Allen Stanford’s fraud trial kicks off in Houston January 23, 2012 The trial of Allen Stanford, the Texan banker accused of running a $7bn (£4.5bn) Ponzi scheme, started yesterday after years of delays. Prosecutors accuse Stanford of issuing fraudulent certificates of deposit through his Antigua-based bank and then bilking investors out of their money. Stanford, who faces 14 counts of fraud, conspiracy and conspiracy to commit [...]
RSM Tenon shares crash as CEO exits January 23, 2012 ACCOUNTANCY firm RSM Tenon has parted ways with its two leading executives after issuing a third results warning in two months, causing shares to crash 29 per cent. The company is suffering from reduced sales, pressure on margins and an enormous debt pile. RSM Tenon say sales in the six months to 31 December are [...]
Hedgie Algebris struggles to make the numbers stack up January 23, 2012 THE hedge fund manager backed by industry star Chris Hohn (pictured) expects a recovery in financial stocks after being hit last year by Eurozone leaders’ failure to tackle the debt crisis. Alex Lasagna, head of business development and investor relations at Algebris, said: “We think after five years of significant under-performance by financials there could [...]
Sun European Partners acquires Bonmarché chain from Peacocks January 23, 2012 SUN EUROPEAN Partners has acquired Bonmarché, the sister chain of the collapsed fashion retailer Peacocks, via a pre-pack administration deal that will save around 2,400 jobs. The private equity group has bought 230 of Bonmarché’s stores from administrators KPMG for a sum understood to be around £10m. However, 160 stores will be closed, putting around [...]
Bridgepoint on brink of Quilter deal January 23, 2012 PRIVATE equity house Bridgepoint is set to buy Quilter, an arm of Morgan Stanley’s wealth management unit which the US bank is offloading for a second time. The buyout group, whose investments range from Pret a Manger to a series of continental financial and business services groups, is expected to pay around £180m for the [...]
Protests spread against Monti’s economic plans January 23, 2012 ANTI-REFORM protesters blocked roads across Italy and taxi drivers went on strike yesterday, with more groups set to rally against Prime Minister Mario Monti’s economic reforms in coming weeks. Rising fuel taxes were the immediate cause of the disruption, but railway workers, pharmacists and lawyers are expected to go on strike soon in reaction to [...]
Grim outlook as sentiment remains weak January 23, 2012 EUROPE’S finance leaders met yesterday as sentiment for the currency bloc they represent lay in the doldrums. Consumer confidence rose slightly across the Eurozone, though remains at low levels, the French business climate is deteriorating and Spain’s economy is expected to contract sharply this year, official data showed yesterday. The European Commission’s consumer confidence index [...]
Greek bond offer blocked by ministers January 23, 2012 EUROZONE finance ministers have rejected an offer made by private bondholders to help restructure Greece’s debts, officials said yesterday, sending negotiators back to the drawing board and raising the threat of default. At a meeting in Brussels to discuss Athens’ debt problems, ministers said they could not accept a coupon of four per cent on [...]
Lagarde: Eurobonds will help stop crisis happening again January 23, 2012 GERMANY and the other strong Eurozone countries must take responsibility for the debts of the weaker states, International Monetary Fund (IMF) boss Christine Lagarde announced yesterday. The bailout fund needs a “substantial” boost to sooth panicked bond markets and protect countries like Italy, she told an audience in Berlin, whilst also calling for further fiscal [...]
French banks take ECB funding January 23, 2012 FRENCH banks increased their long-term borrowing from the European Central Bank (ECB) by €43.6bn (£36.4bn) over the last month, according to Bank of France data. The lenders had borrowed €107bn in long-term ECB funds as of 17 January, up from €63.4bn at 13 December, the data showed. The funds would more or less cover 2012 [...]
