Topps Tiles says green shoots are in sight as sales show signs of stabilising September 23, 2009 TILE and wood flooring retailer Topps Tiles yesterday said its markets were stabilising with sales falling at a slower pace in its second half, adding to hopes the recession may be ending. Topps Tiles – which is seen as a bellwether for DIYspending – said it expected sales at stores open more than a year to [...]
Receiver to sell Stanford yacht September 23, 2009 The receiver in charge of Allen Stanford’s assets has asked a federal judge for permission to sell the alleged swindler’s luxurious 112-foot yacht, the Sea Eagle. Ralph Janvey, the receiver in the case, filed a motion asking US district judge David Godbey in Dallas to approve the sale of the vessel, currently listed as being [...]
Insolvency ends after 35 years September 23, 2009 One of Britain’s longest-running insolvency cases, dating back to 1974, has ended according to liquidators UHY Hacker Young, appointed to wind down travel agency Apal after the failure of its chief lender Israel-British bank. Each creditor received 74p for every £1 lost.
Brown axes Trident nuclear sub September 23, 2009 Gordon Brown is to cut the UK’s fleet of Trident nuclear missile submarines from four to three. The Prime Minister will inform the UN Security Council of his plans during a meeting on how to prevent nuclear proliferation. The cut is intended to help the government reduce the budget deficit, but Downing Street said yesterday [...]
D-DAY FOR RATINGS AGENCIES September 23, 2009 RATING agency Moody’s will enter the firing line today, when one of its former executives tells a congressional hearing that the company was giving inflated ratings to securities as early as this year. Eric Kolchinsky will also tell the US House Oversight and Government Reform Committee that Moody’s puts revenues from its clients before the [...]
Fed sounds upbeat on economy September 23, 2009 US CENTRAL bank the Federal Reserve yesterday left interest rates unchanged, as it issued a statement boosting hopes that the world’s biggest economy is emerging from recession. The Fed said it is to keep rates ultra-low for some time to support the post-slump recovery. Short-term interest rates were kept at an all-time low of 0 [...]
Ernst &Young in Akai payout September 23, 2009 ERNST & Young (E&Y) was forced to make a “substantial” payout to the liquidator of failed consumer electronics firm Akai Holdings yesterday, after being accused of falsifying documents in a long running court battle. The Big Four accountancy firm has made a settlement to Hong Kong liquidator Borrelli Walsh after it admitted documents it used [...]
There is more to risk than credit ratings September 23, 2009 SLOWLY but surely, regulators are turning their fire on the credit rating agencies. These hapless firms are rightly being accused of having failed to assess risk correctly during the bubble years. Ludicrously risky financial products were routinely awarded the safest ratings, with ultimately disastrous consequences. It is important to point out that the overwhelming majority [...]
Geithner backs watchdog September 23, 2009 US TREASURY secretary Timothy Geithner yesterday threw his weight behind a proposal to slim down plans for a financial consumer protection watchdog to ensure it passes into law. Geithner said a plan by House Financial Services Chairman Barney Frank for paring back the scope of the Consumer Financial Protection Agency (CFPA) should be adopted. “The [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 23, 2009 FINANCIAL TIMES SIEMENS IN BRIBERY ULTIMATUMSiemens yesterday told several former executive board members, including former chief executives Heinrich von Pierer and Klaus Kleinfeld, to agree to pay damages relating to a multibillion euro bribery scandal. The firm, Europe’s largest engineering group, said seven former managers would face legal action if they failed to show willingness [...]