An LLP can bring employment law troubles July 6, 2010 JOANNA BLACKBURN MISCHON DE REYA LIMITED liability partnerships are traditionally associated with law firms, but the LLP structure is increasingly the structure of choice for private equity firms, hedge funds, or other partnerships. An LLP can seem the best way for the business to structure itself. There’s better tax status, limitations of liability, and the [...]
Real men only apply July 6, 2010 For a while, a few years back, it looked like the US trend for vast trucks and pickups was going to catch on here. Stateside rappers wearing signet rings the size of dinner plates applied the same “bigger is better” approach to all of their purchases, and cars like the mahoosive Hummer were suddenly very [...]
OUT OF OFFICE July 6, 2010 HABIT OF ART RETURNING After a sell-out run at the National, Alan Bennett’s amusing play about old age, the creative spirit and sexuality is returning to the Lyttelton from next week. National Theatre regulars Desmond Barrit and Malcolm Sinclair take over the roles of WH Auden and Benjamin Britten, towering figures of the arts staring [...]
Back to 1926: Unions plan general strike July 5, 2010 THE prospect of the first general strike since 1926 reared its ugly head yesterday, after trade union leaders clubbed together to fight the toughest public spending cuts in a generation. Three unions – which represent train and bus drivers, prison officers, and civil servants – said they would support a general strike if the government [...]
Back-up fund for EU banks July 5, 2010 European Union countries that discover problem banks when they stress-test their lenders could turn to an existing EU state back-up scheme. EU economy commissioner Olli Rehn said that should any government exhaust national funds in helping a troubled lender, it could turn to “EU financial backstops.” “In order to use these European financial stability mechanisms [...]
Grim is the new Nice for the economy July 5, 2010 ECONOMISTS at Morgan Stanley have coined a great phrase to describe what we will be living through over the next few years: it will be Grim – Growth Really Is Mediocre. That is in stark contrast to the Nice years – the Non-Inflationary Consistent Expansion originally described by Mervyn King. It is also in stark [...]
Fashion retailer bags $9m July 5, 2010 Online clothing retailer my-wardrobe.com has received a $9m (£5.9m) boost from Balderton Capital. The business was founded just four years ago by Sarah Curran, who will remain the majority shareholder. The funding will be used to invest in more stock and to expand the current product ranges. My-wardrobe.com specialises in discounted designer goods from the [...]
Ponzi suspect shoots himself while in Spain July 5, 2010 A suspect in a German investigation into an alleged €300m (£248.5m) Ponzi scheme committed suicide on Saturday, it has been confirmed. Dieter Frerichs, managing director of the K1 hedge fund group, is believed to have shot himself on a Spanish beach. He was undergoing extradition proceedings in connection with the alleged fraud. K1’s founder, Helmut [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 5, 2010 FINANCIAL TIMES RENMINBI BOND DEALS BEGIN TO PAY A Hong Kong-based toll road company will sell renminbi-denominated bonds to international investors this week in a little-noticed deal that marks an important change in China’s currency controls. Hopewell Highway Infrastructure, controlled by Hong Kong tycoon Gordon Wu, plans to raise at least Rmb1bn (£100m) from institutional [...]
Doubts over Ocado value July 5, 2010 OCADO can expect a frosty reception to its prospectus when it finally launches this morning, as investors and analysts baulk at the expected £1bn valuation of the firm. The roadshow will get underway this afternoon but Ocado bosses face an uphill struggle if they are to persuade investors to part with their cash. The head [...]
