Brown axes Trident nuclear sub September 23, 2009 Gordon Brown is to cut the UK’s fleet of Trident nuclear missile submarines from four to three. The Prime Minister will inform the UN Security Council of his plans during a meeting on how to prevent nuclear proliferation. The cut is intended to help the government reduce the budget deficit, but Downing Street said yesterday [...]
Insolvency ends after 35 years September 23, 2009 One of Britain’s longest-running insolvency cases, dating back to 1974, has ended according to liquidators UHY Hacker Young, appointed to wind down travel agency Apal after the failure of its chief lender Israel-British bank. Each creditor received 74p for every £1 lost.
Receiver to sell Stanford yacht September 23, 2009 The receiver in charge of Allen Stanford’s assets has asked a federal judge for permission to sell the alleged swindler’s luxurious 112-foot yacht, the Sea Eagle. Ralph Janvey, the receiver in the case, filed a motion asking US district judge David Godbey in Dallas to approve the sale of the vessel, currently listed as being [...]
Topps Tiles says green shoots are in sight as sales show signs of stabilising September 23, 2009 TILE and wood flooring retailer Topps Tiles yesterday said its markets were stabilising with sales falling at a slower pace in its second half, adding to hopes the recession may be ending. Topps Tiles – which is seen as a bellwether for DIYspending – said it expected sales at stores open more than a year to [...]
Game Group profits tumble as new releases fail to impress consumers September 23, 2009 VIDEO games retailer Game Group yesterday posted a 60 per cent slump in first-half profit and said sales were continuing to fall. The group said profits had crashed to £10.8m in the six months to 31 July, from £32.5m in the same period last year. The company had told shareholders to expect profits between £13m [...]
Court battle for Deutsche in New York September 23, 2009 DEUTSCHE Bank and a banking unit of Saudi Arabia’s Algosaibi family battled in court yesterday over whether to throw out a $74.2m (£45.3m) claim by the German bank, part of a flurry of lawsuits involving billions of dollars and allegations of fraud. New York State Supreme Court Justice Bernard Fried said he expects to rule [...]
Wealth managers must restore trust post-Madoff September 23, 2009 THE world’s wealthy have been shaken by the global financial meltdown, not to mention Madoff and other scandals. Yet, according to research from wealth managers Scorpio Partnership and Standard Chartered Private Bank, confidence levels among the rich remain high with 72 per cent of wealthy UK individuals expecting their fortunes to increase next year. The [...]
CITY ON THE CUSP OF APPOINTING NICK ANSTEE AS NEXT LORD MAYOR September 23, 2009 UNDER a week to go until the appointment of the man who will replace Lord Mayor Ian Luder at the helm of the City of London. The new boss won’t officially take up residence in his swanky Mansion House digs until his official inauguration in November, though the election – if you can call it [...]
TRADING OTHER GENDER STUDIES September 23, 2009 &9679; Researchers Paola Sapienza, Luigi Zingales and Dario Maestripieri found that female MBA students with higher testosterone levels are more likely to feel comfortable taking financial chances and to choose risky careers like investment banking or trading. &9679; But Swedish researchers found earlier this year that women given testosterone for a month were no more [...]
UNCERTAINTY MAKES FOR EDGY TRADERS September 23, 2009 GEORGE TCHETVERTAKOVHEAD OF MARKET RESEARCH, ALPARI UK Over the past few weeks, market participants have been quick to price in monetary policy tightening in response to resurgent stock markets, buoyant macroeconomic indicators and strong sentiment across the developed world. Policy divergence or even policy “desynchronisation” whereby policy tightening is carried out at different rates, could [...]
