Jamie “Iceman” Stevenson is back on the streets

Jamie “Iceman” Stevenson is back on the streets – less than halfway through his prison sentence for laundering £1million of drugs cash. Scotland’s most powerful mobster has been enjoying meals at expensive restaurants and socialising with pals after being allowed home for a week each month. Stevenson – who was also accused of shooting dead his best friend in an underworld hit – was put behind bars in September 2006 when he was arrested after a four-year surveillance operation by the Scottish Crime and Drug Enforcement Agency. He was later sentenced to 12 years and nine months for money laundering. But, we can reveal, he is now allowed out of Castle Huntly open prison near Dundee – just five years and 10 months later. A source said: “He seems determined to show his face all around town to deliver the message that he’s back and, as far as he’s concerned, nothing has changed. “A lot of people are surprised that he’s being allowed out so early. Some are not too pleased about it for a number of reasons.” Stevenson, 47, has been spotted at Bothwell Bar & Brasserie, which is run by his friend Stewart Gilmore. He and his cronies have also dined at upmarket Italian restaurant Il Pavone in Glasgow’s Princes Square shopping centre. And Stevenson has joined friends at various other restaurants and hotels, including Glasgow’s Hilton Garden Inn. A Sunday Mail investigation can today reveal that the Parole Board for Scotland could recommend Stevenson’s total freedom as early as February next year. However, the final decision on his release will rest with Justice Secretary Kenny MacAskill. Yesterday, Labour justice spokesman Lewis Macdonald said: “I’m surprised to hear this and that anyone in these circumstances should get out of jail before the halfway point of their sentence – far less so when the conviction is of someone involved in organised crime. “The only circumstances where that would be conceivable would be if someone completely changed their lifestyle. But even then that should not be before they’ve served half their sentence. “I’m sure the victims of these crimes – and with drugs there are direct and indirect victims – will also be surprised at this.” To prepare Stevenson for his release, prison bosses have allowed him to stay a full week each month at his modest flat in Burnside, near Glasgow. On Friday, we watched him leaving the property with his wife Caroline and driving off in a silver Audi. A prison service insider said: “The Parole Board expect the prison authorities to have allowed home visits to test suitability for release ahead of the first eligible parole date. In Stevenson’s case, that’s next February. “There are conditions attached which vary but usually include the obvious ones like not mixing with other criminals and staying only at the designated address. “For prisoners sentenced to more than 10 years, the Parole Board make their recommendations to the Justice Secretary, who then decides whether to release on licence. “Stevenson is trying to keep his nose clean to convince the Parole Board that he poses no threat to society. “But, given his high profile and significance, it’s inevitable that the authorities will be careful before making any final decision.” Stevenson headed a global smuggling gang with a multi-million-pound turnover when he was brought down by the SCDEA’s Operation Folklore, which seized £61million of drugs. He faced drug and money laundering charges along with eight other suspects, including his 53-year-old wife. But his lawyers struck a deal with the Crown Office to admit money laundering in exchange for his wife’s freedom and the drugs charges being dropped. Stevenson’s stepson Gerry Carbin Jr, 32, was also jailed – for five years and six months – but was freed in 2010. Stevenson was previously arrested for the murder of Tony McGovern, 35, who was gunned down in Glasgow’s Springburn in 2000. But prosecutors dropped the case through lack of evidence. A gangland source said: “He does not fear any kind of reprisal from Tony’s brothers, nor does he regard any other criminals in Scotland as a threat or even as rivals. He did not fear any other operation in Scotland before he was jailed. Why would he now?” Two years ago, the Sunday Mail exposed a backdoor deal when the Crown handed back Stevenson’s £300,000 watch collection, which had been seized under proceeds of crime of legislation. Last June, he was sent back to high-security Shotts jail in Lanarkshire from an open prison after a major SCDEA drugs probe, Operation Chilon. Detectives believed that the gang they investigated was controlled by Stevenson. Haulage firm boss Charles McAughey’s home was one of 11 targeted in raids. In 2009, we revealed that French police had found 684kg of pure cocaine worth £31million in a lorry owned by McAughey. Chilon resulted in the SCDEA seizing 242kg of cannabis worth £1.21million and the jailing of three men for a combined 15 years.

