Barristers face up to bankruptcy
Growing numbers of criminal barristers are facing possible bankruptcy at a time the government is making cuts to legal aid funding. Figures confirm that in the last three years, 130 barristers have given notification that they are facing bankruptcy proceedings, directors disqualification proceedings or have entered into CVAs
Best Buy founder exits firm
Richard Schulze, Best Buy’s founder and chairman, raised the prospect of selling his 20 per cent stake in the electronics retailer by saying he was “exploring all available options” as he announced his immediate resignation from its board. The news sent share down by one per cent.
Fortelus to liquidate part of fund
Fortelus, the London-based hedge fund that made millions for clients by correctly timing the collapsing share prices of the UK’s banks in 2008, is liquidating part of its flagship fund following investor pressure. It will split its $1bn main fund into ongoing and liquidating share classes to meet redemption requests.
Norway pumps £18bn into North Sea
The North Sea oil industry has received a huge boost after Norwegian Statoil promised to invest £18bn. The firm said the fields, off the north coast of Scotland, will produce 110,000 barrels per day from the beginning of 2017.
Abramovich faces investor rebellion
Shareholders in Evraz, the steel producer part-owned by Roman Abramovich, have been urged by advisory group Pirc to vote against the reappointment of two of the oligarch’s trusted lieutenants to its board.
The Daily Telegraph
UK banks make little profit
The British banking industry was the second most unprofitable in the world in 2011, according to an analysis of lenders in major economies. Britain’s banks produced an average return on investors’ equity last year of less than four per cent, compared with 26 per cent in Indonesia.
XL Leisure boss to face £4m action
Travel tycoon Phil Wyatt, who wept on national television when his former company XL Leisure collapsed, is now facing a £4m legal action over his involvement with another failed operator.
THE WALL STREET JOURNAL
Pharmacists add to Greek woes
Greece's health minister appealed to panicked patients struggling to secure medical treatment to remain calm after pharmacists continued their boycott of the country's largest state healthcare provider by refusing to extend credit to patients, in another sign of a credit squeeze taking hold of the economy.
Spaniards say Stop Merkel
Populist sentiment against Angela Merkel is bubbling up in Spain. Residents have made “Stop Merkel” the No. 2 phrase posted by Twitter users in the country.