WALKER WILL PUT ONUS ON REGULATORS July 14, 2009 PETER SNOWDONPARTNER, NORTON ROSE LLP WE can expect the Walker Review, due tomorrow, to highlight shortcomings in banks’ corporate governance that allowed excessive risk-taking to go unchecked, leading to the financial crisis. The report is likely to recommend strengthening banks” risk assessment arrangements and possibly suggest separate risk committees, reflecting the sector’s perceived failure to [...]
Times are tough, but lawyers aren’t giving up their wine cellars quite yet July 14, 2009 JUST after the collapse of Lehman Brothers last year, at a lavish Clifford Chance party held at Goldsmith’s Hall, a French lawyer told me glumly: “London used to be such a good place to make money.” The champagne and canapes might have been flowing at the time, but the words did capture the feeling that [...]
CITY EYE July 14, 2009 The Barbican estate was looking resplendent yesterday, despite turning 40 years old earlier this month. When the first resident moved in, the concrete giant had just as many critics as it did admirers. But now the three towers, which dominate the heart of the City, are widely recognised as a fine example of post-war architecture.
TEENAGE SCRIBBLER OWES HIS DOG A BONE July 14, 2009 THIS is the face of the “teenage scribbler”, the 15-year old Morgan Stanley intern who set the world on fire, sort of anyway, earlier this week with his musings on media consumption among his peers. Young Matthew Robson must be wondering what has hit him since Morgan Stanley published the paper he wrote in the [...]
CANTERBURY TRIES BUT FAILS July 13, 2009 THE European arm of rugby shirt maker Canterbury yesterday fell into administration, with the loss of 72 jobs in the UK. Canterbury Europe supplies teams including the London Wasps, Leinster and the Scottish national side. Administrators KPMG said all contracts with clubs have now been cancelled. The rest of Canterbury Group, including the global Canterbury [...]
Four Seasons creditors use their force to push through proposals July 13, 2009 FOUR Seasons’ senior creditors were yesterday thought to be looking at legal options to force through a restructuring proposal – without the backing of junior lenders. On Friday, City A.M. revealed that the care home company had convinced senior creditor Credit Suisse to support its latest restructuring plan for its £1.5bn debt pile. Without backing [...]
Red faces at C&C after cider group gets its figures wrong July 13, 2009 THE new management team at cider company C&C Group suffered a blow to its credibility yesterday when it announced a correction to a positive trading statement it issued just four days ago. C&C said last week that revenue for the four months to end-June was up three per cent on the year due to good [...]
Geithner says end in sight July 13, 2009 THERE is a strong chance America and other leading economies around the world will start growing again over the next few quarters, but big risks to the outlook remain, US treasury secretary Timothy Geithner said yesterday. Geithner, speaking after talks in London with Prime Minister Gordon Brown and chancellor Alistair Darling, said support measures were [...]
CIT in crisis as US regulators at odds over bailout plan for lender July 13, 2009 THE survival of CIT Group, a key source of financing for thousands of small and medium-sized companies in the US, became ensnared in disagreements between regulators in Washington yesterday. The Federal Deposit Insurance Corp, which insures deposits at US banks, opposed an attempt by the Treasury Department and Federal Reserve to rescue the struggling lender [...]
Low pay for UKFI bosses July 13, 2009 SEVERAL board members in charge of UK Financial Investments (UKFI) – the body charged with managing the government’s stakes in Royal Bank of Scotland and Lloyds Banking Group – are earning nothing for their time, it emerged yesterday. UKFI revealed in its annual report that acting chairman Glen Moreno is not taking a salary for [...]