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Tulisa's Friend, 21, Shot Dead In Gangland Hit

Reece James, 21, a close friend of Tulisa Contostavlos has been shot dead in a reported gangland attack. The 21-year-old, who appeared with Tulisa in a video for rapper Nines, was shot in the head in a "pre-planned and targeted" hit, 100 miles from his home in London, reports the UK's Sun newspaper. Police found James' body in Boscombe, Bournemouth, at around 2.30am near where Somali drug gangs are said operate. A 22-year-old man was arrested. Reece was said to have been in the area with some friends for "a couple of months", though had filmed the video earlier this month with Tulisa and rapper Nines on the Church End Estate in Harlesden, North West London. The former N Dubz star caused controversy at the time, making a "C" symbol to the camera - the same sign that is used by Harlesden's notorious Church Road Soldiers gang. Tulisa claimed it was a reference to Camden, where she was born. Twitter tributes began flooding in last night, with one user writing, "RIP Reece James. Thoughts are with him and his family and friends". Local MP Tobias Ellwood described the killing as "a spill over from the drugs turf war in the capital", adding, "This was one London gang chasing down another, carrying out a professional hit and then going back".

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Gangs of highway robbers are targeting British tourists on holiday in Spain.

Hundreds of visitors in British-registered vehicles or hire cars have had their possessions, passports and money taken in ‘quick and slick’ distraction muggings.

The thieves typically trick their victims with loud noises, apparent accidents, supposed vehicle problems or pleas for help – before stealing bags and belongings from their vehicles. 

Thieves: Hundreds of visitors in British-registered vehicles or hire cars have had their possessions, passports and money taken in 'quick and slick' distraction muggings

As millions of families begin their summer breaks, the Foreign Office has warned British-registered cars are ‘an easy target’ for motorway thieves. 

The number of British tourists ambushed on Spanish roads has soared as the euro crisis has deepened, with the British Embassy in Madrid reporting a 10 per cent rise in the first quarter of this year.

 This is likely to increase further as the peak holiday season begins. 

A spokesman for the embassy said:  ‘Motorists may be driving along the motorway and not notice there’s a car close up behind. 

‘Someone in the other car throws a stone at their vehicle which creates a loud bang. The British drivers pull over to see what has happened and the gang is behind them. 

‘They cause a distraction to steal from them or simply mug them. It’s a growing problem.’

Warning: As millions of families begin their summer breaks, the Foreign Office has warned British-registered cars are ¿an easy target¿ for motorway thieves

A hotspot for the gangs is the AP7 motorway between the French border and the Alicante region in southern Spain. 

More than 140 cases of theft on this route were reported to British Consulates last year. 

However, a spokesman said there were likely to be ‘hundreds more’ attacks going unreported across Spain because victims usually contact a British consulate only if they have lost their passport. 

Dave Thomas, consular regional director for Spain, said: ‘Be on your guard against anyone who attempts to stop you or ask you for help.

‘They may well be part of a  gang operating a scam in which an unseen accomplice will rob you of your things.’ 

Stephen and Helen Robinson, from Desford, Leicestershire, had their bags stolen from their Audi Q5 as they stopped to walk their labrador retriever Polly at a service station between Barcelona and Valencia. 

The couple, who are in their 50s, were standing at the boot of their car when a man on a mobile phone asked them how to say something in English. 

While he distracted them, their belongings were taken from the front of the car, despite Polly being inside. 

Mrs Robinson said: ‘It was quick and slick. You may be more tired and therefore more vulnerable when you’ve been travelling, so separate your valuables into different places in the car, and when you stop be aware you may be being watched. You won’t see the accomplice of the person who is distracting you.’ 

In a separate incident, Joy and Alan Horton, from Bury St Edmunds in Suffolk, were driving a Ford Focus hatchback through Spain when they heard a loud bang and pulled over.

A car that had been travelling close behind them also stopped, and while the driver talked to them, his accomplice stole their possessions without them noticing.

Mr Horton said: ‘If you think your car may have been in a collision and you pull over, lock the car as soon as you get out and mount a guard on both sides of the vehicle. Keep all bags and valuables in a locked boot.’ 

Professor Stephen Glaister, of the RAC Foundation, said: ‘Drivers need to remember to stay alert and be ready for unwelcome surprises just as they would be at home.’

