What the other papers say this morning February 3, 2011 FINANCIAL TIMES MADEJSKI IN TALKS TO RESTRUCTURE GROUP DEBT Sir John Madejski, the owner of Reading Football Club, is in talks to restructure a loan that backed the expansion of his property empire after the crash in regional property values led to a breach in the covenants of the debt. The wealthy former media magnate’s [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 27, 2011 FINANCIAL TIMES POLICE TARGET “HACKTIVISTS” An online “hacktivist” group that brought down the websites of perceived opponents of WikiLeaks has itself become the target of an international police crackdown. The London Metropolitan Police arrested five men in connection with a recent spate of attacks by Anonymous, behind last month’s revenge assault on the websites of [...]
Regulators to share audit details January 17, 2011 Two City regulators have signed an agreement to share confidential information about UK auditors. The Financial Services Authority and the Financial Reporting Council yesterday agreed to allow greater exchange of information about auditors and their reports on UK companies. The regulators are heightening their oversight of audits following the financial crisis. FSA accounting and auditing [...]
London is still at forefront of business world January 16, 2011 THERE is no doubt in my mind that despite the uncertainty surrounding taxation and regulation and despite the continuing public anger, unfavourable media reports and a degree of political point-scoring, the City of London remains – in the eyes of the international business community at least – one of the most attractive financial centres in [...]
EU plans package to confront debt crisis January 12, 2011 THE Eurozone is preparing a “comprehensive” package to confront its sovereign debt crisis, as Spain prepares for today’s first crucial bond sale of 2011, a year in which it must refinance a quarter of its debt. European Commission president Jose Manuel Borroso called for Eurozone leaders to beef up the region’s rescue facility yesterday, with increased [...]
Greater disclosure of risk needed, says governance body January 6, 2011 DIRECTORS should be clearer about the risks facing their business in annual reports, the UK’s governance watchdog said today. Statements from chairmen and chief executives should be balanced and discuss the biggest risks to the business in more detail, according to new recommendations from the Financial Reporting Council (FRC). Audit committee reports should also disclose [...]
The City is back but under new management December 21, 2010 BRITAIN’S financial landscape has been transformed since we last shone a light on the City’s most powerful figures two years ago. The City A.M./CityJet Power Hundred 2011 list ranks the most influential figures in UK finance as we head into the new year. It should be no surprise that it is very different from 2009. [...]
Ernst & Young sued in New York for alleged Lehmans fraud December 21, 2010 NEW YORK prosecutors have sued accountant Ernst & Young for its involvement in Lehman Brothers’ collapse in 2008. In the first major government legal action stemming from Lehman Brothers Holdings Inc’s downfall, the suit accuses the accounting firm of helping to hide financial problems at the Wall Street bank. The civil fraud case seeks more [...]
US set to sue E&Y for Lehman audit December 20, 2010 NEW YORK prosecutors are said to be preparing to file a lawsuit against accountant Ernst & Young for its involvement in Lehman Brothers’ collapse in 2008. The civil case will reportedly charge Ernst & Young with helping Lehman Brothers to mislead investors during its time as the bank’s auditor, specifically homing in on the use [...]
500,000 households in negative equity December 12, 2010 CLOSE to half a million British households could be facing negative equity, according to survey released today by the Bank of England. Between four and five per cent of mortgage holders owe more than the value of their properties, it was revealed in the Bank’s final quarterly bulletin of this year. There are 11.4m mortgages in [...]