Analysts warn new bank rules increase risks May 29, 2012 NEW regulations designed to make banking less risky could instead ferment a new crisis because they concentrate risk in clearing houses, JP Morgan analysts said yesterday. The analysts warn that the Eurozone debt turmoil could cause these risks to come to a head and say that clearing houses – which ensure the smooth passage of trillions [...]
Woodford ends unfair dismissal fight with former firm Olympus May 29, 2012 EX-OLYMPUS boss Michael Woodford has won a settlement, thought to be worth millions of pounds, from his disgraced former employer, camera maker Olympus. The British businessman, 51, agreed a deal after a night of negotiations triggered when he took his unfair dismissal claim to a London employment tribunal. It appears to end for Woodford a [...]
Making it clear May 29, 2012 Q What are clearing houses? A Clearing houses sit in between the two parties in millions of transactions in securities – shares, derivatives and so on. They give a legal guarantee that a trade will go through in the event of one party going bankrupt halfway through it, in return for which they demand collateral [...]
Jump in adults priced out of flying the nest May 29, 2012 SOARING rents and large deposits are making it increasingly difficult for young people to buy a home, industry data showed yesterday. Figures from the Office for National Statistics (ONS) recorded a 20 per cent jump in the number of young adults living with their parents since 1997, while figures from Rightmove showed that 30 per [...]
CASE STUDY May 29, 2012 Name: Edwina Scott Age: 26 Job: marketing co-ordinator for Kingston Smith LLP Earns: £20,000 – £30,000 Lives: in Chiswick, with her mother Rent: £400 per month, plus bills Why: saving for a mortgage deposit Moving out: no time soon – two or three years away at least TWENTY-SIX year-old Edwina Scott is a classic “boomerang [...]
Japan’s insider trading probe hits JP Morgan May 29, 2012 JAPAN’S widening probe of insider trading reached JP Morgan Chase’s door yesterday as the embattled US bank was identified as the source of leaked confidential information regarding a planned share offering by Nippon Sheet Glass. Three people with knowledge of the probe said officials had determined that a JP Morgan salesman had been the source [...]
Oligarchs’ favourite Maxim Barsky to return to TNK-BP May 29, 2012 TNK-BP has beefed up its team ahead of a looming dispute with its co-owner BP, with the Russian oil firm’s former deputy chief executive Maxim Barsky rejoining as an adviser. Barsky, who left the firm last year when BP failed to support his appointment as chief executive, is a favourite of AAR, the group of [...]
Tube staff win Olympic bonus of up to £1,000 May 29, 2012 LONDON Underground has dipped into its coffers to avert strike action on the Tube during the Olympic Games. After months of wrangling, the RMT union said yesterday it has agreed a deal with LU that offers staff up to £850 and drivers as much as £1,000 in extra payments for working during the Games. On [...]
Thomas Cook investors back crucial sell-off May 29, 2012 THOMAS COOK won a major breakthrough in its turnaround plans yesterday after shareholders almost unanimously backed two key disposals, without which the holiday giant had warned it could collapse. The 171 year-old tour operator said 99.99 per cent of proxy votes supported the planned sale and leaseback of part of its aircraft fleet and the [...]
Lonrho slumps as shareholder protest follows exit of director May 29, 2012 A FIFTH of shareholders at African-focused conglomerate Lonrho have rejected the firm’s remuneration report at yesterday’s AGM, just hours after former government minister Sir Richard Needham resigned from the board in protest at its pay structure. Sir Richard quit in protest at the decision to increase the salary of executive chairman David Lenigas from £500,000 to £750,000, [...]