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The biggest fines in British maritime history were handed down to a group of Spanish fishermen on Thursday, for illegal fishing in UK waters.

 Photograph: Robert Ghement/EPA

Some of the biggest fines in British maritime history were handed down to a group of Spanish fishermen on Thursday, for illegal fishing in UK waters.

Two companies owned by the Vidal family were fined £1.62m in total in a Truro court, after a two-day hearing, in which details emerged of falsified log books, failing to register the transfer of fish between vessels, false readings given for weighing fish at sea, and fiddling of fishing quotas.

Judge Graham Cottle said the family were guilty of "wholesale falsification of official documentation" that amounted to a "systematic, repeated and cynical abuse of the EU fishing quota system over a period of 18 months".

He said: "[This was a] flagrant, repeated and long term abuse of regulations. The fish targeted [hake] was at that time a species of fish on the verge if collapse and adherence to quotas was seen as crucial to the survival of the species."

The Spanish fishing vessels had been sailing under UK flags and were landing fish based on quotas given to British fishermen under the EU's common fisheries policy. Two vessels were involved, but the companies own several other large vessels, capable of industrial-scale fishing.

The offending fishermen, who admitted their guilt earlier this year, were not in court to hear him, having been given leave to return to Spain last night. The offences, dating from 2009 and 2010, relate to two companies, Hijos De Vidal Bandin SA and Sealskill Limited, both owned by the Vidal family. They were fined £925,000 on a confiscation order, plus £195,000 in costs, and an additional fine of £250,000 levied on each of the two companies. Two skippers who were acting under the family's instructions were fined £5,000 each.

Ariana Densham, oceans campaigner at Greenpeace, who was present for the trial and judgement, said that the fines, while welcome, did not go far enough. "This group of people should never be allowed near UK fishing quota again," she said. "The Vidal's right to fish should be removed completely."

She said the offences showed the vulnerability of the EU's fishing quota system to fraud. "The system that allowed this to happen needs to be fixed," she said. "This case is not a one off. It's a symptom of Europe's farcical fishing rules. The Vidals were permitted to fish under UK flags, using UK quota, and receive huge EU subsidies, with none of the proceeds ever feeding back into the UK economy. The system is skewed in favour of rich, powerful, industrial-scale fishing companies, when really it should be supporting low-impact, sustainable fishermen."

There are currently moves under way in Brussels by the fisheries commissioner, Maria Damanaki, to reform the EU's common fisheries policy. The proposed reforms – which include the ending of the wasteful practice of discarding healthy and edible fish at sea – have met stiff opposition, particularly from the French and Spanish fishing industries. Spain has the biggest fishing fleet in Europe and receives the lion's share of the subsidies available for fishing within the EU. A historic agreement was reached among member states last month on the proposals, but they must now pass the European parliament, which is expected to consider the proposals later this year.

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Invasion of the pickpockets

Britain is in the grip of a pickpocketing epidemic as Eastern European gangs descend on London ahead of the Olympic Games.

A surge in sneak street thefts means more than 1,700 people fall victim every day – an increase of nearly a fifth in only two years, according to official crime  figures released yesterday.

At the same time, police warned that professional gangs from Romania, Lithuania and even South America who operate in capitals across Europe are heading to Britain, intent on cashing in on unwitting tourists at London 2012.

How they do it: A member of the pickpocket gang approaches a BBC reporter investigating the rise in thefts ahead of the Olympics

Keeping him occupied: The man speaks to the victim on the pretense of needing directions while another gang member approaches from behind

A BBC investigation exposed the tactics used by Romanian thieves, who were previously operating in Barcelona, to dupe their victims.

The criminals boasted of their ‘one-second’ theft techniques which leave targets unaware that anything has happened until  it is too late. They can make £4,000 a week taking wallets, smartphones and laptop bags. The goods are then shipped back to Romania and sold on the black market.

 Scotland Yard has made more than 80 arrests already and warned thieves the capital will be a ‘hostile environment’ in the coming weeks.

The Met has even drafted in a team of Romanian police officers to deal with the problem and patrol in the West End of London and Westminster during the Games. They will not have arrest powers.

