The plans of billionaire cable mogul John Malone — who owns Virgin Media cable and broadband, as well as hotels in Ireland — for a $6.4bn (€5.7bn) sale of UPC Switzerland fell apart after would-be purchaser Sunrise Communications concluded its shareholders won’t support the move.

THE City of London has become a “paradise for money launderers” because Britain’s legal system allows people depositing money to hide their identities behind a trust system, the president of the Swiss Bankers’ Association said yesterday.