Focus on EMI trial November 4, 2010 JUDGE JED RAKOFF Jed Rakoff provoked the ire of Wall Street when he rejected Bank of America’s $33m attempt to settle a dishonesty probe last year, describing such offers as “half-baked justice at best”. He redeemed himself in the eyes of one American bank yesterday, though his merciless courtroom treatment of long-winded witnesses gained him [...]
Rathbones tempts clients to invest more leading to a boost in revenues November 4, 2010 HEALTHY stock markets led to an inflow of money at wealth manager Rathbones in the third quarter, with funds under management increasing by 11 per cent since the end of last year, but warned that the next year looks “mixed” for the wealth manager. The total amount of funds under management stood at £14.54bn at [...]
Buy a slice of one of Europe’s best cultural hotspots November 4, 2010 SURE, lounging by the pool with a row of Cyprus trees and a bottle of rosé as company sounds like a good use of a second home. But such indolence may not be everyone’s idea of a perfect escape. And in winter, even that Provencal farmhouse or Tuscan villa will become frosty. The perfect alternative, [...]
The expat life: a tale of two Swiss cities November 4, 2010 CLEAN, efficient, low taxes and great skiing – Switzerland is quite frankly fantastic. Far from being somewhere you are exiled, it’s the sort of place that you should be begging to be sent. And it could happen to you sooner than you think: punitive taxes in the UK have already forced Brevan Howard amongst other [...]
Housebuilder warns of mortgage famine November 4, 2010 NUMBERS of house sales will continue to drop even lower and the UK is at risk of a “mortgage famine” unless the government acts to boost the market by helping buyers to take out loans, said the housebuilder Redrow yesterday as it announced its third quarter results. “Deliberately suppressing housing demand at the very time that [...]
Legal fallout from credit crunch will drag on for years November 4, 2010 PROSECUTIONS against banks, accountants and financial advisers resulting from the economic downturn will continue to be brought for years to come, says a City law firm. Cases at the High Court, where most financial services sector cases are heard, have jumped 16 per cent to 49,583 so far in 2009, up from 42,709 in 2008. [...]
Consortium becomes third-biggest UK rolling stock leasing company November 4, 2010 A CONSORTIUM made up of investment bank Morgan Stanley and private equity houses 3i Infrastructure and Star Capital has bought HSBC’s train rolling stock unit, Eversholt Rail Group, for £2.1bn. The deal took five months of talks before it came to fruition. The new consortium, which is named Eversholt Investment Group, immediately becomes one of [...]
FOCUS ON: WIMBLEDON, SW19 November 4, 2010 CHORUS Price: From £399,950 for a two-bed flat This brand new development from Durkan Homes has just been launched and includes one, two, and three-bedroom apartments as well as a penthouse. The modern apartments have bespoke, luxury fittings. It is located in the centre of Wimbledon and the penthouse has stunning views. Contact KFH on [...]
Elizabeth Arden beats hopes November 4, 2010 Cosmetics maker Elizabeth Arden posted higher-than-expected quarterly earnings, boosted by strong sales overseas and at duty-free shops, and raised its full-year sales goal yesterday. The company’s travel retail and distributor business, which includes duty-free shops, saw sales soar 31 per cent, due to strength in Asia and Latin America. Elizabeth Arden’s sales rose 14 per [...]
UBS forced to buy back notes November 4, 2010 A Wall Street arbitration panel ordered UBS to pay a retired couple $529,688 for selling them “structured notes” backed by Lehman Brothers that plunged in value when the investment bank collapsed in 2008. A Financial Industry Regulatory Authority arbitration panel yesterday ruled that UBS must buy back the notes from the couple, Steven and Ellen [...]