Distracted: An accomplice (left) then plays drunk so he can get close enough to the target to strike

 

Sleight of hand: The 'drunk' man jostles around with the BBC reporter, making it harder for him to notice what is going on

 

 

Rich pickings: The sneering thief walks away with the wallet from the unsuspecting victim

Teamwork: The thief quickly hands the wallet to another member of the gang, who spirits it away

 

Mayor of London Boris Johnson said: ‘These Romanian officers will prove to be a huge asset in cracking down on certain criminal networks who are targeting tourists in central London.’

Official statistics released yesterday showed pickpocketing thefts rose 17 per cent in the past two years.

In 2011/12, a total of 625,000 people fell victim, the Crime Survey of England and Wales showed.

That is an increase of more than 102,000 since 2009/10.

The vast majority of the total are classified as ‘stealth thefts’, but in 83,000 cases the victims’ possessions were ‘snatched’.

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The best insights in my report didn’t emerge in my office, during conference calls, or at meetings. They somehow appeared in the bathroom.

Not too long ago, as I was putting the final touches on a client presentation, I stumbled across a surprising observation. The best insights in my report didn’t emerge in my office, during conference calls, or at meetings. They somehow appeared in the bathroom.

Research on the nature of creativity suggests my experience isn’t all that unique. Often, the most effective way of solving a difficult problem is simply walking away. The moment we allow ourselves to disengage from the individual pieces of a puzzle is the moment a solution appears. It’s why Albert Einstein regularly went sailing and why Charles Darwin planned his day around a countryside stroll. Thomas Edison simply napped.

In many ways, problem solvers are like artists. Taking a few steps back provides painters with a fresh perspective on their subject, lending them a new angle for approaching their work. Problem solving follows a similar recipe, but it’s not always the physical distance that we need. It’s psychological distance; mental space for new insights to bloom.

In a world where finding solutions makes up the crux of a typical workday, we are all artists. Cognitive artists. And to deliver our best work, we need revitalizing breaks. Distancing ourselves from our work grants us a broader view, activating a global perspective that precedes breakthrough.

So, why the bathroom?

If you’re like most office employees, access to sailboats, the countryside and a relaxing couch is in short supply. A walk to the bathroom is one of the few opportunities you have for disengaging, letting go of trivial details and refocusing on the bigger picture--even Steve Jobs recognized the bathroom's potential, insisting that Pixar only build two in its studios, to provide employees with maximum enforced mixing. Neurologically, it is during these moments away from your desk the right hemisphere of your brain comes to life, making you more appreciative of the forest and less sensitive to the trees.

While most of us give little thought to our workplace bathroom, there’s good reason to believe it can have an impact on the quality of the work we produce -- especially in organizations that rely on creativity and problem solving to stand out. Over the past decade, studies have shown that both our thoughts and behaviors are heavily influenced by our surroundings, in ways we often fail to recognize.

A few examples:

• The sound of classical music makes consumers spend more money
• The smell of cookies makes shoppers more likely to help a stranger
• The sight of red hurts intellectual performance but improves physical performance

Psychological findings like these are now commonplace, pointing to one irrefutable fact: Our environment shapes our thinking in powerful ways.

Which brings up some intriguing questions: How can we make the most of our time away from our desks? Is there a way of designing bathrooms to make them more inspiring? And what can organizations do to maximize the insights its employees get out of each bathroom visit?

Recent research on the science of creativity provides some helpful suggestions.

Rethink Muzak

One of the ways we become more creative is by exposing our minds to a broad variety of stimuli. The wider the selection of information you mentally digest--whether it be foreign movies, experimental novels or exotic travel--the more remote associations you’ll have in your arsenal. Or, in laymen’s terms, the more creative you’ll be.

Hearing unusual music primes us to think different--inspiring ideas, emotions and experiences that increase the associations active in our brain.

Surprise The Senses

 Another creativity nugget: We tend to find more insightful solutions to a problem when we're in a good mood. One method experimentally proven for improving people’s moods is enjoyable scents. Positive scents don’t just make us feel better--they lead us to set higher goals for ourselves and experience a greater sense of self-efficacy.

Now, if you’re like most people, the restroom isn’t the first place that comes to mind when you think of positive scents, and partly that’s because of how hard custodians work to mask negative smells, leaving most bathrooms feeling like an assault on the senses. But in our case, that’s a good thing. It means the bar for surprising people with positive scents is that much more accessible. A few opportunities for enhancing the scent of a workplace bathroom: unusual soaps, exotic candles, and the hallway outside a bathroom, boosting people’s mood before and after a visit.

