Tullett set to square up to BGC in court October 11, 2009 TULLETT Prebon and BGC Partners will this week commence battle in the High Court, as the City hangs attentively on every word to glean sensational details about the aggressive high-octane world of inter-dealer broking. Tullett, led by City veteran Terry Smith, alleges that BGC tried to poach at least 55 of its top broking staff [...]
Bear Stearns pair face criminal case October 11, 2009 THE first of an expected slew of high-profile court cases arising from the credit crunch begins tomorrow, with two former Bear Stearns employees accused of misleading investors over the health of sub-prime mortgage securities. The case will hinge on whether one of the bank’s former hedge fund managers, Matthew Tannin, knew that the sub-prime arena [...]
AIG close to Nan Shan sale October 11, 2009 AIG is close to selling Nan Shan, its Taiwanese life assurance unit, for more than $2bn (£1.26bn). It is understood that the New York-based insurer could make an announcement regarding the sale as early as this week, with either financial conglomerate Chinatrust or Hong Kong-based investment fund Primus Financial the likely new owner. AIG is [...]
City tax stars face charges from Revenue October 11, 2009 VANTIS, the stockmarket-listed accountancy firm, yesterday confirmed that its two leading City accountants have been charged with a multi-million pound tax scam. David Perrin and Roy Faichney work in the tax division of Vantis and are responsible for developing tax saving schemes for their wealthy clients which included former captain of England rugby team, and [...]
Langdale hired by fraud office in BAE investigation October 11, 2009 The Serious Fraud Office (SFO) has upped the ante in its case against defence giant BAE Systems by hiring top criminal QC Timothy Langdale to help file a corruption suit against the firm . By getting Langdale, who successfully defended Colonel Jorge Mendonca in 2003 against charges of mistreating Iraqi civilian detainees in Basra, on [...]
EC competition watchdog has term extended October 11, 2009 NEGOTIATIONS between the UK’s part state-owned banks and the Treasury over use of the Asset Protection Scheme (APS) look set to be prolonged after EU competition commissioner Neelie Kroes’s term was extended. Kroes, the European Commission’s competition watchdog, had been set to deliver a ruling on how Lloyds Banking Group and Royal Bank of Scotland [...]
Battered JJB to carry on with cash call October 11, 2009 JJB Sports is ploughing ahead with its ambitious £100m cash call, despite calling it off on Friday following a suspected dirty tricks campaign. JJB Sports is expected this morning to hand over a dossier of emails and bank documents to City watchdog the Financial Services Authority for it to investigate what it believes is a [...]
Pfizer pulls out of drug trials October 11, 2009 Pfizer has halted patient enrolment in a late-stage lung cancer trial of its experimental drug, figitumumab, for safety reasons.The decision was recommended by independent safety monitors overseeing the study. In their review, the monitors found more serious adverse events, including deaths, with patients receiving figitumumab.Pfizer said currently enrolled patients may continue their treatment in consultation [...]
Kraft to watch Cadbury results October 11, 2009 Chocolate maker Cadbury’s trading update next week will be vital to it fighting off a takeover approach from US giant Kraft. The week after Kraft will report its own results, allowing investors to number crunch the bid offer. Analysts have speculated that chocolate sales could fall below guidance at Cadbury. The Takeover Panel has given [...]
CHARLES DUNSTONE GETS HITCHED IN GLITZY STAR-STUDDED STYLE October 11, 2009 THE BELLS rang out at the weekend for the business wedding of the year, the nuptials of Carphone Warehouse tycoon Charles Dunstone and PR executive Celia Gordon Shute. After the service at Christ Church in Spitalfields, the throng of moneyed guests hopped into black cabs to travel to everybody’s favourite bit of a wedding, the [...]