FINANCE GRANDEES GRACE ARK’S PARTY OF THE YEAR June 4, 2009 TWO fingers to the downturn: despite the current economic woes, nearly 900 of the world’s wealthiest financiers and celebrities descended on Waterloo station last night for the premier charity event of the year, hedge fund king Arki Busson’s annual Ark gala dinner. Busson, the boss of Swiss fund of hedge funds EIM, and his fiancé, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 3, 2009 FINANCIAL TIMES BANKRUPTCIES SET TO RISEThe number of corporate bankruptcies is set to surge by 35 per cent this year, turning the world economy into a “burial ground” for businesses, according to a study by Euler Hermes, the credit insurer. In a study published today the Paris-based unit of Allianz, says the rate of corporate [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 28, 2009 FINANCIAL TIMES TERRA FIRMA INJECTS MORE CASH INTO EMITerra Firma has been forced to inject more cash into EMI for the second time in six months, after the debt-laden UK music group behind the Beastie Boys and Depeche Mode missed targets imposed in its banking covenants. Guy Hands’ private equity group injected £28m into EMI [...]
Apple jumps as Dow Jones rallies May 26, 2009 US stocks climbed more than 2 per cent yesterday as data showing the biggest monthly jump in consumer confidence in six years lifted hopes of an economic rebound, and a brokerage upgrade of Apple drove sharp gains on the Nasdaq. Apple’s shares closed nearly 7 per cent higher after Morgan Stanley said the iPhone will [...]
Britain is a world power in entrepreneurialism May 25, 2009 A COLLEAGUE of mine, who is a first-born child, once admitted that all of life is the playing out of what was done to you as a child by your elder siblings. Apparently, he once said to his younger brother pointing at a suitcase, “why don’t you get in and see if you fit?” Things [...]
Nokia rolls out new app store May 25, 2009 Nokia yesterday began rolling out its much-anticipated online software and content store, Ovi, as it aims to follow the success of Apple’s App Store. Nokia said it had started moving Ovi Store to production servers, preparing for the global commercial launch, and the store was opened to users of a few of its phone models [...]
A futuristic “art” hotel in Poznan replaces room keys with iPhones May 25, 2009 I AM standing in the middle of a dark hallway, pressing an application on an iPhone that is not mine. While I wait it’s saying something in Polish, which I hope is “opening door.” Cha-ching: a bleeping noise and the sound of a lock decoupling. I push into my room. This is not your average [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 21, 2009 FINANCIAL TIMESCORUS CHIEF SCRAMBLES TO RESCUE FACTORY DEALCorus chief Kirby Adamsm who took over at the Anglo-Dutch steelmaker last month, faces both the worst fall in steel demand for 60 years and a battle to salvage an agreement to sell the group’s Teesside plant to Marcegaglia. It has emerged that Marcegaglia is having second thoughts [...]
Investors fear US echoing UK woes May 21, 2009 US stocks slid in a broad sell-off yesterday as investors, concerned about the US fiscal condition, exited dollar denominated assets across the board. Markets came under severe selling pressure as a result of an outlook downgrade for the UK’s triple-A credit rating heightened fears that the United States, with its increasing budget deficit and weakened economy, could [...]
Fed’s pessimism is a blow to US shares May 20, 2009 US stocks fell yesterday, led by financials in a late-stage sell-off, after the Federal Reserve gave a more pessimistic view on the economy, tempering hopes for a quick recovery. The Fed cut its 2009 forecast for gross domestic product and raised its outlook for unemployment, tempering the recent optimism that the economy might be turning [...]