Cypriot parliament voted last night to reject a 10bn-euro bailout plan from the Troika which included a proposal to tax 5.8bn euros from bank accounts. According to the Financial Times, the country's finance minister travelled over to Moscow in an attempt to 'wrest vital economic assistance from the Kremlin'.

According to The Guardian, George Osborne is to bring forward the tax-free allowance of £10,000 by a year to 2014 in his Budget Statement on Wednesday. In a move to relieve pressure on low- and middle-income families, the Chancellor also could delay a planned increased in fuel duty, which was due to take place in September.

EDF Energy has warned that agreements on funding costs for two reactors at Hinkley Point in Somerset are holding back plans for Britain's first new nuclear plant in decades and that ministers must "swiftly" agree on subsidies for the £14bn project, reports The Telegraph.

US internet giant Yahoo is in discussions with Dailymotion about buying a controlling stake in the online video website, writes The Times. The paper says that Yahoo could buy up to a 75% stake in the firm from owner France Telecom-Orange.

Zoltav Resources, the AIM-listed shell company 45%-owned by Roman Abramovich's eldest son Arkadiy, has pulled off its first big oil deal in Russia, buying a giant field in Siberia in a $46m transaction, according to The TImes. The paper says that Zoltav is to buy CenGeo Holdings, owner of the Koltogor discovery, for $26m and pledge $20m to fund its development.

Owners of Hotter Shoes, the over-50s "comfort shoes" manufacturer with a factory in Lancashire, are said to be exploring strategic options for the business, which could include a possible sale of up to £150m, says The Independent.

The Telegraph writes that Jérôme Cahuzac, France's Budget Minister, has called it quits on the back of a probe into tax fraud and money laundering. The paper says that he had been tasked with fighting tax evasion and is now under investigation for holding a secret Swiss bank account.

BC

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