Encourage Mental Stimulation

Part of what makes bathroom visits a boon to creativity is that they represent one of the few times during the workday when our physiological attention is directed inward, mimicking the psychological experience of insight. But it’s not just inward attention that’s needed--it’s inward attention in the context of fresh ideas.

Think about the last time you saw graffiti in the bathroom. Chances are, not only did you read it, you probably thought about the person who wrote it, perhaps wondering what (the hell) was going through their mind. We can’t help but think about the things we see, but we can choose what we look at. Providing a diet of mentally stimulating material in workplace bathrooms can be done in a number of ways: posting unusual artwork, leaving out thought provoking magazines or using digital picture frames to keep the imagery fresh. The key is for the material to be stimulating and indirectly related to work you do.

Once upon a time, going to the bathroom was a distraction. Something that kept us from work; an unfortunate bodily shortcoming that compromised efficiency. But that world doesn’t exist anymore. Today, our economy is powered by an engine of insight. Creativity in the workplace isn’t a “nice to have”—it’s what keeps companies in business. Which is why it’s ironic that most office bathrooms offer a bleak and unwelcoming environment. One that discourages insight and implicitly chides us to get back to our desks.

There’s just one problem. Creativity doesn’t work that way.

And if the science has taught us anything about the creative process it’s this: Finding unexpected solutions often requires an unexpected approach. Why not start in the bathroom? 

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Mobile operator O2 hit by nationwide network failure that left users unable to make calls or text

The O2 mobile phone network crashed tonight leaving thousands of customers across the country cut off. Users were left stranded, unable to make or receive calls or send texts, as the firm - which has 23 million customers in the UK - said it did not know when the problem would be fixed. Some customers also had no internet access. O2, Britain's second-largest mobile phone operator, admitted it was unclear exactly how many people had been affected. It said ‘thousands’ may be experiencing problems. The problems began this afternoon for some mobile users, the network said. O2 are urging customers to check their Twitter and Facebook feeds for updates - but the company’s webpage which displays live information about network coverage crashed. A spokeswoman said the problem was not 'location-specific'. ‘The problem is an issue within part of our core network that is preventing some mobile phones from successfully connecting,' she said. ‘The problem is not location-specific. All possible resources across our and our suppliers’ engineering teams are being deployed to restore service as soon as possible.’ Thousands of angry customers took to Twitter to complain. BBC television presenter Huw Edwards (@huwbbc), tweeted: ‘6 hours of non-service and counting, simply not good enough, O2.’ One Twitter user, Kelly Jones (@kelly-92), tweeted: ‘Having a phone that hardly works usually is annoying, but this whole no signal on o2 all afternoon is beyond irritating.’

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The richest woman in the world, according to a respected business magazine, is not Oprah Winfrey, Queen Elizabeth II or L'Oreal heiress Liliane Bettencourt.

It's a relatively unknown Australian mining magnate. So who exactly is Gina Rinehart?

Asked once to sum up her concept of beauty, Gina Rinehart did not point to the pearls that so often adorn her neck.

Nor did she rhapsodise about the ochre landscape of her beloved Pilbara, a beautiful, if unforgiving, expanse of land in the northwest corner of Australia.

Instead, she spoke of the unlovely commodity that has made her family rich, and the giant holes in the ground from where it came. "Beauty is an iron mine," she famously remarked.

When her father, Lang Hancock, discovered one of the world's biggest reserves in the early 1950s, the export of iron ore was banned in Australia because it was deemed such a scarce and finite resource.

Continue reading the main story

Gina Rinehart

• Georgina Hancock born in Perth in 1954, studied in Sydney
• Father Lang Hancock made huge iron ore discovery in Western Australia before her birth
• Married lawyer Frank Rinehart in 1983
• After father's death in 1992, Gina became executive of the company
• Widowed with four children

• Rinehart 'world's richest woman'

Tens of thousands of iron ore shipments later, royalty payments from that Pilbara mining field in Western Australia continue to swell her coffers.

The Hancocks were not the sole beneficiaries. The multi-billionaire fervently believes that her father's discovery also made Australia prosperous, which partly drives her recent quest for influence, gratitude and respect.

