All change for the law, post downturn June 23, 2009 LAW firms have been hit hard by the recession, and many have been radically slimmed down to survive plummeting demand. Increasingly, it looks that the industry will look dramatically different after this downturn. One area where there will be change will be in terms of leverage structures – the number of junior lawyers per partner. [...]
Breezy RIDER June 23, 2009 IN September last year I waxed poetic about the performance and handling of the 2.0 litre version of this car. It’s a sublime drive, with oodles of torque and finesse and I was impressed. So much so that I thought that they would struggle to better it with the new Golf GTi. In my view, [...]
Just say no when it comes to pay holidays June 23, 2009 DEAR VEXED, with all this talk of firms asking to take a pay holiday, I am worried that my boss might ask me to work for free. I can’t afford it, but I’m worried that it might be a trick to test our loyalty. Help! Jessica, 26, broker The saying goes that there is one [...]
The gravy train shows no sign of hitting the buffers June 23, 2009 YESTIMOTHY BARBERIF the size of RBS boss Stephen Hester’s pay package wasn’t already invoking the wrath of the new breed of mealy-mouthed ascetics, the news that his bank is spending £300,000 on Wimbledon hospitality has really got them frothing into their sackcloth. These people seem to dream of some shining future in which MPs don’t [...]
Fitch highlights negative equity June 22, 2009 A report by credit agency Fitch Ratings will today say that one in 10 borrowers with excellent credit ratings are trapped in negative equity, owing more on their mortgage than the value of their homes. The agency will also forecast a peak-to-trough fall in house prices of up to 35 per cent. The report, which [...]
US boss to leave BAE June 22, 2009 Walter Havenstein, US president and chief executive of BAE Systems, has resigned to become the chief executive of Science Applications International Corporation (SAIC). Havenstein, who was also a member of the company’s board, took over as US boss of BAE Systems in January 2007 and will step down this Friday. SAIC is a Fortune 500 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 22, 2009 FINANCIAL TIMES BRAMDEAN FUND POSTS HEAVY FALLBramdean Alternatives, the listed fund of alternative funds, has posted its worst monthly fall in net asset value in sterling terms since its inception two years ago. The fund, which is managed by Nicola Horlick’s Bramdean Asset Management, suffered a 7.7 per cent fall in net asset value to [...]
Investment banks booming as RBS chief nets pay deal June 22, 2009 INVESTMENT banks are on course for a year of record profits, as they take advantage of dwindling competition to hoover up business from governments and companies raising money in the markets. Bankers at Goldman Sachs are expecting mammoth bonuses, after the investment banking division booked profits of more than £500m in the first quarter, nearly [...]
Iran death stokes protests June 22, 2009 A 26-year old woman identified as Neda Agha-Soltan is being hailed as a martyr in Iran after videos of her apparent murder in a protest in Tehran on Saturday have appeared online. Iranians on social networking sites called for mourning for Neda, who was reportedly killed by a sniper from the pro-government Basij militia. Her [...]
BRETT OLSHER DEUTSCHE BANK June 22, 2009 In a deal which could rake in a combined £1.4bn, Deutsche Bank, JPM Caz, Goldman Sachs and UBS are the advisers behind the Anglo-Xstrata mining talks. The latter was advised by co-head of M&A Brett Olsher, head of natural resources M&A for EMEA Nigel Robinson and Charlie Foreman of Deutsche Bank. Olsher, a long-standing adviser [...]
