CITY MOVES | WHO’S SWITCHING JOBS November 22, 2010 Matrix Group Matrix, the financial services firm, has announced the appointment of a new chief operating officer for asset management: Paul Bramley. Bramley has worked in financial services for more than 20 years, including occupying previous COO and chief financial officer roles. He is also a qualified chartered accountant and has worked at NatWest Markets, [...]
IRELAND SURRENDERS November 22, 2010 IRELAND finally succumbed to pressure and gave up its fiscal sovereignty yesterday, with the government announcing that it had applied for an aid package to bail out the public finances and the country’s ailing banking sector. Irish Prime Minister Brian Cowen would not give a figure for the bailout amount but finance minister Brian Lenihan [...]
Revealed: The UK’s Irish risk November 22, 2010 THREE major UK banks – RBS, Barclays and Lloyds – together havemore than €100bn (£860m) of exposure in Ireland, according to data seen by City A.M. Morgan Stanley conducted research on the levels of exposure in the three “peripheral” Eurozone countries, Ireland, Portugal and Greece. Unsurprisingly “the largest exposures are clustered in UK banks”, the [...]
Growing euro crisis raises the stakes November 22, 2010 IT’s all starting to feel a little too much like we’ve returned to 2007. First a few little-known mortgage lenders, then Bear Stearns (Greece) in early 2008, then Freddie and Fannie (Ireland) – and then, eventually Lehman Brothers (Italy or Spain?) and the whole pack of cards came crashing downs. What at each stage seemed [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 22, 2010 FINANCIAL TIMES ROK WAS WARNED ON OUTLOOK Senior executives at Rok, the failed building group, were warned the company’s public statements risked misleading investors by failing to identify the extent or source of its problems. The board of directors was contacted by Ashley Martin, at the time the suspended finance director, after Rok released a [...]
Ireland’s PM faces backlash November 22, 2010 FURY over the handling of the financial crisis engulfing Ireland could soon see the government driven from office. Prime Minister Brian Cowen has nose-dived in opinion polls amid widespread belief he lied to the public over the state of the nation’s finances. With an increasing threat of civil unrest and growing calls for the government [...]
UK groups hold firm in Ireland November 22, 2010 SOME of the most high-profile corporate emigrants to the Irish tax regime told City A.M. yesterday they are not yet considering a move away from the country, with UK rules on controlled foreign companies (CFCs) influencing their decision more than the total tax rate. Now that the Irish government has admitted it will seek bailout [...]
Irish to take to the streets as crisis threatens to boil over November 22, 2010 Ireland looks set to be hit by waves of civil unrest as the full scale of its financial nightmare begins to sink in. Jack O’Connor, general president of SIPTU, Ireland’s largest labour union believes anger at the government’s handling of the crisis coupled with severe austerity cuts will drive the Irish to the streets. He [...]
John Lewis sees £88m in week’s sales November 22, 2010 SHOPPERS have been flocking to buy goods in the run up to Christmas, according to John Lewis’ latest sales figures, released today. Last week £88m was spent in the department store, a 12 per cent jump from the same time last year. New gadgets are selling well, such as Kindle Readers, iPads, iPods and SLR [...]
Orange to trigger an iPad price war November 22, 2010 THE pricing model for Apple’s all conquering iPad could undergo a dramatic shift, with UK carrier Orange set to offer heavily discounted units to users willing to sign lengthy contracts, City A.M. has learned. It is understood the firm will offer the iPad for around £200 – far below the starting price of £529 for [...]
