NEW YORK REPORT September 2, 2009 U S stocks fell yesterday as jitters about the economy prompted investors to unload shares for a fourth-straight day, despite a sharp drop in the previous session. Major indexes fluctuated between positive and negative territory throughout the day before closing in the red, with the S&P 500 index posting its worst losing streak since late [...]
Private equity eyes up City law firms September 1, 2009 THE BELEAGUERED legal profession, says Jeremy Hand, managing partner of private equity firm Lyceum Capital, is facing “a fire-storm whipped up by the recession, smarter customers, technology, outsourcing and legislation”. If that wasn’t trouble enough, it’s also being forcibly opened up to competition that could arise from the so-called Tesco Law – the shorthand for [...]
IMMIGRATION RULES WILL DAMAGE CITY September 1, 2009 SPEAKER’S CORNEREDWARD WANAMBWAPARTNER AT CM MURRAY LLP SINCE the UK Border Agency introduced its points-based immigration system in late 2008, employment and immigration lawyers have got used to absorbing the almost weekly changes and “fixes”. Last month, further changes were made that are likely to have a significant impact on City employers and affect City [...]
Not Fiat for purpose September 1, 2009 I WAS driving another car altogether recently with a motoring pal and we got on to the subject of the Fiat 500. We naturally progressed on to this high-performance version of the car. Fiat has taken the much-loved 500 and let loose Abarth, the designer which is to Fiat what AMG is to Mercedes-Benz. It [...]
Aussie looking vulnerable as investors fear Chinese bubble September 1, 2009 SINCE equity markets began to rally in March, traders have been riding the wave of the strong Australian dollar. Since then, going long on the currency has been a no-brainer for foreign exchange traders across the world. Those who entered positions back then will have benefited from the 39 per cent rise in Australian dollar [...]
WORLD FEARS NEW CHINESE TIGHTENING September 1, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT ALTHOUGH this week’s global calendar is packed with key economic data, the most important event for the currency markets may take place when the G20 meets in Pittsburgh to discuss its agenda. As I have written in this column before, China remains the key to the recovery trade as [...]
UK set to lose most banking jobs in Europe September 1, 2009 THE UK will shed 35,000 financial services jobs by the end of 2009, with Britain set to be the European nation worst affected by the sector’s troubles, according to new research from the City of London Corporation. A report commissioned by the City estimates that the European financial services sector will decline by 6.2 per [...]
Safestore reports an uptick in demand for space as housing activity picks up September 1, 2009 SAFESTORE, the UK’s biggest self storage company, yesterday gave fresh signals of increased housing market activity, reporting a recent uptick in the levels of enquiries and demand for space in the three months to July. The group, which has 94 sites in the UK, yesterday said that the rise in interest had resulted in occupancy [...]
World airlines continue to ratchet up huge losses as higher fuel prices hurt September 1, 2009 THE WORLD’S airlines are being squeezed even as the global economy recovers, with higher oil and jet fuel prices causing added pain, an industry group said yesterday. Net losses continued to expand in the second quarter of 2009, reaching at least $6 bn (£3.7bn) for the first half of the year, the International Air Transport [...]
Ireland to hike bank stakes September 1, 2009 THE Irish government could end up with a majority stake in several banks after the implementation of a state-run National Asset Management Agency (Nama) to house €90bn (£55.7bn) of the sector’s bad debts, finance minister Brian Lenihan said yesterday. “As I have already noted, some institutions may need capital after they have transferred loans to [...]
