Madoff declines chance of appeal July 9, 2009 Imprisoned fraudster Bernard Madoff is not going to appeal his sentence. The 71 year old conman is set to serve 150 years behind bars for orchestrating a worldwide investment fraud, with documented client losses for thousands of clients thought to be up to $65bn (£39.7bn). The disgraced financier’s defence attorney, Ira Sorkin, did not give [...]
Netplay does deal with Playtech July 9, 2009 Interactive TV gambling specialist Netplay has raised £12.8m in a placing of shares discounted by 10 per cent from their closing price the day before, and has signed a five year agreement to supply Netplay games on the Playtech technology platform. Chief executive Martin Higginson said: “This agreement will allow us to deliver our products [...]
Sweden extends aid for banks July 9, 2009 Sweden has extended its programme of capital injections into banks until February 2010, warning that the impact of the financial crisis is still being felt. Financial markets minister Mats Odell said the government wanted to ensure that companies and individuals have access to secure loans under reasonable conditions. The Swedish government unveiled a 50bn kronor [...]
F1 breakaway still an option July 9, 2009 Formula One teams yesterday said progress had been made towards ending the sport’s internal turmoil but warned the governing body a breakaway championship remained an option. “We still don’t have an agreement although I would say we are making progress, slowly but steadily,” said BMW-Sauber’s Mario Theissen.
Allen & Overy rakes in 1bn despite crisis July 9, 2009 LEGAL giant Allen & Overy (A&O) has today revealed it raked in revenues of £1bn over the last financial year, 7 per cent higher than last year, although its profits per partner fell amid a “challenging” business environment. The firm, which in February revealed a 450-job cut to align itself with the shrinking size of [...]
Jarvis extends loan facilities July 9, 2009 JARVIS, the rail services group, said yesterday it had been granted extended banking facilities until 2011. But the deal with Burdale Financial Limited, a subsidiary of Bank of Ireland and Bank of America, will see its asset backed loan facility reduced to £50m from £60m. Jarvis, which has contracts with National Rail including signalling projects, [...]
Robert Wiseman bullish after milk contract wins July 9, 2009 SCOTTISH dairy group Robert Wiseman said yesterday performance for the first quarter rose 8.5 per cent on the same period last year, thanks to a number of new contract wins. The firm took on three large milk supply contracts with the Co-op and two Spar wholesalers, Cappers and Blakemore. Robert Wiseman plans to increase capacity [...]
Revival in German and UK trade July 9, 2009 BRITAIN’S trade deficit narrowed in May to £2.2bn from £3bn the previous month, according to official data published yesterday. Figures from the Office for National Statistics (ONS) showed that the UK’s deficit on trade in goods in May was an estimated £6.3bn, while trade in services remained at £4.1bn. In Germany, exports recovered slightly in [...]
Cattles in negotiations with banks and bondholders as debt deadline expires July 9, 2009 STRICKEN sub-prime lender Cattles was yesterday locked in three-way talks with lenders and bondholders in the hope of securing a standstill agreement on its debts. A £500m portion of its £2.4bn debt pile was due to expire today, but Cattles is hoping to secure a standstill agreement from its lending syndicate, led by Royal Bank [...]
Genus performance still resilient despite gloom July 9, 2009 BULL and pig sperm specialist Genus said yesterday trading over the final quarter of the year was in line with expectations, despite the challenging market conditions. The animal genetics firm expects to report a strong increase in profits for the year to the end of June, boosted by the weakness of sterling and the diverse [...]