It is partly borne of a lifelong sense of grievance - that Australia's traditional east coast elites have not recognised her family's contribution to the country's development, nor the local media.

With an estimated net personal wealth of $A29 billion ($US29.3bn, £18.79bn), Rinehart has in recent years gone from being Australia's richest woman to Asia's richest woman to arguably the world's.

Australian business magazine BRW has named her the world's wealthiest woman, and Citigroup has also predicted that the 58-year-old businesswoman will soon top the global rich list, with more than $100bn (£64.8bn) of assets to her name.

Gina Rinehart is said to make nearly A$600 (£393) a second

The royalty stream from that initial discovery - the "rivers of the gold," as it has been called - still contributes to her wealth, but it pales alongside the value attached to her mining interests in Western Australia and Queensland.

Continue reading the main story

“Start Quote

Whatever I do, the house of Hancock comes first”

She hates being called a mining heiress because she considers herself a self-made businesswoman who turned her company around after her father's death in 1992.

From a worldwide perspective, her spiralling wealth illustrates the shift in economic activity from the west to the east. From an Australian one, she embodies the shift from the east to the west. Once it was media moguls like the late Kerry Packer who topped the Australian rich lists. Now it is minerals magnates who are profiting from the country's China-fuelled resources boom.

Rinehart has set out to become both a magnate and a mogul, which is why she is the subject of so much attention and controversy.

Along with her mining interests, she now owns a share of Channel Ten, one of the three major commercial television networks, and has also become the single biggest shareholder in Australia's second largest newspaper group, Fairfax Media, although she reduced the size of that stake last week.

The group publishes three of the country's most venerable mastheads - the Sydney Morning Herald, the Melbourne Age and the Australian Financial Review, and the suspicion among many Fairfax journalists is that she will attempt to turn them into mouthpieces for her right-wing views.

The dark joke is that the Sydney Morning Herald might become the Sydney Mining Herald. However, she has not been able to gain seats on the board because of a dispute about her refusal so far to accept the group's declaration of editorial independence.

Her father Lang Hancock was a huge influence on her

Her mining company, Hancock Prospecting, is essentially her life. She has few outside interests. She does not go in for the normal blandishments of wealth, like art, racehorses or a private plane.

She is renowned for her 24/7 work regime, and a tunnel-visioned determination. Her personal feuds are the stuff of legend and her long list of adversaries has included her father, his business partner, her first husband, her Filipino mother-in-law, Rose Porteous, and now three of her children.

Rinehart spoke at an anti-tax rally in Perth in 2010

Famously litigious, many of her battles have ended up in court. "Whatever I do, the house of Hancock comes first," she once told a reporter. "Nothing will stand in the way of that."

Like her rambunctious father Lang, who railed against the scourge of "Canberra-ism," and "eco-nuts" in the environmental movement, her political views are a blend of conservatism and libertarianism.

An early heroine was Britain's Iron Lady, Margaret Thatcher, whom she met over lunch in 1977. Afterwards, the young Gina took much more care to dress in a business-like fashion, got a new hairdresser and started to wear more make-up.

Another intellectual hero was the free-market economist Milton Friedman. One of the reasons she cited for raising her children in the US, aside from her marriage to the Harvard-educated Frank Rinehart, was the hope that they might be taught by Friedman.

She is also a climate change sceptic, and close to the British Viscount, Christopher Monckton. On a visit to Perth last July, during which he delivered the Lang Hancock Memorial Lecture, Monckton spoke of Australia's need for an equivalent of Fox News, which could be funded by the "super-rich".

Continue reading the main story

Other rich women

• Christy Walton - widow of John, son of the founder of Wal-Mart, Sam Walton
• Liliane Bettencourt - daughter of L'Oreal founder Eugene Scheueller
• Johanna Quandt - third wife of German executive who rescued BMW
• Oprah Winfrey - television host and media mogul, one of the world's richest self-made women
• Birgit Rausing - art historian from Sweden inherited packaging firm Tetra Laval after death of husband
• Rosalia Mera - after dropping out of school to make dresses before her teens, the Spaniard co-founded retail company Inditex, which owns Zara

Rinehart was not present at the private meeting, but few doubted the identity of the "super-rich" person whom Monckton had in mind. When a video of his remarks was posted online, it heightened speculation that she was pursuing some kind of Foxification strategy in Australia.

