Leeson lawyers Kingsley Napley to represent UBS trader September 16, 2011 City law firm Kingsley Napley is representing Kweku Adoboli, the UBS rogue trader. Adoboli allegedly cost UBS $2bn after allegedly carrying out unauthorized trades. Kingsley Napley represented Nick Leeson following his arrest over the secret trades that led to the collapse of Barings Bank. The firm specialises in white collar crime, including serious fraud. Ian [...]
Banks breathe new life into markets September 16, 2011 Markets across Europe regained their footing today as moves by Eurozone chiefs to provide more liquidity buoyed banking stocks. Five central banks yesterday released potentially unlimited dollar liquidity to breathe new life into flagging world markets. A meeting today between US Treasury Secretary and European finance ministers to discuss leveraging the bloc’s bailout fund was [...]
BAE among three circling for UK defence assets September 16, 2011 Three defence contractors are circling for the Defence Support Group as it prepares for privatisation. Defence minister Peter Luff told parliament that BAE systems, Babcock, and General Dynamics have all made approaches. BAE and Babcock have already had informal meetings with MoD officials, Luff said. The DSG provides maintenance repairs and replacements of a wide [...]
UBS ‘to axe thousands more jobs’ September 16, 2011 Swiss bank UBS, stung by a $2bn loss from rogue trading, is to scale back its investment bank, cutting thousands more jobs, it was reported today. Tages-Anzeiger newspaper, citing UBS insiders, said the bank would announce the major restructuring at a planned investor day on 17 November. A UBS spokesman declined to comment. The $2bn [...]
Man Utd given green light for Singapore listing September 16, 2011 Premier League football club Manchester United has received permission from the Singapore Exchange for a planned $1 billion (£633m) listing in a deal that would include non-voting preference shares, two sources told Reuters. The IPO would include stapled securities that bundle with ordinary and preferential shares, one of the sources told Reuters, consistent with expectations [...]
Retail sales fall less than expected September 15, 2011 Retail sales fell slightly less than expected in August, but the underlying trend remained flat, as consumers continued to rein in spending at a time of great economic uncertainty, official data showed. The Office for National Statistics said sales volumes including automotive fuel fell 0.2 per cent last month, slightly better than forecasts for a [...]
UBS $2bn rogue trader suspect held in London September 15, 2011 Swiss bank UBS said a trader had lost it around $2bn (£1.26bn) in unauthorised deals, and police in London arrested 31-year-old Kweku Adoboli in connection with the case. Adoboli – a director of exchange traded funds and “Delta 1” working in the bank’s London office, according to his profile on networking site LinkedIn – was [...]
Jardine Matheson to up stake in Lloyd Thompson September 15, 2011 Business conglomerate Jardine Matheson has agreed to buy a further 10 per cent in insurance broker Jardine Lloyd Thompson , in a deal which the companies said would give Jardine Lloyd Thompson more financial firepower and improve shareholder returns for Jardine Matheson. Jardine Matheson said it would spend some £166.27m on buying the extra stake [...]
Comet sales fall again as Kesa pushes on with turnaround plan September 15, 2011 Kesa reaffirmed that it was it was pushing ahead with its Comet revamp plan as sales again tumbled. The electrical goods retailer said it was keeping its options, which include a possible sale of the struggling chain, open. “Comet turnaround plan underway while continuing to examine other strategic alternatives,” the firm said. In June, Kesa [...]
Kingfisher plots expansion after beating forecasts September 15, 2011 Kingfisher beat first-half earnings forecasts, helped by a drive to improve profit margins, and said it was stepping up expansion as rivals struggle in a tough market. The group, which runs market leader B&Q in Britain as well as Castorama and Brico Depot in France and elsewhere, said profit before tax and one-off items jumped [...]
