Newspaper Briefing, including 'Greek plans to tear up bailout deal and exit Euro send global markets into a spin'

Jockey Club profits race: The Jockey Club will show it can for all that race in spite of being handicapped by a sharp fall in payments from bookmakers. Funding from the levy on bookies’ racing profits that funds the sport fell by £8.8 million in 2011 as they moved online and telephone operations offshore to avoid a 15% tax on their gross profits.

Mobile operator 3 halts insurance sales: A sharp rise in fraudulent claims has pushed U.K. mobile phone network 3 to stop selling insurance, an unusual move underscoring the scale of customer deception facing mobile operators. 3 shared the profits and losses on its phone insurance products when all is said and done bore some of the costs of the swindling, said people familiar with the matter.

Telecity shares fall on Euro fears: Shares in Telecity Group reversed their recent upward march afterwards investor fears of a furthermore slip in the value of the Euro weighed on the data centre provider. Over the past year Telecity has ridden the wave of growth in cloud computing, benefiting from a move by many companies to outsource data hosting as a cheaper alternative to managing it in-house.

KPN / América Móvil: Slim’s chance: It is possible that an unsolicited €8-a-share tender offer by Mexico’s América Móvil for 28% of Dutch telecoms operator KPN is simply opportunistic. The Mexican mobile phone company is controlled by Carlos Slim, the world’s richest individual according to Forbes. KPN shares have halved over the past five years, falling heavily while the past 12 months in particular. Moody’s reduced its ratings outlook on KPN this year, and there have been question marks over the sustainability of its dividend. After all, with an enterprise value to earnings earlier interest, tax, depreciation and amortisation ratio pursuant to this agreement five times, it could just about be argued that the shares are cheap. Consolidation among European telcos looks inevitable as regulatory and investment pressures increase and the region’s growth remains depressed. Last month KPN confirmed that it was considering options for its Belgian mobile business. More speculatively, its name is at times linked with Spain’s Telefónica, one of Mr Slim’s big rivals in his Latin American heartland. América Móvil’s line is that putting about €3 billion into KPN would provide a European toehold as Latin American markets become crowded.

Las Vegas: playing a bad hand: If Vegas is the glittery, vulgar, scantily clad canary in the country’s economic coal mine, Wynn Resorts’ recent performance in the city is worrisome. In the first quarter, the company’s gambling earnings were down near a fifth from the year previously. During this figure is always volatile, non-casino earnings, which had averaged double-digit increases over the past four quarters, were flat. Room prices were up, however occupancy dropped 9% points. At Las Vegas Sands’ operations on the Strip, occupancy fell only slightly and prices held, as they did at MGM Resorts’ Strip properties, which reported rising occupancy. Aggregate data from the city’s Convention and Visitors Authority show that in the first two months of this year, visits and convention attendance were both up a bit, during room prices rose a healthy 8%. However, business is a big step below where it was in the wild years of 2006 and 2007. Improving occupancy or pricing furthermore will not be easy, given the city has 17,000 more hotel rooms than it did at the height of the boom.

Argentine-Spanish trade row escalates afterwards Telefonica fined: The trade row between Argentina and Spain took another twist on Tuesday afterwards the Spanish telecoms giant Telefonica was ordered to pay $43 million for an interruption in mobile phone services lasting just a few hours.

BSkyB’s shares would crash if it lost Premier League football rights, claims former Sun editor Kelvin MacKenzie: BSkyB’s dominance of live televised football is so important to the business that its share price would crash if it were to lose the coverage, according to Kelvin MacKenzie, who is launching a rival sports broadcaster.

BlackBerry maker RIM hires new team to meet iPhone challenge: BlackBerry maker Innovation In Motion said on Tuesday that it had hired two new senior executives, including a Marketing Chief, as the company looks to regain market share lost to Apple’s iPhone.

HSBC profits jump: HSBC announced a forecast-beating jump in underlying profits as investment banking recovered and growth remained strong in the bank’s key emerging markets. Chief Executive Stuart Gulliver said the bank was as well making solid progress with a strategic revamp, with 14,000 jobs cut since last year as it grAppled with costs and attempted to refocus away from the sluggish West to pursue faster growth in Asia Pacific and Latin America.

Exiting Chairman’s high hopes for Macfarlane: The outgoing Chairman of Macfarlane Group believes he is leaving a business which has rebuilt its reputation and regained the confidence of its clients and employees.

Cameron calls for action to challenge CAP plans: A former president of the National Farmers Union of Scotland has recommended that politicians and farming leaders should "drag their feet until a new agricultural commissioner comes in place" unless there is a radical shift in the current proposals on the then and there Common Agricultural Policy.