Detroit bankruptcy in legal jeopardy after ruling July 21, 2013 THE CITY of Detroit’s legal application to go bankrupt has been put under threat by a local judge who has ruled that the attempt is unconstitutional. Michigan’s attorney general, Bill Schuette, will appeal the order, made by a country circuit judge, Rosemary Aquilina. She claims that retirement benefits may be reduced by proceedings in a [...]
Bank fails to ease rate rise fear July 21, 2013 MORE than a third of Britons think interest rates will rise in the next 12 months, a survey showed yesterday, suggesting the Bank of England’s first attempt to ease concern over higher rates ahead has had little effect beyond financial markets. The survey by financial data company Markit found that 35 per cent of respondents [...]
GSK boss ready to face critics on Chinese claims July 21, 2013 THE BOSS of the British pharmaceuticals firm caught in a Chinese corruption scandal is set to face critics when the company issues a trading update on Wednesday. GlaxoSmithKline (GSK) stands accused of using travel agencies that ferry Chinese doctors to medical conferences as a front for bribing healthcare officials. Andrew Witty, the company’s chief executive, [...]
Marks & Spencer enjoys French renaissance as Paris sales leap July 21, 2013 MARKS & SPENCER saw sales across the Channel jump fourfold last year after rekindling its love affair with France, more than 12 years after its retreat from Europe. Sales jumped 330 per cent to €28m (£24m) in the year to 30 March from £6.5m the previous year, accounts filed last week on Companies House show. [...]
Gulf Keystone settles its spat with investors July 21, 2013 OIL explorer Gulf Keystone Petroleum has withdrawn its opposition to four directors proposed by shareholder M&G Recovery Fund, ending a row with its biggest investors over corporate governance. Gulf Keystone said in a statement over the weekend that it had reached a “constructive agreement” with shareholders regarding the shape of its board. Meanwhile, M&G Recovery [...]
Hedge funds to negotiate hard with the Co-op July 21, 2013 THE CO-OP Bank is preparing for a showdown with distressed debt investors as hedge funds build up major stakes in the troubled lender’s bonds, it emerged over the weekend. Junior bondholders will see their holdings written down as part of the bank’s plan to plug a £1.5bn capital hole, with roughly one-third of that coming [...]
Taxman ramps up search for international bank information July 21, 2013 HER MAJESTY’S Revenue and Customs (HMRC) is increasingly asking overseas governments for information on accounts held outside of the UK. The tax collectors are making more requests for information to overseas territories and crown dependencies of the UK, with 26 per cent more made in 2012 than 2011. The figure has more than doubled since [...]
Benchmarks on the front foot with code of conduct for indices July 21, 2013 FINANCIAL index providers today stuck back at the wave of regulatory interest in the sector by proposing their own code of conduct to improve behaviour in the sector. Indices have been under intense scrutiny since the Libor fiddling scandal emerged last summer, with officials becoming increasingly involved in setting standards for how they operate. Today [...]
Archbishop speaks out on banker bashing July 21, 2013 THE Archbishop of Canterbury has described the naming and shaming of bankers after the financial crisis as “lynch mobbish”. Speaking on BBC Radio 4, The Most Reverend Justin Welby, a former oil executive, said he sympathised with former bankers while hearing evidence as a member of the Banking Standards Commission.
Portugal fails to agree plan to hit bailout targets July 21, 2013 PORTUGAL’S President Anibal Cavaco Silva said last night he had decided to keep the centre-right coalition government at the helm to help end a weeks-old political crisis and keep an international bailout on track. The crisis threatened to derail Lisbon’s planned exit from the EU/IMF bailout. “As the national salvation compromise was impossible to achieve, [...]