I have also been told by one of her associates that she met Rupert Murdoch earlier this year, partly to discuss Fox News.

Given that the newspapers published by Rupert Murdoch's Australian arm, News Ltd, boast a 70% share of Australian readership, and that Fairfax has the remaining 30%, the widespread fear is of a conservative duopoly, and an end to editorial pluralism.

Rinehart's $A165m (£107m) stake in Channel Ten has already lost more than half its value and Fairfax, which last week announced 1900 job cuts, is not seen as a particularly attractive investment. Like her father, who started two newspapers, the profit motive is not a major consideration. Her investment, it is thought, is about political influence.

Besides, the amount of money involved is for her comparatively small. As an associate recently explained to me, she is adopting the same approach that the super-rich use when purchasing luxury yachts or private planes, which is not to invest more than 10% of their wealth.

In her ongoing drive for influence, the debate two years ago over the Labor government's plans to hit the mining sector with a super profits tax was a major milestone.

Unusually for a woman who has preferred to exert a behind-the-scenes influence, Rinehart led the chant of "axe the tax" at a protest rally in 2010 aimed at the then Prime Minister Kevin Rudd.

Her billionaire activism lent itself to easy caricature. A reporter from the Fairfax-owned WA Today joked that it was possible to hear her gold bracelet jangling "a note-perfect version of 'Money, Money, Money' as she pumped her fist". Within weeks, however, Rudd had been ousted, and his successor, Julia Gillard, immediately announced a climbdown over the mining tax.

Rinehart met the Queen when the British monarch visited Perth

Just as Rinehart wants influence and gratitude, she is also determined to maintain rigid control of her company. Presently, she is locked in a highly-publicised legal battle with three of her four children over a family trust set up by Lang Hancock for his grandchildren.

The trust, which owns a share of her company, was due to settle its assets last September, when Lang's youngest grandchild, Ginia, turned 25. But Rinehart allegedly tried to push back the date that her children could become trustees until 2068.

Determined to retain sole control, she warned her children they faced ruin if they refused to bend to her will. "Sign up or be bankrupt tomorrow," she threatened in an email. "The clock is ticking. There is one hour to bankruptcy and financial ruin."

Her three eldest children described the manoeuvre as "deceptive, manipulative, hopelessly conflicted and disgraceful". It is not so much about greed. Rinehart offered her three estranged children big payments to go along with her plan. It is more about control.

Commentators expect the same aggressive approach with her media strategy. After all, Australia's richest ever person is used to getting her own way.

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Bankers face the prospect of jail as Serious Fraud Office launches criminal probe into interest-rate fixing at Barclays

Hearing: Former chief executive Bob Diamond left Barclays over the matter, before appearing before MPs this week

A criminal investigation has been launched into alleged rigging of the Libor rate within the banking industry, the Serious Fraud Office (SFO) confirmed today.

SFO director David Green QC formally accepted the Libor issue for investigation after Barclays was fined by the Financial Services Authority (FSA) last week for manipulating the key interbank lending rate which affects mortgages and loans.

The claims ultimately led to the resignation of Barclays boss Bob Diamond and have become the focal point of a fierce political debate over ethics in the banking sector.

The investigation could ultimately lead to criminal prosecutions and bankers facing charges in court.

The SFO's update came after it revealed earlier this week that it had been working closely with the FSA during its investigation and would consider the potential for criminal prosecutions.

The Government department, which is responsible for investigating and prosecuting serious and complex fraud, said on Monday the issues surrounding Libor were "complex" and that assessing the evidence would take time.

Under fire: Barclays former chairman Marcus Agius (right) with former CEO Bob Diamond (centre), and former chief executive John Varley (left)

As the SFO prepares its investigation, Labour leader Ed Miliband continued to push for an independent inquiry into the banking scandal despite MPs rejecting the demands.

The Labour leader said that while the party would cooperate with a parliamentary investigation, its remit was too "narrow" and a judge-led probe was still needed.

Mr Miliband also defended the conduct of Ed Balls after the shadow chancellor engaged in a bitter war of words with his opposite number George Osborne in the Commons.

 

 

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