Let banks fail, says US investment sage July 14, 2009 OUTSPOKEN US investor Jim Rogers says banks should have been left to go bankrupt. Rogers, who made his fortune alongside well-known speculator George Soros, said that while he did not begrudge banks now making a profit, they should not have received government bailouts to save them. Speaking as Goldman Sachs – who received massive state [...]
Solvency II will hit UK insurers July 14, 2009 Most British insurers expect to spend £500,000 complying with new European Union solvency rules, according to a survey by accountants BDO Stoy Hayward. It found 61 per cent of respondents put the cost of complying with the so-called Solvency II regime at £500,000 while 19 percent predicted costs in excess of £1m. Solvency II, scheduled [...]
Increase in firms on edge easing July 14, 2009 ALMOST 200,000 British companies are in serious financial trouble, according to the Red Flag Alert report issued by Begbies Traynor. The business rescue specialist said that while the number of companies in trouble has slowed in the last two quarters, it has risen 43 per cent from a year ago. The report, which gives figures [...]
GRIPE VAN MAN July 14, 2009 RUSSSIAN billionaire Oleg Deripaska said last night he is considering cutting ties with Britain after the collapse of his van-making company LDV. He had appealed to the UK government for financial assistance but a bail out was not forthcoming.
GAS LEAK CLOSES L&G OFFICE FOR THE DAY July 13, 2009 LEGAL & General had the opportunity to test its contingency plans yesterday, after a gas leak forced the firm to close its Moorgate mother-ship. City types said that the road outside L&G’s Coleman Street corporate headquarters was in a state of disarray in the morning as workers frantically fought to deal with the leak, which [...]
Japan offers the contrarian trader a wealth of opportunity July 13, 2009 GIVEN how badly export-oriented Japan has suffered from the financial crisis and the subsequent drop off in global demand, you might think that investing in Japanese equities would be one of the least successful trading strategies around right now. But in fact, a number of analysts have started turning bullish on the Japanese stock index [...]
SENTIMENT TAKES A NOSEDIVE, DAMPENS RECOVERY PROSPECT July 13, 2009 MARTIN SLANEYHEAD OF DERIVATIVES, GFTCONSUMER confidence is fundamental to market mood, and even more so when the prospect of economic recovery has been touted but not yet assured. Confidence is the building block of spending, which is critical to recovery. And right now confidence is taking a big dip. The bimonthly Reuters/University of Michigan preliminary [...]
Coffee is not the miracle drug it’s often made out to be July 13, 2009 LAST week scientists from the University of Florida released a study claiming that coffee can prevent the development of dementia, and even reverse it. When they gave caffeine to mice that had been bred to have the rodent version of Alzheimer’s, they found that the animals’ ability to perform memory tests increased and was soon [...]
The food was lovely, it was just a shame about everything else July 13, 2009 MURANO20 QUEEN STREET,LONDON, W1J 5PRT: 020 7592 1222murano@gordonramsay.comFOOD SERVICE ATMOSPHERE Cost per person without wine: £25 (set menu) WHEN Murano opened in 2008 it was greeted with trumpets and fanfare. It was the latest in Gordon Ramsay’s empire, and the food was by Angela Hartnett, one of the few women at the top of the [...]
THREE OTHER HIGH-END ITALIANS July 13, 2009 L’ANIMAClassy, chic, and with excellent food, this is one of the best new openings in the City in the past year, and one of the few Square Mile restaurants that you might want to visit with friends, as well as contacts. 1 Snowden Street EC2A 2DQ, tel: 020 7422 7000, www.lanima.co.uk. LOCANDA LOCATELLIAn oldie, but [...]
