights is knowing how to stay patient and how to follow orders. He will be OK."

Steward added that he doubted Haye has a new strategy for the fight, as has been suggested by Haye's trainer Adam Booth.

"David, regardless of what he might say is going to do, will come out and fight the way he fought [Nikolay] Valuev [from whom Haye won the WBA belt in 2009] and all his other fights against big guys.

"He'll move out of the way and explode at select times and stand at a distance. Wladimir is going to have to force the fight."

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Thatcher handbag makes £25,000 at auction

27 June 2011 Last updated at 21:26 GMT The famous Asprey handbag owned by former prime minister Margaret Thatcher A handbag once owned by former Prime Minister Margaret Thatcher has raised ?25,000 at a charity auction.

The Asprey handbag had been expected to attract up to ?100,000 during sales at Christie's organised by ex-Conservative Party deputy chairman Jeffrey Archer.

Baroness Thatcher was famously pictured with the bag as she stood with then US President Ronald Reagan in 1985.

It was bought by an unnamed Cypriot, thought to have studied in Britain while the "Iron Lady" was in power.

The Proceeds of the sales will benefit Combat Stress, the British Forces Foundation and Debra, a skin condition charity.

The leather bag was owned by Baroness Thatcher for more than 30 years.

Edwina Currie, a former minister in Baroness Thatcher's government, said: "It wasn't a shield, it was a weapon.

Footage of Baroness Thatcher and her famous handbag

"It said, 'I am Margaret Thatcher, I'm the boss, I'm in charge. I have all this power and I have control'.

'Filing cabinet'

"That was why the handbag was always so neat and tidy and black and shiny and dominant. It would go on the Cabinet table.

"She used it as her filing cabinet and made herself notes during the day or at events and flourished them.

"She would open her handbag and she would have notes and thoughts about an event or questions about an issue, and you were not allowed to rummage in your own handbag, you had to have the answers in your head.

"She was allowed to use hers as an additional hard drive if you like."

The former prime minister was born in Grantham, Lincolnshire, in October 1925.

The sale that featured the handbag also included donations from Eric Clapton, Bernie Ecclestone, Lawrence Dallaglio, Sir Michael Parkinson and Sir Ian Botham.

Pieces from Jeffrey Archer's art collection have also been up for auction, including works by Sickert, Monet, Renoir, Rodin and Warhol.

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