Buffet’s Berkshire admits slip-ups on derivative risks August 13, 2009 BILLIONAIRE US investor Warren Buffett’s Berkshire Hathaway underestimated the risks of falling stock prices to its billions of dollars of derivatives bets, yet still believes it is valuing the contracts fairly. Berkshire revealed its error in a 26 June letter to the US Securities and Exchange Commission, one of several pieces of correspondence with the [...]
Activity returns to property August 13, 2009 Activity in the European property investment market inched up to ¤13bn (£11.2bn) in the second quarter, from ¤11.6bn in the first quarter of 2009, according to CBRE. The group said that while it is too early to predict a sustained upturn, there is some expectation that the fourth quarter could see a modest further improvement [...]
Commentator spots a bargain August 13, 2009 Paul Krugman, the Nobel-Prize winning economist and leading commentator on the financial crisis, yesterday paid $1.7m (£1m) for an apartment on Manhattan’s Upper West Side, arising suspicions that he believes the US property market has now reached the bottom. The economist agreed the purchase yesterday of the apartment which had an original asking price of [...]
Pawnbroker names new CEO August 13, 2009 British pawnbroker Albemarle & Bond yesterday named Barry Stevenson as chief executive, from 14 September, succeeding Greville Nicholls, who will become chairman. Nicholls replaces chairman Charles Nicolson, who stepped down following a period of ill health. Stevenson was most recently the CEO of garden supply store operator Wyevale Garden Centres. Shares of the company closed [...]
RIG expects to narrow losses August 13, 2009 Aim-listed insurance claims facility provider Resources in Insurance Group, said yesterday that it expects its interim results, which will be announced in mid-September, to show a significant improvement in trading and to show losses reduced by around 50 per cent.
FORGET CANNES: CANARY WHARF’S FILM FESTIVAL IS COMING TO TOWN August 12, 2009 CANARY Wharfers should dust off their finery: there’s a film festival coming to town. OK, so it’s not quite Cannes – there’ll be no red carpet, much to the disappointment of preen-happy financiers, and designer dresses and tuxes are far from obligatory. But the Canary Wharf Film Festival, taking place between 3 and 7 September, [...]
Microsoft and Nokia gang up on Blackberry August 12, 2009 NOKIA and Microsoft yesterday unveiled an alliance which will see Nokia smartphones pre-loaded with Microsoft office, in a bid to challenge the dominance of the Blackberry in the business market. The software and mobile telecoms giants said that they are working together to put MS Office Mobile, MS Communicator Mobile and other services on selected [...]
Moody’s: Credit quality diving August 12, 2009 THE QUALITY of credit in Western Europe continued to deteriorate sharply in the second quarter, with a record-breaking 122 financial institutions downgraded, according to Moody’s. The ratings giant said the deterioration continued to hit most major economies in the region. In total, 177 bonds were downgraded, amid fears that companies may struggle to maintain repayments [...]
Equality watchdog launches a probe into the gender pay gap August 12, 2009 THE EQUALITY and Human Rights Commission is today launching a consultation on how private and voluntary sector employers with at least 250 staff can measure and report on their gender pay gap. Women working full-time currently earn 17.1 per cent less per hour on average than men, with the gap failing to improve over the [...]
China wins in its bid for Emerald August 12, 2009 SINOCHEM has agreed a £532.1m deal to take over London-listed oil and gas explorer Emerald, in the latest deal by a state-owned Chinese company eager to secure interests in natural resources overseas. The deal will give Sinochem, which focuses on energy, agriculture, chemicals, finance and real estate, access to Emerald’s operations in Syria and Colombia. [...]