Mossack Fonseca raided by police after Panama Papers scandal

Mossack Fonseca, the law firm in the Panama at the centre of Panama Papers scandal, has had its offices raided by police .

Police and officials from an organised crime unit carried out the operation “without incident or interference”, in order to “obtain documentation linked to the information published in news articles that establish the use of the firm in illicit activities”.

Mossack Fonseca have claimed that they have been the victim of a data hack, and that the papers released on how wealthy people have used offshore firms to avoid paying tax have been misconstrued by the media.

Asian shares up on China data

Better-than-expected trade data from China has caused Asian shares to jump to near 2016 highs.

China reported an 11.5 percent rise in exports in March compared to a year earlier, well above market forecasts and offering hope of stability from the world’s second largest economy.

The Shanghai Composite is up 1.42 percent, with the Nikkei up 2.24 percent and the Hang Seng up 2.87 percent.

16 weeks to find a buyer for Tata Steel plants

Shadow business secretary has warned that there are just 16 weeks to save Tata Steel’s UK plants, with Tata wishing to exit the UK within four months.

Ms Eagle said Labour had learned that the company are hoping to find a buyer within eight weeks, with another eight weeks for due diligence. However, business secretary Sajid Javid has claimed he has persuaded Tata to keep the bidding open until a buyer is found.

13/04/2016